How to Pay for Dental School: The Top 4 Strategies You Need to Know

Becoming a dentist has a variety of benefits, but getting there can be quite expensive. A 4-year dental school program could run you about $400,000 with all expenses included. That’s why it’s essential to understand how to best pay for dental school

The return on investment with a dental degree is promising, with the average dentist making around $155,000 per year. So, while expensive, pursuing a dental degree is worthwhile. Regardless of your career goals or projected outcomes, financing your dental degree can still be overwhelming. There are four main strategies you’ll want to know about when it comes to knowing how to pay for dental school.

#1: Scholarships & Grants

Regardless of what type of degree you’re paying for, scholarships and grants should always be your first priority. Scholarships and grants are a form of free money, meaning you aren’t responsible for paying them back.

Both scholarships and grants for dental school can come from a variety of sources and vary in amount.

Scholarships for Dental School

Dental school scholarships can come from internal or external sources. Internal scholarships are awarded by your dental program, while external scholarships are awarded by private, professional, or non-profit organizations. The amount you receive in a scholarship will depend on who is providing the scholarship.

For example, the ADEA Crest Oral-B Scholarship awards recipients a one-time stipend of $3,000, while the Chinese American Medical Society awards recipients a $5,000 stipend each year they are accepted.

>> MORE: What are the four different types of financial aid for students?

How to Get a Scholarship to pay for Dental School

The eligibility for scholarships will vary depending on the scholarship provider. In general, you must:

• Be enrolled in an eligible program. Most scholarship programs require you to be enrolled in an accredited, four-year dental program. If you are unsure whether your program is eligible, check with the scholarship provider.
• Demonstrate academic or professional achievement. Scholarship programs will typically require applicants to excel in a specific area, have a special interest, or belong to a specific group. For example, many scholarship programs provide awards to students of certain minority groups, students with a certain GPA, or students who demonstrate financial need. To be a competitive applicant for any scholarship, you should aim to have an array of academic and extracurricular experiences.
• Have a solid GPA. While some dental scholarship programs will not require you to report your GPA, many will. A 3.0 GPA is typically the minimum to qualify, however, there are scholarships that award students with lower GPAs. To be a competitive applicant, you will want to aim for a GPA of 3.5 or higher.

>> MORE: Finding a scholarship to help you pay for dental school

Where to Find Dental School Scholarships

Internal dental scholarships will typically appear on your financial aid package when you are accepted to a dental school. However, you should always check in with your school’s financial aid office to inquire about any additional scholarships you may be eligible for.

For external scholarships, you’ll want to focus your search on professional organizations and scholarship search engines. Organizations such as the American Dental Association provide an array of scholarships for dental students. Scholarship search engines such as Scholarships.com, Sallie Mae’s Scholarship Search Tool, and Bold.org are all great options for exploring thousands of dental scholarships in just a few clicks.

Can I Get a Full Ride Scholarship for Dental School?

Full ride scholarships do exist for dental school, however, they are typically significantly more competitive, and thus, harder to receive.

While you can rack up a significant amount in dental scholarships, it typically won’t be enough to cover your tuition entirely. On average, dental school tuition ranges from $53,000 to $70,000 per year, totaling to roughly $200,000 to $280,000 over the course of a standard four-year dental degree. While entirely possible, securing enough scholarship money to cover $200,000+ in tuition may prove to be challenging.

Grants for Dental School

Similar to scholarships, dental grants can come from a variety of sources, but they typically come from your state, your university, or professional organizations. Eligibility for grants is typically based on your financial need, often determined by the information submitted on  your FAFSA application

State Grants

State grants are an incredibly underrated resource for free money. Nearly all 50 U.S. states offer grants to students in various programs. To check your eligibility for state grants, fill out the FAFSA, then check your state website. Many states will require you to have submitted the FAFSA to be eligible.

University Grants

Many dental programs offer grants for enrolled students. So, to see which university grants may be available to you, talk to your school’s financial aid office. There may be grant programs that require an additional application beyond the FAFSA.

Professional Organization Grants

Whether a professional organization offers a scholarship or a grant is truly a semantic matter. Some professional organizations will refer to the awards as scholarships, while others will refer to them as grants. So, in your search, be sure to search for both keywords so you don’t miss an opportunity for free money.

>> MORE: Best grants for graduate school

#2: Service Programs

After pursuing all scholarship and grant options, you’ll want to look into service programs (if they interest you). A service program will provide you with financial aid in exchange for service work.

Most service programs will require you to commit to serving a specific community for a set amount of time, often providing dental care to people without access. For example, the National Health Service Corps Scholarship service program requires recipients to complete service work for 1-2 years to receive funding. The Health Professions Scholarship Program, on the other hand, covers all tuition and fees and provides a living stipend, but requires recipients to be serving in the military.

If completing a service program sounds interesting to you, it’s worth checking out and submitting applications where you see fit. Be aware, though, that if at any point you decide to withdraw from a service program, your financial aid from the program will be revoked.

#3: Federal Work-Study

Work-study is a federal aid program that provides part-time jobs to undergraduate and graduate students who demonstrate financial need. Federal work-study funds are not awarded upfront, but rather, given in exchange for worked hours throughout the duration of your program. Because of this, work-study is considered “earned money” and should be accepted after all free money options have been exhausted.

>> MORE: What is a work-study?

Is Work-Study Available for Dental Students?

Federal work-study is available to dental students at schools that decide to participate. Due to the rigor of dental school, some schools may decide not to participate in the federal work-study program. If your school does not offer work-study, we recommend exploring part-time jobs that offer tuition assistance.

How Do You Get Work-Study for Dental School?

To be eligible for work-study, you must complete the FAFSA and demonstrate financial need. Then, if you receive work-study aid, you will see the aid offer in your financial aid package at each school you are accepted to.

>> MORE: How to fill out the FAFSA

How Much Can You Get in Federal Work-Study?

Jobs within the work-study program must pay at least $7.25 per hour, per federal regulations. Although, if the state’s minimum wage is higher, schools must pay that minimum wage. According to a 2020 report by Sallie Mae, the average work-study award was around $1,847 for students with an eligible job.

#4: Student Loans

After pursuing all free money and earned money options, you should consider taking out a student loan. Student loans, regardless of type, are a form of borrowed money. You will be responsible for paying the money back over time, typically with interest. This means that you will likely pay more than what you initially borrowed by the time you pay off your loan(s) completely.

When figuring out how to pay for dental school through a student loan, you will have two main options: federal and private loans.

>> MORE: How to apply for private student loan

Federal Student Loans

As a dental student, you will be eligible for two types of federal student loans: Direct Unsubsidized Loans and Direct PLUS Loans. Unlike in undergrad, you are ineligible for Direct Subsidized Loans as a dental student.

Federal Loan Borrowing Limits for Dental School

Direct Unsubsidized Loans have a maximum borrowing limit of $20,500 per year, with a lifetime limit of $138,500. Direct PLUS Loans, however, have a more flexible borrowing limit, allowing you to borrow up to the cost of attendance minus other aid.

How to Get Federal Loans to pay for Dental School

To borrow Direct Unsubsidized or Direct PLUS Loans, you must complete the FAFSA and be considered eligible. You may only be eligible for a certain amount of each depending on your level of financial need or overall borrower profile.

You will not need a cosigner for Direct Unsubsidized Loans, however, you may need an endorser for Direct PLUS Loans depending on your credit history.

>> MORE: Student loan eligibility: Private and federal student loans

Private Student Loans

Private student loans are provided by private entities such as financial institutions and banks. Each private lender will have their own unique eligibility requirements, interest rates, and borrowing limits.

In general, to secure a private student loan to pay for dental school, you must:

1. Be a U.S. citizen, permanent resident, or eligible noncitizen
2. Have a solid credit score (or a cosigner with a solid credit score)
3. Be enrolled in an eligible dental program
4. Have a debt-to-income ratio of 65% or less
5. Not have declared bankruptcy in the last 7 years

Private Loan Borrowing Limits for Dental School

Most private lenders will allow you to borrow anywhere from $5,000 to the total cost of attendance at your dental program. So, if your program costs $250,000 total, private loans will likely cover the entire cost. Some lenders do have minimum borrowing requirements, typically $5,000 or $10,000. If you plan to borrow less than $5,000 for dental school, you will need to find a lender with a more flexible borrowing minimum.

Best Student Loans for Dental School

The best private graduate student loan will ultimately be the one that works best for you. Rather than searching for lenders one-by-one, we recommend starting the process with an automated student loan search tool. With the free Sparrow form, you can see the rates and terms you’d pre-qualify for with 17+ premier lenders.

>> MORE: Best private student loans for dental school:

Arkansas Student Loan Authority (ASLA)

ASLA is an Arkansas state entity that provides educational funding for all Arkansas students who wish to attend higher education institutions. ASLA is a great option if you are from or studying in Arkansas.

Ascent – Cosigned Loans & Non-Cosigned Loans

Ascent is an online lender that offers three types of student loans: a traditional cosigned loan, a non-cosigned credit-based loan, and a non-cosigned outcomes-based loan. Collectively, the three options provide a great selection if you don’t have a cosigner available, are an international or DACA student, or have a lower credit score.

Brazos

Brazos is a non-profit lender offering educational funding to Texas residents. They are a great option if you live in Texas, have strong credit, and want competitive interest rates.

College Ave Student Loans

College Ave’s student loan offers educational funding for undergraduate, graduate, professional, and career school students, and parents of students. It’s a great option if you are seeking a more flexible repayment term that allows you to find a loan that matches your budget.

Earnest

Earnest’s student loans provide funding that’s available to undergraduate, graduate, and professional students. They’re a great option if you are seeking competitive interest rates, unique borrower perks, and flexible repayment options that allow you to find a loan that matches your budget.

LendKey

By connecting borrowers with a network of 100+ lesser-known credit unions and community banks, LendKey allows you to work with smaller lenders with low rates and good customer service, rather than traditional lending institutions. It’s best if you have strong credit and want generous cosigner release and forbearance policies.

MPOWER

MPOWER is an online lender that offers educational funding to international, domestic, and DACA students. They offer non-cosigned undergraduate and graduate student loans. It is best if you are an international or DACA student who doesn’t have a credit history and can’t access a qualified cosigner.

Prodigy Finance

Prodigy Finance is an online lender that provides funding to international students. They offer non-cosigned graduate student loans. They’re a good option if you are an international student who doesn’t have a credit history and can’t access a qualified cosigner.

Sallie Mae

Sallie Mae offers cosigned and non-cosigned undergraduate, graduate, and career training student loans. They’re a good option if you’re seeking competitive interest rates and have a creditworthy cosigner.

SoFi

SoFi offers educational funding to undergraduate, graduate, law, and MBA students, and parents of students. With competitive interest rates, a diverse set of repayment options, and exclusive member benefits, SoFi is a good fit if you have a strong credit score or a creditworthy cosigner.

What is the Interest Rate on Dental School Loans?

The interest rate you receive on dental school loans depends largely on whether the loan is federal or private. Federal loans have fixed interest rates that are the same across all borrowers. As of May 2022, the interest rate on Direct Unsubsidized Loans is 5.28%, and the interest rate on Direct PLUS Loans is 6.28%.

Private student loans will have either a fixed or variable interest rate. Because each lender is its own unique entity, interest rates will vary between them. Sparrow partners with 15+ lenders, with interest rates ranging from 0.94% to 14.52%. To check your pre-qualification across lenders and see what interest rates you would pre-qualify for, complete the Sparrow form.

Final Thoughts from the Nest

Being a dentist can be an incredibly lucrative career. Getting there, however, can be an expensive journey. Understanding how to pay for dental school is a crucial first step in setting yourself up for a successful dental career.

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