ADA and DRB provide members significant savings through student loan refinancing
The American Dental Association recently announced an endorsement of Darien Rowayton Bank (DRB), which allows ADA members to refinance federal and private student loans at a lower rate.
“There are many parts of my membership in the ODA and ADA that I see as adding value above and beyond being a part of an organization that speaks for organized dentistry in Ohio, but this new loan consolidation benefit is at the top of my list,” said Dr. Kyle Bogan, a general dentist from Delaware and chair of the ODA Council on Membership Services. “With their new partnership with DRB, the ADA has taken it upon itself to help members deal with the increasing cost of dental education. If you look at membership value in dollars and cents, there is no other benefit that the ADA offers that has the potential to save our members – especially the new dentist members – more money. The value and savings from this benefit can pay for your ODA and ADA membership many, many years over.”
Bogan said he has been able to shorten the term of his student loans and will save thousands of dollars in interest through the ADA and DRB student loan consolidation program.
DRB’s rates for refinancing federal and private undergraduate and graduate loans start at 1.9 percent APR for variable loans and 3.5 percent APR fixed. ADA members receive an additional 0.25 percent rate reduction.
“I felt stuck with my student loan situation, and it had been weighing heavy on my shoulders,” said Dr. Ruchika Khetarpal, a general dentist from Cincinnati. “After purchasing my practices and getting settled I could not find a bank that would refinance my loan, and I did not have the budget to pay anything extra every month. Instead of paying off my loan in over 20 years, I have it refinanced to only 10 years with DRB, without it hurting my monthly budget! My future in 10 years is in my hands without any professional ties to any banks. This is what freedom of choosing dentistry as a career should feel like!”
According to the ADA, average dental student loan debt in 2014 was $247,227, and refinancing loans through DRB with the additional ADA discount could save members tens of thousands of dollars in interest.
Dr. Lisa Davison, an orthodontist from Plain City, first refinanced her student loans with DRB two years ago, and plans to refinance again to take advantage of the additional rate reduction available to ADA members.
“When initially refinancing I reduced my interest rate by 2 percent,” Davison said. “I was personally able to decrease my previous loan term by 10 years with only raising my monthly payment by $100 due to the excellent rate reduction. The overall savings and ability to become debt-free much quicker is of tremendous value to me.”
She said the process of submitting documentation was easy, as everything can be uploaded to DRB’s secure website, and DRB offers a checklist to confirm all documents are included. She said refinancing as an associate requires less paperwork than refinancing as a business owner, which is more involved and requires more documentation.
Savings vary based on a number of factors, including credit history, loan terms, income and total debt amount.
For more information about student loan refinancing with DRB and the additional rate reductions available to ADA members, visit https://student.drbank.com/ADA/.