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Veterinary questions & answers

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

WHAT

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

 

Case 1: High Student Debt Scenario

  • Which plan should I use?
  • How much do I pay?
  • How do I plan for forgiveness?

 

Case 2: Low Student Debt Scenario

  • I didn’t borrow that much – What if I don’t need income-driven repayment?
  • When do I pay more? And How much more do I pay?
  • Should I or When do I refinance?

 

Case 3: Married Student Debt Scenario

  • Double Vet, Double Debt
  • One vet, spouse with no debt
  • Community property states
WHO

Tony Bartels, DVM, MBA joined Carl Darby, MA, VETMB for a discussion on your veterinary student debt questions and answers. Presented by VIN Foundation, VIN and Under the Microscope.

WHY

After working with thousands of veterinary students and veterinarians in repayment for the better part of the last ten years, we’ve amassed a lot of data, perspective, and experiences to help shed light on common veterinary student debt scenarios, much of which you can see reflected in the VIN Foundation Student Debt Center.

View the presentation below, and we encourage you to leave feedback or ask a question below in the comments!

If you don’t have time to watch the full presentation above, here are the presentation materials with links to valuable resources:

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VIN Foundation | Supporting veterinarians to cultivate a healthy animal community | Resources | Vet School Bound | Apply Smarter to veterinary school | veterinary school admission prerequisites

Veterinary school class recommendations

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