In November, the U.S. Department of Agriculture (USDA) awarded more than $4.3 million to 48 veterinarians. The graduates will use the money to pay for their student loans. In return, they promise to serve in areas with animal doctor shortages.
The awards, part of the National Institute of Food and Agriculture (NIFA)Veterinary Medicine Loan Repayment Program, will help 27 states fill a necessary need.
How the awards work
The 48 recipients commit to practicing three years in an area with a recognized shortage of livestock veterinarians.
In a type 1 shortage area, veterinarians agree to work in a private practice where food animal medicine makes up 80 percent of their work. Type 2 shortage areas require a veterinarian to work in a private practice and provide food animal medicine 30 percent of the time. Finally, in a type 3 area, veterinarians focus on public service and commit at least 49 percent of their time.
Recipients can only use the loan repayment awards to pay principal and interest on educational loans used to pursue their degrees.
Impact on economy and food supply
The recipients of the awards are not your typical small animal vets that care for your pet dog or cat. They are livestock veterinarians; the USDA intends for the program to ensure healthy animals and a seamless food supply.
“Veterinarians play a critical role in keeping our nation’s food supply safe and animals healthy,” said Sonny Ramaswamy, NIFA director, in the press release.
“The need for veterinarians in designated shortage areas is urgent. This loan repayment assistance program provides incentives for students to take up rural veterinary practices and help take care of American livestock.”
Research has shown significant shortages of food livestock veterinarians in areas where farmers breed and raise animals. The high cost of veterinarian school is part of the problem; veterinarian graduates average $135,000 in student loan debt.
What is the Veterinary Medicine Loan Repayment Program?
Under NIFA’s Veterinary Medicine Loan Repayment Program, eligible veterinarians receive up to $25,000 a year towards qualifying student loans. To qualify for the program, veterinarians agree to serve for at least three years in a region that NIFA has designated to have a veterinarian shortage.
This is the fourth year NIFA has offered the program, and they received 187 applications. Of the 48 recipients, 38 are new awardees, while 10 are renewal awards. Previous awardees who still owe at least $15,000 in loans can apply again, though their renewal is not guaranteed.
Since the program’s launch, more than 300 veterinarians have filled shortage situations in 46 states.
How do I apply for the Veterinary Medicine Loan Repayment Program?
Each year, NIFA releases a map of the country, noting which areas have a veterinarian shortage. If NIFA does not count your area as a shortage area, you have the option of relocating if you want to pursue the Veterinary Medicine Loan Repayment Program.
If you decide to relocate, NIFA will not help you find a job. Looking for work is entirely your responsibility, but it can be a way to find new work while getting a large portion of your debt covered.
Applications for the Veterinary Medicine Loan Repayment Program are due May 20, 2017. To be eligible for an award, you must meet the following criteria:
- You must have a Doctor of Veterinary Medicine (DVM) from an accredited school;
- Your student loans must meet their qualifications;
- You need to secure employment in an area with a livestock veterinarian shortage;
- You must submit your certifications and employment verifications when requested.
What if I’m not willing to work in a shortage area?
If you’re a veterinarian but don’t live in a designated shortage area (or are not willing to relocate), you may be eligible for other loan forgiveness programs. States like Kentucky, Minnesota, and North Dakota all have generous loan forgiveness programs for veterinarians.
While each state has different formats, the principles are generally the same; in return for a guaranteed term of service, you have an amount of student loans forgiven.
What other options do I have?
If you don’t qualify for loan forgiveness, either because you have private loans or because you are a small animal veterinarian, there are still ways to manage your debt.
One option is refinancing. By refinancing your loans, you can get a lower interest rate, a different repayment term, and even a lower monthly payment. That change can help you free up more money in your budget when you’re just getting started.
As you get more established, the lower interest rate will help you pay off the loan faster, since more of the payment goes towards the principal.
Use our refinancing calculator below to find out how much you can save — and how much lower your monthly payment may be — over the term of your loan.
Student Loan Refinancing Calculator
Find out how much interest you can save and calculate new monthly payments by refinancing and/or consolidating loans.
There are several factors to consider before refinancing student loans, especially if you paid for veterinary school with federal loans. If you decide refinancing is for you, we can help you get the best student loan refinancing offers for free.
Interested in refinancing student loans?Here are the top 6 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
|1.89% – 6.66%1||Undergrad & Graduate|
|1.89% – 5.90%2||Undergrad & Graduate|
|2.25% – 6.09%3||Undergrad & Graduate|
|1.99% – 5.64%4||Undergrad & Graduate|
|1.98% – 8.55%5||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|Check out the testimonials and our in-depth reviews! |
1 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount.
The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.
To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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 October 1, 2020.
2 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.
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 September 9, 2020. Information and rates are subject to change without notice.
3 Important Disclosures for SoFi.
4 Important Disclosures for Earnest.
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 2.98% APR (with Auto Pay) to 5.79% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.64% 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 July 31, 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 7/31/2020. 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 LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810.
As of 10/15/2020 student loan refinancing rates range from 1.98% APR to 8.55% Variable APR with AutoPay and 2.99% APR to 8.77% Fixed APR with AutoPay.