“I was looking at the income-driven repayment plans, and the Pay As You Earn (PAYE) option seems like it will cost me the least amount of money. However, everything I read online says that the income-driven repayment plans cost you more money because although they lower your monthly payment, you ultimately pay more interest in […]
How Income-Driven Repayment Works: The Math Read More »
A small, but significant change to the Department of Education (ED) updates Income-Driven Repayment (IDR) Plan Request was made in 2019. The IDR Plan Request form allows you to apply, renew, or update your student loan payment using Revised Pay as You Earn (REPAYE), Pay as you Earn (PAYE), Income-Based Repayment (IBR) or Income-Contingent Repayment (ICR) for
Applying For or Renewing Your Income-Driven Repayment Plan Read More »
Here are some questions about Income-Driven Repayment (IDR) that we tackled live during the 2019 New Veterinary Graduate Student Loan Repayment Webinar. “Do we have to select a repayment plan every year or will we stay in the first one by default?” If you do not select any repayment plan you will be placed in
New Grad Student Loan Questions and Answers: Income-Driven Repayment (PAYE, REPAYE, IBR) Read More »
We have run thousands of student-loan repayment simulations for veterinarians in an effort to help them navigate their student loans and repayment options. The results have shown for situations where student debt exceeds income, the most flexible and financially beneficial repayment strategies are counterintuitive. Contrary to conventional wisdom, loans with shorter terms and lower interest rates don’t
Employer Assisted Student Loan Repayment Benefits for Veterinarians Read More »
“I was looking at the income-driven repayment plans, and the Pay As You Earn (PAYE) option seems like it will cost me the least amount of money. However, everything I read online says that the income-driven repayment plans cost you more money because although they lower your monthly payment, you ultimately pay more interest in
How Income-Driven Repayment Works: The Rules Read More »
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. Practice owners hire indebted associates, more
Student Loan Interest Rates and Repayment — Don’t Listen to Your Parents! Read More »
Student loan repayment is complicated. With the availability of income-driven repayment options like Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE), confusion can set in quickly. The VIN Foundation Student Debt Center is here to help! The My Student Loans function and guides you through which repayment plans you can use and the Student Loan Repayment Simulator helps
Sharing Saves Time, Income-Driven Repayment Saves Money Read More »
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
Top 5 Mistakes Made by Veterinarians Using Income-Driven Repayment Read More »
The recently updated 2018 Health and Human Services (HHS) poverty guidelines determine your minimum monthly student loan payment. Poverty guidelines are used for many different U.S. government programs. One of the most important uses for veterinarians is the Discretionary Income calculation used to generate the minimum monthly student loan payment of federal income-driven repayment plans (IBR, PAYE, REPAYE). Income-driven student loan
Estimate Your Minimum Monthly Student Loan Payment Read More »
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
Furloughed and Unpaid Federal Veterinarians Read More »
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