ADA members refinancing their student loans through Laurel Road, the student loan refinancing program endorsed by the ADA, may save more money with new rates that went into effect in the New Year.

Some of the new rates may offer an opportunity for additional savings for ADA members, especially when combined with the exclusive 0.25 percent ADA discount that members receive through the collaboration, according to Laurel Road.

The new rates for fixed terms are as low as: 3.50 percent, 5 years; 3.95 percent, 7 years; 4.50 percent, 10 years; 4.99 percent, 15 years; and 5.15 percent, 20 years. The new rates for variable terms are as low as: 2.99 percent, 5 years; 3.12 percent, 7 years; 3.65 percent, 10 years; 3.99 percent, 15 years; and 4.20 percent, 20 years. 

When it comes to managing your school debt, Laurel Road recommends dentists take a strategic approach. Identify your financial goals and pick a student loan repayment plan that helps you to meet them.  When choosing between a federal plan and a private refi, ask yourself questions such as, "Am I confident in my ability to consistently repay my student loans?" and "Do I anticipate having an outstanding student loan balance in 10, 15, or 20 years?"  Refinancing is a great option to maximize your savings by reducing your interest rate and lowering the amount of interest paid over the life of the loan.  

As with other Laurel Road product offerings, ADA members receive an extra 0.25 percent discount on their student loan refinancing rate as long as they maintain their membership. 

In addition, the ADA announced in 2017 that students going into any one of the nine ADA-recognized specialties and general practice residencies are able to refinance their entire student loan portfolio as soon as they are matched to a residency program. Rates for the Resident Student Loan Refinancing program range from 4.27 percent to 6.99 percent, including an extra discount for those that set up autopay.  

For more information on Laurel Road and student loan refinancing and current rates, visit LaurelRoad.com/ADA. For information on ADA debt resources, visit ADA.org/mydebt.

All rates listed include a 0.25 percent EFT discount and are subject to change.  For more information and current rates, please visit www.laurelroad.com/ada or www.laurelroad.com/ada-resident.