The California Dental Association (CDA) has announced CommonBond as a CDA Endorsed Program designed to offer competitive student loan refinancing as a new member benefit. According to the American Dental Education Association, the average educational debt for all indebted graduates in the class of 2018 for public and private dental schools was $251,869 and $326,133, respectively.
CommonBond is a financial technology company that helps students save money on student debt over time by trading in existing high-interest loans for a single loan for a new interest rate, best-in-class borrower protections, and award-winning customer service, the CDA reports. Through CDA’s partnership, members receive preferred terms for refinancing with CommonBond.
“We are offering this benefit to support our members’ financial wellness. CDA is committed to supporting its members success through every stage of dentistry, including navigating their dental school debt,” said Steven Kend, DDS, chair of the CDA Finance Committee, which oversees CDA Endorsed Programs.
“Likewise, CDA selected CommonBond as an Endorsed Program for its competitive and exclusive member offer as well as its service-oriented mission of giving back to the community, which is aligned with CDA’s mission and core values,” Kend said.
Dentists who are completing residencies or fellowships can refinance once they receive a job offer. Additionally, they can defer payments until they start working.
“By offering student loan refinancing as an Endorsed Program, CDA is empowering its members to take control of their student loans,” said Robb Granado, chief operating officer of CommonBond. “We’re proud to partner with CDA to offer this benefit and address one of the most significant financial hurdles dentists face. With student loan refinancing, dentists can now focus on building out their practice and helping their patients, rather than focusing on their student debt.”
CDA Endorsed Programs is a member benefit that provides savings on a variety of products and services from trusted vendors, CDA says, adding that every Endorsed Program has been researched and approved by the organization.
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