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VIN Foundation | Supporting veterinarians to cultivate a healthy animal community | Blog | Top 5 Mistakes Made by Veterinarians Using Income-driven Repayment

Top 5 Mistakes Made by Veterinarians Using Income-driven Repayment

The below piece was originally published as a guest post on Financial Wellness DVM

 


 

Repaying student loans is stressful and complicated.  For recent graduate veterinarians, high student loan balances coupled with starting salaries lower than their student debt total are the norm.  Depending on the school you attended or the practice type and region where you’re working, your student debt to income ratio is often two or greater.  Once your student debt to income ratio gets above one, traditional repayment plans and strategies are financially risky, inflexible, and often more costly.

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VIN Foundation | Supporting veterinarians to cultivate a healthy animal community | Blog | In-School Loan Estimator expands VIN Foundation Student Debt Part 2

Veterinary Student Debt Questions and Answers Part 2

VIN Foundation has partnered with Under the Microscope to bring you a free follow up webinar: Veterinary Student Debt Questions and Answers Part 2

 

 

In Part 1 we covered the basics and answered your questions. For Part 2 we’re working through actual cases. Feel free to add your questions, comments, experiences, and suggestions to add to the conversation by commenting below or emailing us.

 

Join us for Part 2!

REGISTER NOW
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VIN Foundation | Supporting veterinarians to cultivate a healthy animal community | Blog | Furloughed and Unpaid Federal Veterinarians

Furloughed and Unpaid Federal Veterinarians

More than 3,000 veterinarians are Federal Government employees (USDA, FDA, EPA), and many work for agencies who are impacted when the government shuts down.  Even though the longest shutdown in U.S. history as just come to a close, there is a chance this will happen again in the future and impacted folks may still not have received back pay. 

 

This puts veterinary colleagues who work for the government and get furloughed, or otherwise do not receive income for working in an even tougher position if they have student loans. However, any reduction of your income (like when the government shuts down) provides a reason to re-evaluate your student debt repayment strategy and consider an income-driven student loan repayment plan (IBR, PAYE, REPAYE) to reduce your current monthly payment under IBR, PAYE or REPAYE.

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VIN Foundation | Supporting veterinarians to cultivate a healthy animal community | Resources | Solutions for the Profession Veterinary Student Essay Competition

VIN Foundation Announces 3rd Annual Solutions for the Profession Competition

Third annual essay competition provides veterinary students with an opportunity to shed light on the impact of practice consolidation within the profession.

The VIN Foundation is excited to announce its third annual Solutions for the Profession Competition. The essay competition this year asks veterinary students to share their views on the impact of practice consolidation, both positive and negative on the profession.

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Student Loan Interest Rates and Repayment — Don’t listen to your parents!

Veterinary educational debt is a complex and continually evolving topic impacting all colleagues, not just current students and new graduates. A recent Merck Animal Health study named student debt as the biggest stressor reported by colleagues. That study also indicated that fewer veterinarians are recommending the profession as a career choice.

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VIN Foundation | Supporting veterinarians to cultivate a healthy animal community | Blog | Exciting Enhancements to Veterinary Cost of Education Map

Exciting Enhancements to Veterinary Cost of Education Map

Interactive map provides long-desired true-cost view of attending veterinary school

Developed to help pre-veterinary students make better informed decisions when applying to veterinary school, the updated Cost of Education Map collates in one place, in one tool, the information individual students would spend days compiling and analyzing.

 

Most pre-veterinary students apply to multiple schools. Costs vary widely between schools and within schools depending on whether the applicant qualifies for a discounted seat based on residency. The Foundation’s goal in generating this tool is to enable students to apply smarter, seeking the high quality education they desire at the most reasonable cost.

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