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Advance
Education in General Dentistry (AEGD)
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IMPORTANT INFORMATION FOR AEGD
RESIDENTS AND ALUMNI
Loan Deferment Information
Students in the AEGD program are not eligible to receive
Financial Aid, however, dental residents must be proactive
in ensuring that they receive an in-school
deferment if they are entitled to receive one.
Lenders must grant an in-school deferment based on enrollment
and in-school status of a borrower as certified by an institution
of higher education or an affiliated hospital. It is
anticipated that lenders will be able to determine the borrower's
eligibility for the deferment based on either of the following:
a newly completed loan application that documents the borrower's
eligibility for the deferment, the student status information
received by the lender that indicates the borrower is enrolled
at least half-time. Again, dental residents must double-check
to see if this has occurred. If the lender defers the
loan based on a loan application or enrollment status information,
the lender must notify the borrower that the deferment was
granted and give the borrower the option of continuing to
repay the loan.
A deferment is a period during which borrowers are entitled to postpone
repayment of the principal balance of their loans.
Loan Consolidation
Loan Consolidation can simplify repayment and may lower your monthly
payment. You can combine your student loans even if you borrowed
from more than one lender, have more than one type of loan, or different
interest rates or repayment plans on the loans.
Qualifications - You must be in
your grace period, deferment or in repayment to consolidate
them. The following loans may be consolidated:
- Federal or Direct Stafford Loans (subsidized or unsubsidized)
- Perkins Loans
- Federal Plus Loans
- Federal SLS Loans (formerly ALAS Loans)
- Federal Insured Student Loans (FISL)
- National Direct Student Loan (NDSL)
- Health Education Assistance Loans (HEAL)
- Health Professions Student Loan (HPSL)
- Nursing Student Loan (NSL)
You can choose which loans to consolidate. Under certain
circumstances, consolidation loans can be consolidated with other students
loans. Check with your lender for details about loan consolidation.
Interest - The fixed interest rate
is based on the weighted average interest rate of all the loans your
consolidate, rounded up to the next highest 1/8%, with a maximum rate of
8.25%. Your student loan interest may be tax deductible for
qualified students. Contact your tax advisor or the IRS for details.
Repayment - You have a choice of a
standard, graduated, income-sensitive or extended repayment plan, and
you may change the repayment plan once a year. Depending on
the total amount of your student loans, repayment will be over 10 to 30
years.
Application - Contact your lender
to apply for loan consolidation. If you are in repayment your lender
can temporarily suspend your loan payments while you consolidation is
being processed.
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