Veterinarians’ Guide to Student Loan Repayment and Forgiveness

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As a veterinarian, you already know the rewards of caring for animals and keeping them healthy, but financially you may be struggling to pay off the cost of your education.

The good news is that veterinarians could get help paying off all that debt through the many veterinary loan forgiveness and repayment programs now available.

In this article, we’ll explore the following veterinary student loan forgiveness and management options:

National veterinary loan forgiveness and repayment programs

According to the American Veterinary Medical Association (AVMA), the mean amount of debt veterinary school graduates in 2018 was $183,014.

Veterinary Medicine Loan Repayment Program

Under the Veterinary Medicine Loan Repayment Program (VMLRP), you may be eligible to receive up to $25,000 a year for three years to help pay off your student loans. To qualify, you must agree to serve at least three years in a region that has a veterinarian shortage. You also need to have both qualifying student debt and a Doctor of Veterinary Medicine (DVM) (or equivalent degree) from a college accredited by the AVMA Council on Education.

Under this program, the type and amount of work you do for the yearly award will depend on the area where you work; however, note that this program does focus primarily on veterinary medicine for livestock raised for food.

Army loan repayment programs for health professionals

The Army offers a loan repayment program for different health professions, including veterinarians. You can get help paying down your student loans, whether you are on active duty or with the Army Reserve.

If you are on active duty, you can receive up to $120,000 over three years to repay vet school loans from the Army Veterinary Corps through the Active Duty Health Professions Loan Repayment Program. If you’re in the Army Reserve, you can receive $50,000 in student loan repayment over three years through the Healthcare Professionals Loan Repayment Program, as long as you have a current unrestricted state license.

Faculty Loan Repayment Program

Teachers can qualify for student loan forgiveness through a variety of programs. One option that’s available for health professionals is the Faculty Loan Repayment Program (FLRP) that’s offered through the federal Health Resources & Services Administration.

If you have a employer commitment to teach full or part-time at an accredited health professions college or university for two years, with FLRP you could be eligible for up to $40,000 to help repay veterinary school student loan debt. Plus, it also offers funds to help offset the tax burden you may incur if your loan is eventually forgiven. To qualify, you must come from a disadvantaged background and also have an eligible degree or certificate.

State-based veterinary student loan repayment assistance programs

If you live in one of the following states, you may also be able to get help paying off veterinarian school loans.

Colorado

Colorado offers a Veterinary Education Loan Repayment Program to licensed veterinarians residing in the state who are willing to serve designated shortage areas.

Under the program, you might be eligible to receive up to $70,000 in veterinary loan forgiveness over a 4-year span. You’ll earn progressively more loan forgiveness with each year of service — $10,000, $15,000, $20,000 and $25,000, respectively.

Georgia

The state of Georgia offers veterinary student loan repayment assistance to both practicing veterinarians and veterinary students in their last year of study.

To qualify for assistance, you will need to commit to practicing food animal veterinary medicine in a rural community. If so, this assistance program could cover up to $80,000 of your veterinary student loan debt ($20,000 per year for four years) as long as you agree to work at least 20 hours per week in your assigned region.

You must be a Georgia resident to be considered for this program; preference may be given to previous program participants.

Georgia’s program is currently active, but is subject to annual funding appropriation by the state legislature. To check its status, go to this site from the Georgia Department of Agriculture.

Kansas

As part of its veterinary training program for rural Kansas, the College of Veterinary Medicine at Kansas State University offers special loans that can later be at least partially forgiven if a graduate of the college goes to work full-time in a Kansas county with less than 35,000 residents. For every year they work, graduates qualify for a year’s worth of loan forgiveness.

Five veterinary students qualify for this program each year. If accepted, you may also be able to earn up to $80,000 in loan waivers over four years.

Maine

Like Kansas, Maine has a program where you may be able to receive special forgivable loans to help cover the cost of veterinary school as long as you started your education on or after January 1, 2011.

You may be eligible to receive up to $100,000 in loans ($25,000 a year for up to 4 years). In order to get veterinary loan forgiveness, you need to practice livestock veterinary medicine in an underserved area of Maine; if that’s the case, a portion of your debt — up to 25% — gets forgiven for each year of eligible service. To learn more, check this site from the Finance Authority of Maine.

Minnesota

Both recent graduates and final-year students of the Doctorate of Veterinary Medicine program at the University of Minnesota College of Veterinary Medicine may be eligible to receive veterinary loan repayment assistance under the state’s Rural Veterinarian Loan Repayment Program.

To qualify, you must agree to serve as a full-time licensed veterinarian in a rural community, with at least 50% of your work involving the care of food animals. A five-year contract is required and for each year of service, $15,000 of your student debt will be forgiven, up to a maximum of $75,000.

Missouri

Veterinary students in Missouri can receive loans for up to $20,000 a year through the state’s Large Animal Veterinary Student Loan Program.

The loans are eligible for forgiveness when students complete the program at the University of Missouri’s College of Veterinary Medicine. To get the loans wiped clean, you’ll need to practice large animal veterinary medicine in an area of need in the state. With each year of service, $20,000 of your student loan debt gets erased.

Nebraska

While it may not technically be a loan repayment or forgiveness program, Nebraska’s Food Supply Animal Veterinary Incentive Program could help licensed veterinarians defray big education bills. The program offers up to $80,000 to vets who have graduated from an approved school and are willing to sign a 4-year contract to work as a full-time food supply veterinarian within one of the state’s approved communities.

This program is subject to funds availability. However, if you are selected, you may be able to get $15,000 per year for the first two years of work and $25,000 per year for the last two years.

North Dakota

North Dakota offers up to $80,000 of veterinary debt repayment assistance. The program is aimed mostly at recent veterinary school graduates, but established vets can also apply as long as they have outstanding student debt and are licensed to practice in the state. To qualify, you must be willing to provide food animal veterinary medicine services in areas of need throughout the state.

Ohio

In Ohio, the Veterinary Student Loan Repayment Program offers up to $20,000 to help repay vet school tuition, room and board and other educational expenses.

To qualify, you must agree to one of the following: provide veterinary services for large animals; practice in an area where vet services are in short supply and public health needs to be protected; or practice in an area where services are required to enforce the law. You must also either be enrolled or a recent graduate of a state-approved veterinary school. Under the program, you’ll receive $10,000 for each year of approved service, for a maximum of two years.

Vermont

In Vermont, you may be able to have part of your student debt erased under the state’s Food Animal Veterinary Education Loan Repayment Program.

To qualify, you will need to practice food animal medicine and agree to work in an underserved part of the state. In return, you are eligible to receive up to $30,000 per year of service for a maximum of three years, as long as you work at least 20 hours per week.

Wyoming

Wyoming’s Veterinarian Loan Repayment Program offers up to $90,000 of veterinary student loan forgiveness if you commit to a three-year minimum period (up to $30,000 per year) to provide food animal care in an underserved area.

To qualify, you must be a U.S. citizen or permanent resident, have graduated from an accredited veterinary college and be licensed to practice veterinary medicine in Wyoming. To learn more, go to this site from the Department of Veterinary Sciences at the University of Wyoming.

Other options for managing veterinary student loans

Public Service Loan Forgiveness

Federal student loan borrowers who work in nonprofit or government jobs may be able to qualify for Public Service Loan Forgiveness (PSLF). To qualify, you’ll need to work full-time in a qualifying job and already have repaid loans for 10 years. You’ll also need to have federal Direct Loans (or other federal student loans that can be consolidated) and be part of an income-driven repayment plan. In return, this program will forgive any remaining loan balance.

Peace Corps and AmeriCorps

Both the Peace Corps and AmeriCorps offer programs that can also help pay off veterinary school debt.

If you’ve put in qualified service for the Peace Corps — and have federal student loans (including Stafford, Direct or Perkins) — you may be able to have your loan payments deferred. With these loans, you may also become eligible for an income-driven repayment plan, as well as the federal Public Loan Service Forgiveness (PSLF) program described above. With Perkins loans in particular, you may be eligible to get up to 70% of your loan cancelled.

At AmeriCorps, if you complete an approved service term, you may be eligible to receive the Segal AmeriCorps Education Award. The award would be equal to the amount of a full federal Pell Grant, and it could be used to help pay off your student loans.

Income-driven repayment plans

Income-driven repayment (IDR) plans can also help you manage veterinary debt if you have federal student loans and can’t pay back the debt within the standard 10-year time period. Under IDR plans, your monthly loan payments are capped at 10 to 20 percent of your discretionary monthly income. Then, after making qualifying payments for 20 or 25 years (depending on the plan), any remaining debt you have is forgiven. Unlike PSLF, any debt that’s forgiven under an IDR plan is considered taxable income for the year that it’s forgiven, so be prepared to potentially see a higher tax bill.

There are four types of IDR plans:

  • Income-Based Repayment (IBR)
  • Income-Contingent Repayment (ICR)
  • Pay As You Earn (PAYE)
  • Revised Pay As You Earn (REPAYE)

Keep in mind that you could end up paying more interest under an IDR plan, since the repayment term is extended considerably beyond the standard 10-year plan for student loans. Evaluate your options carefully before choosing this option.

Veterinary debt refinancing

Refinancing is another way veterinarians can potentially ease the burden of debt repayment. With student loan refinancing, you can consolidate both federal and private loans into a new loan through a private lender. In some cases, you could also reduce your interest rate and monthly payment.

Graduates who have a good credit score and steady income have a better chance of getting approved for student loan refinancing. Keep in mind, however, that refinancing federal loans with a private lender means giving up access to federal benefits like an income-driven repayment plan and PSLF eligibility.

If you’re thinking about refinancing your student loans, be sure to research and shop around for your best deals. Our student loan refinance marketplace is a great resource for comparing lenders, learning more about refinancing and applying when you’re ready.

Being a veterinarian can be a highly satisfying career — it’s time to find an option for student loan repayment that lets you focus less on your veterinary school debt and more on your animal patients.

Laura Gariepy contributed to this report.

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Here are the top 6 lenders of 2020!
LenderVariable APREligible Degrees 
1.99% – 6.65%1Undergrad
& Graduate

Visit Laurel Road

1.99% – 7.10%2Undergrad
& Graduate

Visit Splash

2.99% – 6.44%3Undergrad
& Graduate

Visit SoFi

2.39% – 6.01%Undergrad
& Graduate

Visit Elfi

1.99% – 6.43%4Undergrad
& Graduate

Visit Earnest

3.18% – 6.07%5Undergrad
& Graduate

Visit CommonBond

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1 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of June 23, 2020. Information and rates are subject to change without notice.
 


2 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Splash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender, or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member.

The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor the lending partner are affiliated with or endorse any college or university listed on this website.

You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of May 1, 2020.

Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 2.88% (without autopay) to 7.27% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice. Fixed rate options without an autopay discount consist of a range from 2.88% per year to 6.21% per year for a 5-year term, 3.40% per year to 6.25% per year for a 7-year term, 3.45% to 5.08% for a 8-year term, 3.89% per year to 6.65% per year for a 10-year term, 4.18% per year to 5.11% per year for a 12-year term, 4.20% per year to 7.05% per year for a 15-year term, or 4.51% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan).
The Rate will not change during the term. Repayment examples are for illustrative purposes only. The following Fixed Rate examples are based on a $10,000 loan amount using the lowest APR for each application term listed above. All student loan rates used in calculating the examples are shown without the autopay discount (.25%). There are no application or origination fees, and no prepayment penalties. The monthly payment for a sample $10,000 loan with an APR of 2.88% per year for a 5-year term would be $179.15. The monthly payment for a sample $10,000 loan with an APR of 3.40% for a 7-year term would be $134.17. The monthly payment for a sample $10,000 loan with an APR of 3.45% for a 8-year term would be $119.35. The monthly payment for a sample $10,000 with an APR of 3.89% for a 10-year term would be $100.72. The monthly payment for a sample $10,000 with an APR of 4.18% for a 12-year term would be $88.43. The monthly payment for a sample $10,000 loan with an APR of 4.20% for a 15-year term would be $74.98. The monthly payment for a sample $10,000 loan with an APR of 4.51% for a 20-year term would be from $63.32.

Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 1.99% (with autopay) to 7.10% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Our lowest rate option is shown with a 0.25% autopay discount. Our highest rate option does not include an autopay discount. The variable rates are based on the Variable rate index, is based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 27, 2020, the one-month LIBOR rate is 0.43763%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable rate options without an autopay discount consist of a range from 2.01% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 2.09% per year to 3.92% per year for a 8-year term, 4.25% per year to 6.40% per year for a 10-year term, 2.67% per year to 4.56% per year for a 12-year term, 3.44% per year to 6.65% per year for a 15-year term, 4.75% per year to 6.93% per year for a 20-year term, or 5.14% per year to 7.10% for a 25-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate may be between 9.00% and 16.00%, depending on loan term. The floor rate may be between 0.54% and 4.21%, depending on loan term. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
Variable APRs and amounts subject to increase or decrease. Variable rates are indexed to the one-month LIBOR rate. The following Variable Rate examples are based on a $10,000 loan amount. Repayment examples are for illustrative purposes only. All student loan rates below are shown without the autopay discount (.25%). There are no application or origination fees, and no prepayment penalties. The monthly payment for a sample $10,000 loan with an APR of 2.01% per year for a 5-year term would be $175.32. The monthly payment for a sample $10,000 loan with an APR of 4.00% for a 7-year term would be $136.69. The monthly payment for a sample $10,000 loan with an APR of 2.09% for a 8-year term would be $113.21. The monthly payment for a sample $10,000 with an APR of 4.25% for a 10-year term would be $102.44. The monthly payment for a sample $10,000 with an APR of 2.67% for a 12-year term would be $81.24. The monthly payment for a sample $10,000 loan with an APR of 3.44% for a 15-year term would be $71.19. The monthly payment for a sample $10,000 loan with an APR of 4.75% for a 20-year term would be from $64.62. The monthly payment for a sample $10,000 loan with an APR of 5.14% for a 25-year term would be from $59.28.

 


3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 3.20% APR to 6.44% APR (with AutoPay). Variable rates from 2.99% APR to 6.44% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loanSee APR examples and terms. Lowest variable rate of 3.21% APR assumes current 1 month LIBOR rate of 0.18% plus 2.82% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. 

4 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 3.19% APR (with Auto Pay) to 6.43% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.43% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of June 15, 2020, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 6/15/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.


5 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.19% effective June 10, 2020.

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.