Financial Aid

As you are probably discovering, a dental education at a private university can be expensive, but with planning and resourcefulness, a private education is affordable. The funding sources available through our Financial Aid Office will help you meet your educational costs. However, financial assistance from this office is intended to supplement family resources. The primary responsibility for paying for your dental education belongs to you and your family. In many cases, the aid we have to assist you can cover full tuition, fees, books and instrument charges. Many students use a variety of loan programs to help with living expenses.

The financial assistance that you receive depends upon three things:

  1. Submission of accurate information in a timely manner.
  2. Your calculated financial need.
  3. Available funding - As most financial aid is made available through state and federal governments, dollar amounts depend on governmental appropriations.

Below, and on the following pages, is information which should help you in applying for financial aid, understanding the kinds of financial aid available and planning to meet your costs.

I. APPLICATION PROCEDURE

As an applicant for Dental School, it is important to complete the free application for financial aid. You do not have to wait to be accepted to complete this process. Submit the application electronically at:  www.fafsa.ed.gov.

Ø     UDM School of Dentistry federal code: E01403

Helpful Hints:

  • Read and follow the directions carefully. Failure to do so may cost you time in processing and could delay your financial aid award.
  • If you don't understand the instructions, call the Financial Aid Office at (313) 494-6617 or (313) 993-3350 and ask for assistance.
  • Be careful to follow printed directions. Some key items are listed below.
    1. Complete the entire form. Include all parental information as well.
    2. You must complete and submit to the Financial Aid Office documentation of income if you have been selected for verification. Copies of tax returns are no longer accepted. You must request an IRS Tax Return Transcript which is possible by visiting the IRS website at: www.irs.gov or by phone at: (800) 908-9946 from (7:00 a.m. – 7:00 p.m.)
    3. Respond immediately to all follow-up requests.

II. AWARDING

Following an offer of admission and after all necessary information has been received, your completed file is reviewed, and an award calculated. You will receive an electronic Award Letter in your university-assigned email account. If you agree to accept the assistance, as offered, electronically sign/accept the award and maintain a copy for your personal records. The School will electronically certify your Stafford loans upon notification of your accepted award.

You will also be required to complete a Master Promissory Note (MPN) for any loans you are receiving along with an entrance counseling at www.studentloans.gov. Your Financial Aid Coordinator will notify you when this is to be done. If you have any questions, please contact the Financial Aid Office.

III. REGISTRATION
100% percent of tuition and 100% of fees and instrument costs must be paid by the first day of each academic term. If you have received financial aid, it can be used as part of this payment at registration. The following is an estimated cost for a First Year Dental Student based upon 2014-2015 costs. It is provided as a guide to assist you in planning.

TUITION

$64,940

FEES, EQUIPMENT, INSURANCE, INSTRUMENTS

12,158

TOTAL

$77,098

IV. FINANCIAL AID PROGRAMS - AVAILABLE TO DENTAL STUDENTS BY FILING THE FAFSA

HEALTH PROFESSION'S LOAN (HPL)
To be considered for funds for the HPL program, each student must supply parental income/asset information on the FAFSA regardless of the dependency status. The HPL funds available any given year depends upon the prior year's collection of the HPL funds from former students. Due to this circumstance, the amount of HPL funds available to each student for a given academic year varies considerably. Typically, awards are a minimum of $2,000. Interest rate is fixed at 5%. The amount may vary based on the availability of funds.  Submit FAFSA with parent information by April 1st.

DENTAL MERIT GRANT (DMG)
Generally, five or more students are selected to receive up to $7,000 per year from UDM for four years. Factors considered in awarding the grant are cumulative undergraduate grade point average, science grade point average, BCP (Biology, Chemistry, an d Physics) grade point average, DAT scores, and financial need. The grant is renewable for four years as long as sat isfactory academic progress is maintained.

V. PROGRAMS THAT MUST BE APPLIED FOR SEPARATELY

FEDERAL DIRECT UNSUBSIDIZED STAFFORD LOAN*
Unsubsidized borrowers may apply for up to $44,944 per academic year to a cumulative total of $224,000. The interest will accumulate while in school and is the responsibility of the student. Minimum payments could be as low as $50 per month. Principal and interest may be deferred until after graduation, but interest will accrue and be capitalized at repayment.  The interest rate is currnetly 6.41% with 1.072% loan fee.  These change annually.

FEDERAL DIRECT GRADUATE PLUS LOAN*
Graduate PLUS loans are federally sponsored loans for students attending graduate school. With a Grad PLUS loan, you may borr ow up to the full cost of your education, less other financial aid received including Federal Direct loans. The interest rate is currently 6.41% and there is a 4.288% origination fee charged by the federal government. You are responsible for all interest that accrues on the Graduate PLUS loan. Unpaid interest will be capitalized (added to the loan principal) and you will therefore pay interest on a higher amount. Repayment on PLUS loans begins within 60 days after the final disbursement of the loan. Graduate PLUS loans, for borrowers who are certified by their school to be attending at least half time, will be placed into in-school deferment. No payments are required during in-school deferment. You must be a U.S. citizen or permanent resident and a credit check is required.

Information on other alternative loans is available from the Financial Aid Office.

FEDERALLY FUNDED SCHOLARSHIPS

NATIONAL HEALTH SERVICE CORPS (NHSC) SCHOLARSHIP PROGRAM
Dental students may compete for NHSC scholarships beginning in their sophomore and junior years. The program offers payment of tuition and fees, books, supplies, and equipment and includes a monthly stipend. In exchange, recipients must agree to provide oral health services for a minimum of two years in any underserved community identified by the NHSC as being a critical need area. For more information, call NHSC, (800) 221-9393.

ARMED FORCES HEALTH PROFESSIONS SCHOLARSHIPS (HPSP)
The U.S. Armed Forces offer scholarships to dental students that pay tuition, fees, books and a monthly stipend. All are highly competitive programs. The active duty obligation is one year of service for each year of scholarship support with a minimum of three years of active duty service. Scholarships are available annually from all service branches. For information, contact the ind ividual branches of service.

FINANCIAL AID FOR MINORITY STUDENTS
In addition to the usual sources of financial aid, there are grants or scholarships which have been established to assist underrepresented minority dental students.  For more information, please contact the University of Detroit Mercy School of Dentistry Office of Multicultural Affairs at (313) 494-6653.

MINORITY DENTAL STUDENT SCHOLARSHIP
Students awarded funds under this program may receive up to $2,500 for their second year. Up to twenty-five awards are made annually. Applications must be obtained from and submitted at the School. Additional information for application eligibility may be obtained through the American Dental Association (ADA) website http://www.ada.org. Applications and all supporting documentation must be postmarked no later than June 1. Notification of funding decisions will be made after December 31.

NATIONAL INSTITUTE OF DENTAL AND CRANIOFACIAL RESEARCH (NIDCR) SHORT-TERM TRAINING AWARDS
This program provides underrepresented minority and women dental students an opportunity to obt ain research experience during their professional training. Recipients receive a monthly stipend during training periods. Applicants must be enrolled at a U.S. dental school and be a U.S. citizen, a non-citizen national of the U.S., or lawfully admitted for permanent residence. For more information, contact NIDCR at (301) 594-7617.

LOAN REPAYMENT PROGRAMS

INDIAN HEALTH SERVICE (IHS)
For more information, visit the website  http://www.ihs.gov/MedicalPrograms/Dental or contact: Timothy L. Lozon, DDS at: (301) 443-0029-direct, (800) 447-3368.

HRSA HEALTH PROFESSIONS FACULTY LOAN REPAYMENT PROGRAM (FLRP)
For information, visit the website at  http://bhpr.hrsa.gov/dsa/flrp/

HRSA MINORITY FACULTY FELLOWSHIP PROGRAM (MFFP)
For more information, visit the website at  http://bhpr.hrsa.gov/diversity/mffp/default.htm
Often, students rule out the possibility of attending a high-cost private university, such as the University of Detroit Mercy, because their perception is that they cannot afford it. In reality, students with the least ability to afford it are often the most eligible for financial assistance. In many cases that assistance can cover full tuition, fees, books and instrument charges. Beyond that, assistance may help with living expenses.

Above all, do not decide that you cannot afford the University of Detroit Mercy before you've explored the possibility of financial assistance! The following example demonstrates how you can finance your dental education:

SCHOOL OF DENTISTRY ESTIMATED PROGRAM COSTS
The following figures present the current charges for the 2014-2015 academic year for the School of Dentistry's various programs. Tuition and other fees are subject to annual increases. Students should anticipate annual increases in the order of 4%.

Doctor of Dental Surgery (DDS) Program
(In-State and Out-of-State Residents):

Calendar Year 1 2 3 4

Tuition

$64,940

$64,940

$64,940

$64,940

Fees

9,650

9,207

7,867

5,815

 Insurance; equipment purchase/rental
 ASDA membership, equipment replacement

Books and Supplies

2,463

2,063

963

473

Housing Expense

(Living with Parents)

12,042

12,042

12,042

12,042

(Living without Parents)

20,043

20,043

20,043

20,043

TOTAL EXPENSES

Resident or Non-Resident

(Living with Parents)

$89,095

$88,252

$85,812

$83,270

(Living without Parents)

97,096

96,253

93,813

91,271

Estimated Financial Assistance for First Year, Not Living with Parents:

Health Professions Loan  2,500
Grad PLUS Loan 49,652
Unsubsidized Stafford Loan 44,944
Total $97,096

If you are a recipient of the Dental Merit Grant (DMG), $10,000 will be applied toward your tuition, reducing your loan eligibility.

You may be able to afford the University of Detroit Mercy School of Dentistry. It doesn't hurt to find out! The financial aid programs listed here can be very helpful in supplementing your resources. In addition, you should explore other sources of aid. You mi ght check into  scholarship, grant and loan opportunities available through local community organizations, such as  Kiwanis Clubs, religious organizations, companies for which you or your parents are employed, and the internet at: www.fastweb.com. Be resourceful; look around.

Remember, don't delay, and complete your FAFSA early! UDM would like to have the results from your FAFSA by the end of April.

Successful financing of your dental education begins with successful management of your personal credit. The next four years may be the most difficult of your life if you have not prepared properly. There are some steps you can take to make the transition to dental student status a little less difficult.

First, get a copy of your credit history. This informative document should be used to identify any problem areas. Upon review , you may be surprised at what you find! Correct any problems now, before you enter dental school, or apply for loans.

Second, pay off any outstanding credit card or loan balances. If you are going to rely on financial aid/student loans to prov ide money for your living expenses, you will probably not have enough excess money to support non-educational debt. Although many of us think a personal car as essential, you may find it difficult to meet your daily cost of living and support a car payment.

Third, and sometimes the most difficult, consult your parents and/or spouse. Educate them on the costs of this program and the long term ramifications, i.e. the debt burden you may have upon graduation. Perhaps family may be able to assist you financially.

Canadian students are not eligible for U.S. federal funds. They may choose to finance their education through Provincial aid such as OSAP or banking institutions.

If you have any questions regarding any of the information provided, please call our office at (313) 494-6617. You are encouraged to apply for financial assistance BEFORE you have been admitted to the School of Dentistry; funds are not committed until you officially enroll.