Your experience with loan repayment

[basl]

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Hi,

I was wondering if any of the currently practicing veterinarians are in a loan repayment/forgiveness program, and what their experience has been so far. I am considering starting vet school in August, but with the debt load of $300,000 I'll go under by the time I finish, I am very ambivalent about it. I've looked at loan repayment/forgiveness programs online, and there is so much info to comb through plus I'm not sure how reliable the information is. So I want to hear from someone who's actually in the program and experienced it firsthand.

I'd appreciate your input

 

[psilovethomas]

Hi,

I was wondering if any of the currently practicing veterinarians are in a loan repayment/forgiveness program, and what their experience has been so far. I am considering starting vet school in August, but with the debt load of $300,000 I'll go under by the time I finish, I am very ambivalent about it. I've looked at loan repayment/forgiveness programs online, and there is so much info to comb through plus I'm not sure how reliable the information is. So I want to hear from someone who's actually in the program and experienced it firsthand.

I'd appreciate your input

The first class to pay the entire term of IBR/PAYE, or even public service loan forgiveness type programs, has yet to graduate. I think the government will have an "Oh ****" type of moment once they realize how much money they are forgiving, especially with public service loan forgiveness. But that's just my own thought..

 

[DVMDream]

The first class to pay the entire term of IBR/PAYE, or even public service loan forgiveness type programs, has yet to graduate. I think the government will have an "Oh ****" type of moment once they realize how much money they are forgiving, especially with public service loan forgiveness. But that's just my own thought..

Wasn't PSLF created in 2007? I'm pretty sure the first group for that will be eligible next year. PSLF is only a 10 year repayment.

 

[psilovethomas]

Wasn't PSLF created in 2007? I'm pretty sure the first group for that will be eligible next year. PSLF is only a 10 year repayment.

Yeah, 2017 hasn't graduated yet. 😉

I don't think the PSLF is sustainable, and I envision that it will change to partial loan forgiveness.

 

[DVMDream]

Yeah, 2017 hasn't graduated yet. 😉

No, the program started in 2007, that means it has already been in play for 9 years.... people are already using it and could have started on it as early as 2007. That means next year those who graduated in 2007 and did PSLF will be able to have their loans forgiven.

 

[DVMDream]

Unless you are meaning something different than graduating from school.

 

[psilovethomas]

Yeah, 2017 hasn't graduated yet. 😉

No, the program started in 2007, that means it has already been in play for 9 years.... people are already using it and could have started on it as early as 2007. That means next year those who graduated in 2007 and did PSLF will be able to have their loans forgiven.

Oh, yeah. Meant to say 2017 hasn't quite started yet........

I'm sure those who are eligible in 2017 for loan forgiveness will have their loans written off, but I don't think it will be sustainable in the future.

 

[DVMDream]

Oh, yeah. Meant to say 2017 hasn't quite started yet........

I'm sure those who are eligible in 2017 for loan forgiveness will have their loans written off, but I don't think it is sustainable in the future.

Yeah, agree, not sure it will last much into the future. At least a few people will get to benefit from it though, lucky them... 😉

 

[WhtsThFrequency]

I actually don't even know any vets on pslf. I guess if you worked for the government. I thought working in academia would count but it doesn't seem to....something about how even though universities are not for profit, if they bring in enough research funding $, they can't count for pslf. Might also have to do with the fact that vet school professor appointments are not 100%teaching, usually there is a significant service/diagnostic component (i.e. profit for the hospital).

 

[SummerTheLynx]

I actually don't even know any vets on pslf. I guess if you worked for the government. I thought working in academia would count but it doesn't seem to....something about how even though universities are not for profit, if they bring in enough research funding $, they can't count for pslf. Might also have to do with the fact that vet school professor appointments are not 100%teaching, usually there is a significant service/diagnostic component (i.e. profit for the hospital).

Hmm, this is very interesting, since certain resident programs are set up to allow for PSLF payback. I wonder if it could be a university by university thing, or if this universally applies

 

[WhtsThFrequency]

Hmm, this is very interesting, since certain resident programs are set up to allow for PSLF payback. I wonder if it could be a university by university thing, or if this universally applies

Which? I've never heard of any (not challenging, I genuinely haven't).

 

[SummerTheLynx]

Which? I've never heard of any (not challenging, I genuinely haven't).

Definitely Mizzou, they specifically brought it up in my interview as a way to appeal to me to go there. I feel like one of the other schools I applied to also said they classified residents appropriately for PSLF, but I am forgetting if it was Wisconsin, NC-state, Kansas or Ohio.