FDA STUDENT LOAN PROGRAM
THE FDA STUDENT LOAN FUND HISTORY
The Student Loan Fund began in 1962. In 1965, the membership was assessed $10 per member for five years to increase this fund. It is used for educational loans to help needy students get a dental education. The fund is self-perpetuating. When loans are repaid promptly with interest, the fund reserve increases and more applicants can be approved for loans. The Florida Dental Association Council on Dental Education Task Group on Student Loans is responsible for program oversight and recommendation of loan recipients.
ELIGIBILITY
Any dental student who has successfully completed one academic year in any accredited dental college in the United States is eligible to apply for this loan. The student must have lived in Florida for three years prior to the loan application.
Academic standing, financial need and potential will be considered in granting a loan. Preference will be given to applicants who are committed to practicing in underserved areas. Loan recipients must be members of the American Student Dental Association.
AMOUNTS AVAILABLE
Students can receive several loans – one each for their sophomore, junior and senior years, or for post-doctoral study. A loan application must be completed and approved each year a loan is requested. Applications for post-doctoral loans will be considered only after all undergraduate loan applications have been reviewed. Special consideration may be given to a student at any time throughout the year on the basis of financial hardship, as funds are available.
Loans may not exceed $15,000 per applicant, or $5,000 per year.
REQUIREMENTS
An official transcript of the completed freshman year or an official transcript from the preceding year at an accredited dental college must be submitted with the application. If a transcript is not available at the time of application, it must be forwarded immediately thereafter. No application will be acted upon without an official transcript.
Each applicant must have a personal or telephone interview with a task-group member. The applicant must provide the task-group chairperson with a letter outlining the reasons the applicant feels he or she deserves the loan.
REPAYMENT
Loan recipients must repay loans in SIXTY (60) equal installments, but have the right to accelerate payments. Monthly payments will include principal plus interest. Loan recipients must start repaying their loans no later than one year after they graduate from dental school or immediately if they cease to continue their dental education studies. Students continuing their dental education in a recognized dental specialty training program may defer payments until one year after graduation provided they have notified the FDA Task Group on Student Loans following acceptance in the program. Neither military obligations nor internships/residencies after graduation from dental school relieve the loan recipient from beginning payments as scheduled. However, if loan recipients entering post-doctoral residency programs wish to delay repayment of their student loan, they must contact the FDA office in writing with the request to defer their beginning payment date. The FDA Task Group on Student Loans reviews and approves each request for a residency deferment on a case by case basis. Students who do not graduate still must repay their loans as scheduled. If installments are not made when they are due, the Florida Dental Association can declare the entire loan amount due immediately, along with a reasonable sum for attorney’s fees, court costs and/or collection fees.
INTEREST ON LOANS
Loan interest does not start to accrue until one year after the borrower stops going to dental school full time. Mandatory monthly payments include an interest rate of 0.5 points below the subsidized federal insured loan fluctuating interest rate at the time the promissory note is signed. If the borrower receives multiple loans, the interest rate will be an average of the loans combined on the final promissory note for post-doctoral training. Penalties for late payments will be assessed as a percentage of the amount due and number of days late. Penalties will be at least $25.
NOTIFICATION
Loan applications shall be considered annually in July. Notice of loan approval or rejection will be mailed to applicants in August, after the meeting of the Task Group on Student Loans. Florida Dental Association policy prohibits discrimination against credit applicants on the basis of race, color, national origin, gender, marital status or age.
DEADLINES
The Florida Dental Association must receive all applications by March 31st. Mail all applications, transcripts, correspondence and information pertaining to student loans to:
Task Group on Student Loans
Florida Dental Association
1111 E. Tennessee St.
Tallahassee, FL 32308-6914
FOR MORE INFORMATION
Contact the Florida Dental Association at (800) 877-9922;
e-mail, studentloan@floridadental.org;
or fax, (850) 561-0504.
OUR INVESTMENT IN YOUR FUTURE
The Florida Dental Association believes your dental education is important to the dental profession’s future. We offer student-education loans as a measure of our confidence in your commitment to learning, and to building a solid foundation for a career in dentistry
