Determining Aid Eligibility & Types of Loans Financial Aid Programs for U.S. Citizens and Permanent Residents

Merit Scholarship Program

Merit scholarship awards are determined by the Office of Admissions at the time the student is accepted to the school. Continuing students are awarded merit scholarship based on their GPA and rank at the completion of their academic year. Recipients are determined by the Office of Enrollment Services and approved by the Associate Dean for Student Affairs and Admissions. Scholarship amounts vary based on available funding and are determined by the Admissions Office and Office of Enrollment Services.

Tufts Grant Program 

Tufts Grant amounts vary based on funding levels and usually do not exceed $35,000. Tufts Grant is needs based and both parent and student financial information determines eligibility.  Tufts Grant funding consists of both TUSDM-sponsored funding provided by the Dental administration as well as donor-sponsored endowment funding. Should student’s Tufts Grant be partially funded by an endowed scholarship, students will be notified.

Tufts Loan Program

Tufts Loans are need-based and both parent and student financial information determines eligibility.

• Maximum Loan Amount – Varies based on funding levels but usually does not exceed $20,000
• Interest Rate - 5% (Loans borrowed/disbursed on or after 7/1/2017)
• No interest is charged while the student is enrolled or during 6-month post-enrollment grace period.
• Deferments are available for up to 5 years for students participating in a post-graduate specialty program, an internship/residency, or a graduate fellowship. Interest will accrue during any post-enrollment deferment period. Any unpaid interest that accrues during such a period will capitalize onto the loan principal prior to repayment.

Health Professions Student Loan (HPSL) and the Loans for Disadvantaged Students (LDS)  

HSPL and LDS awards are need-based, and federal statutes require that both student and parent financial information is used to determine eligibility.

• Maximum Loan Amount – Varies based on funding levels but usually does not exceed $20,000.
• Interest Rate – 5%
• No interest accrues during the student’s in-school period, 12-month grace period which immediately follows graduation or withdrawal. No interest accrues during eligible deferment periods.
• Deferment available (after expiration of 12-month grace period) for up to 3 years for those considered on active duty for the US Armed Forces or Peace Corps volunteer or while pursuing advanced professional training (unlimited time) or up to 2 years to pursue related professional educational activity or training fellowship.
• Should the student be awarded HPSL or LDS, the student/borrower completes a promissory note directly with Tufts University.

William D. Ford Federal Direct Loan Program

This loan is not a needs-based loan. Please note that graduate and professional students can no longer apply for the subsidized (needs-based) portion of Federal Direct Loans for a loan disbursed on or after 7/1/2012.

• Maximum Loan Amount – $47,167
• Maximum Loan Amount – prorated based on student’s academic year length which, for DMD/DIS, can vary between 7 months up to 12 months. Amount Range: $40,500 up to $47,167.  Post-graduate maximum is $20,500.
• Interest Rate:
  • Loans borrowed on or after 7/1/2013: Based on Treasury Note + 3.6%; rate will remain fixed for life of loan; interest rate for loans borrowed between 7/1/2024 through 6/30/2025 = 8.08%
  • Origination Fee: 1.057% (through 9/30/2024)
  • For interest rates on loans borrowed before 7/1/2013, click here

Federal Direct Grad PLUS Loan Program

Grad PLUS is not a needs-based loan however the borrower must maximize their annual Federal Direct Loan eligibility before applying for Grad PLUS.

• Maximum Loan Amount – equal to the student’s annual cost of attendance less other financial aid.
• Interest Rate:
  • Loans borrowed on or after 7/1/2013: Based on Treasury Note + 4.6%; rate will remain fixed for life of loan; interest rate for loans borrowed between 7/1/2024 through 6/30/2025 = 9.08%
  • Origination Fee: 4.228% (through 9/30/2024)
  • For interest rates on loans borrowed before 7/1/2013, click here

Return of Service (ROS) Scholarship Programs

Return of Service programs usually involve a student being awarded a full-tuition scholarship and living stipend. In exchange for receipt of these funds, students will be required to work for the sponsoring organization post-graduation as outlined in their contractual agreement. The return of service commitment is usually 1:1: for every year that a student is funded, they will be expected to serve with that organization for one year after graduation. Most students sign-up for full four-year ROS programs, so that means they would have a four-year commitment after they graduate. The US Armed Forces Health Professions Scholarship Program (HPSP) and National Health Service Corps (NHSC) programs are the most common ROS programs among TUSDM dental students. 

Return of Service scholarships, living stipends and indirect cost allowances funded by the organization are considered financial aid resources, therefore they must be included in a student’s financial aid package. Students are obligated to immediately inform the Financial Aid Office of any outside scholarship awarded to them. The school is not notified of newly accepted HPSP and NHSC scholarship recipients until after the academic year has started. This may result in the Financial Aid Office making required revisions to a student’s financial aid awards based on a change in their eligibility which would involve reducing and/or canceling processed financial aid awards to make room for the scholarship, gross living stipend and indirect cost allowance. If a student has already received their eRefund for the semester and they are accepted to HPSP or NHSC, they must be prepared to return all or a portion of their refund as they may have received funds they are not longer eligible to keep.

Learn more here.

US Armed Forces Health Professions Scholarship Program (HPSP) 

The Military HPSP will cover 100% of a student’s tuition and fees and provide a monthly living expense stipend for each year that an accepted student participates in the program. Reimbursement for required books and supplies is also available. A minimum three-year commitment is required. Students who participate in this program are usually stationed on a base after they graduate.   

Information on various military branches that offer HPSP benefits is available on the following websites: 

• Air Force 

• Army – Army Medical Scholarships

• Navy

Applications for HPSP should be submitted directly to the military branch of your choice.  

National Health Service Corps Scholarship (NHSC) 

NHSC will cover 100% of a participant’s tuition and fees, as well as provide them with a monthly living stipend. An allowance for required books and supplies is also available. The NHSC requires a minimum two-year commitment, though three- and four-year participants are strongly preferred. Students participating in this program work at an NHSC-approved site post-graduation, usually in an underserved, rural area.  

Additional information on the NHSC Scholarship is available.   

Applications for the NHSC should be submitted directly to the NHSC, though there are components that require financial aid and registration certification.  

Medical and Dental Student Stipend Program (MDSSP) 

The MDSSP is an incentive-based program offered by the US National Guard. Participants receive a monthly stipend in exchange for committing to a one-year service obligation for every six months the stipend is received. There is no tuition scholarship portion of the MDSSP. Limited post-graduate student opportunities are available on a case-by-case basis. Service obligation begins immediately upon graduation. 

Information on this program is available here. Applications for the MDSSP should be submitted directly to the National Guard. 

Private education loans offered by private banks and other companies are credit-based. Students who are US Citizens or Permanent Residents or foreign students can apply for private education loans as an alternative to borrowing federal student loans. Foreign students are required to provide a qualified US citizen or permanent resident co-signer. The loan’s approval and its interest rate will depend on the student’s and co-borrower’s credit history. Those applicants with strong, favorable credit histories and equally favorable credit scores will receive a more favorable interest rate and lower fees on their loan. Therefore, although students who are US citizens or permanent residents may not be required to provide a qualified co-signer, the student will most likely receive more favorable terms depending on their co-signer’s credit history and score.

Although the Financial Aid Office has provided a list of loan options for borrowers, realize that students are not required to use any of these and can select to use any lender of their choice. Recognize that the terms that lenders offer on their loan products can change at any point therefore it is best to visit the lender’s website for the most up-to-date information on their loan products. Keep in mind that not all private education loan lenders will allow foreign students to apply for their loans. Our list of options includes those lenders that currently enrolled students have used in recent years.

The co-signer should realize that, when acting as a co-signer, their credit history and score are carefully reviewed by the lender. Upon the loan’s approval, the co-signer’s credit history is updated to reflect that they have co-signed a loan on the student’s behalf. The co-borrower is usually responsible for payment of the loan should the primary borrower (the student) not repay the loan for any reason. Both the student and co-borrower should carefully review the lender’s policies.

Although borrowing a private education loan may provide a better interest rate and lower fees compared to federal student loans, students and co-signers should be aware that lenders have strict credit standards. Additionally, private education loans may not provide the same deferment and forbearance options or loan forgiveness that some of the federal loan repayment options currently have. Co-signers may not feel comfortable co-signing a loan depending on their own personal financial circumstances. For these reasons, foreign students are advised to have at least 2 qualified co-signers available to them when applying for a private education loan. The co-signers need to be “sustainable” meaning that they must be willing to act as a co-signer on the student’s behalf throughout the student’s expected enrollment as long as the student requires access to private education loans.

We encourage students review the Guide to Supplemental Loans so they may make an informative choice before borrowing private education loans.

Private Education Loan Options

Sallie Mae Dental School Loan – 855-756-5626

Ascent Dental School Student Loan – 877-216-0876

Citizens Bank Dental School Loan – 800-708-6684

College Ave – 877-422-7502

MPOWER Financing Student Loan – mpower.me@mpowerfinancing.com
While this loan does not require a co-signer for foreign students, this product is only available to students in the final 2 years of their academic program.