The American Dental Association asked the U.S. Department of Education to expand loan repayment options in response to a request from the department for feedback, according to a May 5 news release from the ADA.
Here are five things for dental professionals to know:
- The Department of Education requested input around the Public Service Loan Forgiveness program, income-driven student loan repayment plans and ways to streamline current assistance programs.
- The ADA proposed expanding income-based loan repayment programs and a reduction of interest capitalization for educational loans.
- The department is considering the creation of a negotiated rule-making committee to look into the impact of Title IV regulations on higher education institutions, states and other partners.
- The organization proposed eliminating all nonstatutory capitalizing events, ensuring that federal student loans can only be used for accredited programs, improving the Public Service Loan Forgiveness program and appointing individuals with knowledge of postgraduate borrowing to the rule-making committee.
- More than three-quarters of dental school graduates have more than $312,000 in student loan debt, according to the ADA.
