Hey guys need your help...

[Marcado]

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I have a query,huge appreciation if anyone can answer it.
1.How many years it takes to pay back loan for a 2 year advance standing DDS program?? 2.Once you done with your DDS,it it like you have to start paying immediately or there is a particular monthly installment set by the bank??
3.is it a time bond thing like one has to pay back let us say in 10 years??

Thank you.

 

[oralcare123]

You start paying 6 months out of school. Monthly installments, amount calculated based on the amount borrowed. I think it is for 30 years, but not sure.

 

[RadicalGhost]

1. It could take anywhere from 10-30 yrs. Also depends on many factors-- 1. what was your initial loan amount. Schools like UOP and Buffalo are extremely costly and you pay your loans for longer time. 2. Interest rates 3. How much are you putting in monthly in your debts after you start earning.
2. If you take federal loan you have a grace period of 6 months to start paying your loans . If on private loan, then you have to start paying immediately or else your interest would rise. Monthly installments is set by you and it should meet the minimum requirement set by the bank
3. No its not time bound. But the more you delay-- the cost of repayment increases due to rising interest rate.

 

[Marcado]

Thank you so much guys,appreciate your help.God bless you.

 

[bettydentist]

I was talking to one dentist she said it took 10yrs to repay the loan.

 

[drp89]

What would be the interest rate?

 

[bettydentist]

I don't know ,she said it was less.

 

[exmachine123]

Under federal loan (financial aid); Interest rate for direct-subsidized (usually given to undergraduate students) is 4.5% but you actually pay a lot more in 10 years or 15 years or 20 years whatever you choose due to compounded interest. Interest rate for direct-unsubsidized (usually given to graduate students) is 6.4% but again you pay more due to compounded interest adding to your capital amount.

For direct subsidized, they wont charge you interest unless 6 months after your graduation and you have to start your payment after 6 months of your graduation, if you miss any it will be compounded more.

For direct unsubsidized, they charge you interest right after disbursement of loan, you can and are welcome to pay your interest during your studies but you are not required to do so (if you keep paying your interest during your study it would eventually decrease the amount of your compounded interest); its same you will not be asked or forced to pay unless 6 months after you graduate.

Surprisingly in both cases; lets say if you enroll in another school or program after your previous graduation within 6 months (before your payment period starts), you are not required to do any payment because your status is changed to student again. 😉 remain a student to avoid payments 😛

tc !