Complete the Free Application for Federal Student Aid (FAFSA). This form is available as of January 1st of each year. Most dental schools require that it be completed by March or April, so check with your school to find out its deadline. You must complete the application for each year that you are in dental school. Completing the FAFSA is your first step in obtaining federally-backed financial aid and student loans.
Meet with your dental school's financial aid adviser. Discuss any student aid programs that you may be eligible for. The financial aid adviser will also be able to provide you with information regarding any financing options that are offered by your dental school.
Consider the loan options that are available to you. Regardless of your financial situation, every applicant is entitled to a Federal Stafford unsubsidized loan, which has a limit of $32,000 each year for dental school. Should you require additional financial assistance, you may also be approved for a subsidized Federal Stafford Loan, which can provide up to $8,500 in additional funding. The final federal loan option is the Federal Perkins Loan, which can provide up to $6,000 in funding at an interest rate of 5%.
Consider a Health Professions Student Loan (HPSL). This is a loan option that is available specifically to students looking to continue their education in the health professional field. Dental students qualify for this loan. A HPSL offers a ten year repayment term and a low interest rate of 5 percent. There is a 12 month grace period, so you will not need to begin repaying the loan until one year after you graduate from dental school.
Find out whether you qualify for any grants or scholarships. Your dental school will likely offer scholarships to students with excellent academic records. Contact the admissions office to see what scholarships are available and how you can apply for them. In addition, many states offer grants and scholarships to students who wish to continue their education. Contact the Department of Education of your state to see if you qualify for any of the scholarships or grants it offers.
Consider exchanging military service for dental school funding. All branches of the military offer dental school scholarships in exchange for four years of military service. If you are interested in serving in the military prior to attending dental school, contact a recruiter in your area to see what your service options are and what scholarships are available after you complete your service.
Apply for a personal loan if you need additional funds to pay for school. A personal loan should be your last resort, as the interest rate that accompanies a personal loan is much higher than the interest rate that accompanies a federally-backed loan. Financial advisers recommend that you apply for a personal loan with the same financial institution that is providing your federally-backed loans.