Student loan refinancing platform Darien Rowayton Bank (DRB) has partnered with the American Dental Association (ADA) to offer member dentists the opportunity to refinance existing federal and private undergraduate and graduate loans.
An ADA official said the pressure to pay off substantial student loans weighs heavily on new graduates.
“We’ve listened carefully to our members, particularly those in the early stages of their dental careers, and many have indicated that paying off student loan debt is one of their greatest concerns,” said ADA President Maxine Feinberg, DDS. “By teaming up with DRB, the ADA provides our members with lower rates that translate into greater peace of mind and substantial savings at a pivotal point in their careers.”
That debt burden averages $247,000, DRB Chairman of the Board Gary Lieberman said. A DRB fixed-rate refinance loan can provide a $38,000 average savings, he added.
ADA members can choose either a fixed-rate or variable loan at preferential rates negotiated between the ADA and DRB.
Dentists must maintain a valid ADA membership throughout the loan term in order to receive the preferential rate.
The agreement is the latest in a series of arrangements offering professionals such as doctors and MBAs the chance to substantially reduce their student debt burden through loan refinancing. They are based on the average graduate’s higher earning potential and lower default risk.