Loan Forgiveness Programs for Veterinarians

Believe it or not veterinarians have some of the highest student loan debt in the country.  The average student loan debt for 2019 was around $150,000 but what's worse is there are some people in over $400k in debt.  That's why having loan forgiveness for veterinarians are so very important.

Let's take a look at some of the programs available to veterinarians:

Let's take a closer look at each of these programs and see if you and your student loans are eligible.

Income-Driven Repayment Plans

If you find yourself drowning in student loan debt repayment, then these income based repayment plans might be the solution you are looking for.  They are made for people with high monthly payments in comparison to their income.

With this program, you choose from 4 different repayment plans that are based on your income and family size.  If your income increases (or decreases) or your family size increases, your payments would change accordingly.  

After 20 or 25 years (depending on the plan) of on-time monthly payments, you would be eligible to have your remaining loan balance paid off.  Be aware though that any amount paid off is taxed as income.

These repayment plans are open to any one with student loan debt (though be sure to check if your debt qualifies).  This may not be the best option for you, as it would mean 20 or 25 years before your loans would actually be eligible to be forgiven.

There are other loan repayment and forgiveness options out there for veterinarians with more benefits.  If nothing else works though, then you may want to come back to this.

Public Service Loan Forgiveness (PSLF) Program

This program offers forgiveness on any remaining student loans after making 10 years (or 120) qualified monthly payments.  You must enroll in an income based repayment plan and your eligibility for this program is dependent on your employer.  The amount that is forgiven is tax-free under this program.

Not sure if I've ever heard of a veterinarian taking advantage of this program but it is such a great program, I figured it was worth mentioning.  Furthermore, this program is not dependent on your occupation but on your employer.  So you have a chance!

Veterinary Medicine Loan Repayment Program (LRP)

This is the only federal loan program dedicated specifically to veterinarians.  You can receive up to $25,000 each year.  For this, you would need to commit at least three years working in a shortage area approved by the National Institute of Food and Agriculture (NIFA).

NIFA begins accepting applications for this program in October and the application period closes In March or April.  You will need a recommendation letter to apply.  They do offer webinars about the program in the early part of the year, which I recommend checking out if you are interesting in this program.

Federal Faculty Loan Repayment Program

This program is for faculty from environmentally or economically disadvantaged backgrounds.  Under this program you must teach at an accredited health professions institution for 2 years.  

By doing so you would receive up to $40k to help you with loan repayment.  Employers are also required to match your award amount so you would get double payments!

See HRSA's website for more information.

Army Active Duty Health Professions LRP

Acceptance into this program means you would receive up to $40k a year for 3 years.  That’s up to $120k!  That’s plenty with which to pay back that student loan debt.  In exchange, you would be signing up for service in the Army.

Visit their site for more information.

Army Reserves Veterinarian Corps

Special Pay:  You may choose to serve 2, 3, or 4 years in the Army Reserve Troop Program Unit (TPU), AMEDD Professional Medical Command (APMC), or in the Individual Mobilization Augmentee (IMA) Program for Vet Preventive Medicine, Vet Lab Animal Service, Vet Pathology, and Vet Clinical Medicine.  You could receive up to $15,000 in special pay.

National Guard Healthcare Professional Loan Repayment Program

This program requires a 7-year service commitment with the National Guard.  However, you could receive up to $250k in loan repayment assistance.  This is $40k every year and $10k the seventh and final year. You have to contact an AMEDD Specialty Branch recruiter in your state to see if you are eligible. 

Armed Forces F. Edward Hebert Armed Forces Health Professions Scholarship Program

If you are thinking of going into veterinary school, the army offers full tuition plus a monthly stipend of more that $2,000.  It must be for study at an accredited institution.  For every year you receive the scholarship, you will be required to do active duty for the same number of years.

State Sponsored LRPs

Here are some states that have loan repayment programs for veterinarians:

Things to note:

• Any debt forgiven you have to pay taxes on.
• Loans in default are not eligible for forgiveness programs (but are eligible for discharge programs).  Defaulted loans must be brought back to good standing first (rehabilitated or consolidated). Else-wise you could try student loan settlement or bankruptcy.
•  Check every year to make sure you still qualify for whichever program you choose.  You don't want to get to the end and find out that you do not.
• You need to re-certify every year for the income driven repayment plans and PSLF program.
• Even if you qualify for more than one program, you may not be able to do them at the same time.

All in All

There are a few loan forgiveness options out there for veterinarians.  Be sure to weigh all of them before choosing the program that works best for you, your family, and your future.