Student loans serve as financial assistance for your college or higher studies. It should be noted that are a number of jobs available to help get your loans forgiven. Having an in-depth understanding of the various student loan forgiveness jobs out there is crucial to see if your job can get your loans forgiven. They provide massive support in completing your studies and achieving your goals. But remember that you will have to repay your student loans at any cost. But do not worry about it, if you are struggling to repay your debts there are ways to help you out. One among them is student loan forgiveness. In this article, we will focus more on student loan forgiveness programs available for Veterinarians.
Table of Contents
- About Student loan forgiveness
- Student loan forgiveness programs for Veterinarians
- Repayment assistance programs
- Conclusive thoughts
Student loan forgiveness
Student loan forgiveness can be a savior when you are searching for ways to clear your debts. It can help you with forgiving the loan amount depending on the Student loan forgiveness programs you choose. Student Loan Forgiveness can only work if you’ve taken a federal student loan. This is the special benefit of federal loans. Under special conditions, the federal government can forgive the loan up to some extent, and in some cases, it can forgive the entire amount.
Student loan forgiveness programs for Veterinarians
There are many kinds of student loan forgiveness programs for people from different backgrounds such as law, education, public service, and more. When focused on student loan forgiveness programs that are specific for veterinary professionals, we can’t find many. But this doesn’t mean that there are no forgiveness programs for veterinarians. Veterinary professionals have the privilege of getting their student loans forgiven through the Public Service Loan Forgiveness Program(PSLF)
Public Service Loan Forgiveness Program(PSLF)
The Public Service Loan Forgiveness program was established by the College Cost Reduction and Access Act of 2007. The program discharges the remaining debt after 10 years of full-time employment in public service. The borrower must have made 120 payments as part of the Direct Loan program in order to obtain this benefit. Public service jobs include teachers, first responders, public librarians, social workers, public defenders and prosecutors, and people who work for tax-exempt charitable organizations. It also includes people who work for the government and the military. If your job doesn't qualify for public service loan forgiveness, you can still have the remaining debt forgiven after 25 years in the IBR plan. The Public Service Loan Forgiveness is not taxable under section 108(f) of the Internal Revenue Code because the forgiveness is restricted to borrowers who work in specific occupations.
Note: There are student loan forgiveness programs available in different states of the U.S, and those programs are specific to each state. Know more about the student loan forgiveness programs available in your state.
Repayment assistance programs for Veterinary Professionals
Student loan repayment is an important journey for every borrower. It is advised to be well aware of all the repayment options available so that you can take full advantage of them. Here is a list of repayment assistance programs for Veterinary school.
Veterinary Medicine Loan Repayment Program (VMLRP)
Amounts: Up to $25,000 per year
The Veterinary Medicine Loan Repayment Program (VMLRP) was established by the USDA to encourage veterinarians to practice in a high-priority veterinary shortage situation.
To qualify, you must agree to a three-year veterinary service commitment in an underserved area. Loan repayments through this program are limited to authorized educational debt incurred during veterinary school.
Faculty Loan Repayment Program (FLRP)
Amounts: Up to $40,000 as well as funding to offset taxes
The Faculty Loan Repayment Program was established by the Health and Human Services Administration to encourage veterinary professionals from disadvantaged backgrounds to pursue teaching.
Although geared toward general health professionals, it’s one of the few loan repayment programs that includes doctors of veterinary medicine.
Army Health Professions Loan Repayment Program (ADHPLRP)
Amounts: Depend on whether you’re an active-duty member of the Army Veterinary Corps or part of the Army Reserve
Active-duty service member: Up to $120,000 over three years
Reservist: Up to $50,000 over three years
Veterinarians committed to active-duty service will also receive an annual salary of $2,000 to $5,000.
If you agree to serve as an officer in the Army Veterinary Corps or as a reservist, you may qualify for its competitive student loan repayment assistance program.
Although actual pay is limited, you may build skills during your work that can help you succeed once your service commitment is complete.
Don’t let the high costs of tuition try and hinder your dreams of becoming a veterinary doctor, explore the best student loans to try and fund your education. If you already have student loans then it is advised to try options to try and make your debt manageable.
One such option is to refinance your student loans, it is advised to have an in-depth understanding of refinancing your student loans. Once you do you can choose from our list of best companies to refinance your student loans.
Getting student loans forgiven is just a chance, don’t rely on it always. You must make all efforts to repay your student loans. Although there are no specific forgiveness programs for Veterinary student loans, a PSLF may fetch a student loan forgiveness for the veterinary professionals. Disciplined and timely repayments will help you stay in a better position in repaying your debts.