1. Debt 101 ASDA Council on Membership Financial Resources Subcommittee

2. Overview Student debt has become a forefront issue in this country as the cost of education is on the rise Pay attention now so you don’t need to pay too much later ASDA has tools and resources to help you stay on top of your student debt Disclaimer: The websites, applications and businesses references in this guide are not endorsed by ASDA and were suggested by dental students on ASDA’s 2013-2014 Council on Membership who have utilized the resources themselves.

3. What to Do Now? Budget Scholarships and repayment Financial aid Calculate your debt

4. What to Do Now | Budget Biggest mistake people make is not budgeting Set financial goals and make smart decisions Helpful tools: Mint®: Money, Budgeting, Finance & Investing www.youneedabudget.com 1. Limit spending -remember you are a student -use coupons 2. Put yourself on a budget 3. Build your credit -free annual report -annualcreditreport.com -creditkarma.com 4. Maximize what you already spend -tax deductions -find the best credit cards for you -nerdwallet.com HELPFUL TIPS

5. What to Do Now | Scholarships ASDA scholarships and grants ASDAnet.org/paying-for-dental-school/scholarships.aspx National scholarships - repay with service

6. What to Do Now | Financial Aid Apply yearly to FAFSA (Federal Student Aid) www.nasfaa.org/students/About_Financial_Aid.aspx State Financial Aid NASFAA (National Association of Student Financial Aid Administrators) US Dept of Education Financial Aid Resource Database financialaidtoolkit.ed.gov Contact the financial aid representative at your school for help!

7. What to Do Now | Calculate Your Debt Loans (other than private) are backed by the government National Student Loan Data System (NSLDS) Central, integrated database for student aid Tracks loans through entire cycle nslds.ed.gov/nslds_SA/ Many loan servicers have applications to help students manage their debt Nelnets Loan Assistant Loan calculator Greatlakes

8. Loan Rates Debt 101 Guide Interest rates vary from one type to the next Create a chart with information about each loan: provider contact balance interest rate repayment terms grace period

9. How Can I Prepare? Become knowledgeable about your debt Repayment plan options Save for residency applications and licensure exams

10. How Can I Prepare? | Become Knowledgable Understand the “Lingo” Deferment? Accrued Interest? Forbearance? Go to: ASDAnet.org/paying-for-dental-school/financial- terms.aspx for a glossary of financial termsASDAnet.org/paying-for-dental-school/financial- terms.aspx Know your debt and when its time to pay up! Create a personal record of your debt and when its time for repayment Allows for accurate on time payments to avoid late charges and the negative effects to your credit score

11. How Can I Prepare? | Repayment Options What happens when its time to pay the piper? ADEA has a dental loan organizer and calculator to help you weigh your loan repayment options www.aamc.org/services/first/godental/ Allows for you to visualize what your payments will be and how you need to adjust your career and lifestyle choices to best fit payment of your student loans

12. How Can I Prepare? | Repayment Options Types of Repayment Standard: Less overall payment with less interest Graduated: Lower monthly payments at first then higher in the end Extended: Lower monthly payments overtime, but higher overall cost in the end Income based: Pay what you can afford monthly but plan to be paying for decades Pay as you earn: Quick repayment of the entire loan but harder to qualify

13. How Can I Prepare? | Save for future apps/exams Residency Application Cost: MATCH: ~$90 to register PASS: depends on the # of schools applying to 1 School = $200 2 or more the cost lessens 10 schools = ~900

14. How Can I Prepare? | Save for future apps/exams Budget for residency interviews Expenses: Transportation, hotel, parking, food...etc. Local Interviews: ~$50-100 Long distance: ~$1,000

15. How Can I Prepare? |Save for future apps/exams Licensure costs: First take your National Boards I and II $400 per exam State licensure exams Different states have different requirements Visit ASDAnet.org/licensure for specfic state requirementsASDAnet.org/licensure If you plan to practice outside of your native state budget for travel costs Retaking boards costs money

16. While in the Hot Seat Timely payments and forbearance Consider a financial planner Post-graduate options Utilize the tripartite ASDA resources and policies on debt

17. While in the Hot Seat | Payments & Forbearance Pay in full and on time! Late or missed payments have a negative effect on your credit score Low credit score can hinder future loan attainment Maintain a positive relationship with your loan servicer and contact them immediately when a late payment occurs A positive relationship with your loan servicer can net you more options with repayment

18. While in the Hot Seat | Financial Planner We are dentists… not financial advisors Many dentists have not had formal financial education Hiring a good financial planner can save you $1,000s and many a headache Advise on investments, buying a practice, tax deductions, etc. Look for financial planners that work exclusively with dental professionals

19. While in the Hot Seat | Post-grad Options Goals? What kind of practice do I want? Where do I see myself in 5, 10, 15 years? Prepare my dental resume

20. While in the Hot Seat | Tripartite Being a part of organized dentistry Networking improves your options Peer support ADA, state, and local dental association resources ADA Center for Professional Success http://success.ada.org http://success.ada.org

21. While in the Hot Seat | Find a Mentor Find a mentor you can turn to for advice Don’t be afraid to have many mentors whom you can turn to when you need them Mentors may change from time to time based on your needs and goals Mentors may have personal experiences that may help guide you in your financial decision making To find a mentor, go to your local or state dental society, ASDA alumni or faculty member at your school

22. While in the Hot Seat| ASDA Resources Mouthing Off Blog “Money Monday” www.asdablog.com www.asdablog.com List of scholarships and grants ASDAnet.org/paying-for-dental-school ASDAnet.org/paying-for-dental-school “Getting Through Dental School” handbook Debt 101 Guide Finding a mentor video http://youtu.be/OLyn5zbH1o0 http://youtu.be/OLyn5zbH1o0

23. While in the Hot Seat | ASDA Policy ASDA’s F-4 Student Debt Policy Encourages Congress and state legislatures to pass measures that include: Reduction of student loan interest rates Improved access to public service loans Loan forgiveness & scholarship opportunities for students & residents practicing in underserved areas Read the full policy at ASDAnet.org/statementsonpolicy.aspxASDAnet.org/statementsonpolicy.aspx

24. While in the Hot Seat | Advocate for your future National Dental Student Lobby Day In 2014, 375 ASDA members advocated for the following bills to address the burden of student debt: Federal Student Loan Refinancing Act Student Loan Interest Deduction Act ASDA’s Council on Advocacy Email advocacy@asdanet.org to determine what you can do to advocate for your futureadvocacy@asdanet.org ASDA’s legislative resources http://cqrcengage.com/asda/home