Due to the rising cost of higher education, student loan debt for veterinary students hasdoubled over the last 10 years, with the national average around $130,000 in 2010.* The combination of high debt levels and relatively low starting salaries puts many graduates in a difficult financial position. Therefore, it is important for all graduates to understand their student loan repayment options and make the best decisions regarding debt.
Fortunately, the government has created programs that provide veterinary students and recent graduates with the opportunity to improve their liquidity and lower the cost of their student loan debt. Income-Based Repayment (IBR) is one program that has the potential to save borrowers thousands of dollars. IBR reduces borrowers’ monthly payment to a more affordable amount based on their income and, for up to three years, the government will pay any interest on their subsidized loans not covered by their reduced monthly payment. Making reduced payments may result in paying more interest over the life of the loan, but IBR has a forgiveness component that may benefit many veterinarians. Additionally, IBR may help borrowers avoid depending on other types of expensive financing, such as credit cards.
In order to help spread the word about the federal programs and other repayment strategies, GL Advisor created a web presentation that outlines their value for veterinary students and recent graduates. GL Advisor is a unique service designed to help veterinary school graduates manage their student debt burden and other financial matters. Please take a few minutes to view the presentation to learn how these programs and other repayment strategies can help significantly lower the cost of your debt.
If you have questions and would like to speak to an advisor, please contact them at 877-552-9907.
*Based on data collected by JAVMA 2009.
GL Advisor is a division of Graduate Leverage, LLC. GL Advisor does not offer all services to residents of Nevada, New Hampshire, Idaho, and North Dakota at this time