Student Loans for Veterinary School

If you’re considering a career in veterinary medicine, it’s crucial that you prepare for the cost of your education. You might need student loans for veterinary school expenses.

According to the American Veterinary Medical Association, the average student loan debt for veterinary graduates who complete a four-year program was $186,430 in 2021.

With such a high debt burden, it’s critical to research and compare your options to maximize your savings and potential relief options in the future. Here’s what you need to know.

In this guide:

• Federal student loans for veterinary school
• Private student loans for veterinary school
• How to apply for student loans for veterinary school
• Student loan repayment for veterinarians

Federal student loans for veterinary school

The U.S. Department of Education offers student loans to undergraduate, graduate and professional students. Unlike private lenders, the federal government doesn’t require a comprehensive credit check and offers standardized interest rates for all borrowers.

It also provides access to certain benefits that can make your repayment easier, including forgiveness programs, income-driven repayment plans, and generous forbearance and deferment options.

The two types of federal loans you may qualify for as a veterinary school student are Direct Unsbusidized Loans and Direct PLUS Loans. Here’s how they break down:

	Direct Unsubsidized Loans	Direct PLUS Loans
Annual loan limit	$20,500	Total cost of attendance minus other financial aid received
Aggregate loan limit	$138,500	None
Interest rates	6.54%	7.54%
Loan fee	1.057%	4.228%
Credit check	None	Yes
Application	FAFSA	FAFSA plus a separate application
Repayment terms	10 years, with the option to extend to up to 30 years	10 years, with the option to extend to up to 30 years

Because Direct Unsubsidized Loans offer a lower interest rate and a lower upfront loan fee, it’s best to start with them. Once you max out your annual limit, you can use a Direct PLUS Loan to bridge the gap.

Note: While Direct PLUS Loans require a credit check, it’s not as comprehensive as a private lender’s check. There’s no minimum credit score requirement; they’re just looking for major negative items on your credit report that could disqualify you, such as a bankruptcy, foreclosure, or wage garnishment.

Private student loans for veterinary school

Private lenders don’t offer access to the same benefits as the federal government, but you may be able to secure a lower interest rate with a private lender, particularly if you have excellent credit and a solid income or have a cosigner with those attributes. Private loans also don’t often come with upfront loan fees.

Options for private student loans for veterinary school include the following.

College Ave

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Medical School Loans

• Competitive interest rates
• Choose your repayment term
• 4 in-school repayment options

Founded in 2014 by former Sallie Mae executives, College Ave is a student loan lender based in Wilmington, Delaware.

The company offers a medical school loan for students in veterinary school.

Key features:

• Annual loan limit: $1,000 – $150,000
• Aggregate loan limit: None
• Fixed interest rate (APR): 4.24% – 12.98%
• Variable interest rate (APR): 3.99% – 12.98%
• Repayment options: Immediate; interest-only; $25 fixed; deferred
• Repayment terms: 5 – 20 years
• Fees: Late fee (the lesser of $25 or 5% of the unpaid amount); $25 returned payment fee
• Cosigner release: Yes, after 24 consecutive on-time payments and other requirements
• Notable benefits: Grace period of 36 months

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Ascent Funding

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Medical School Loans

• Up to 100% of costs are covered
• Check your rate without affecting your credit
• The opportunity to earn 1% back upon graduation

Ascent offers five graduate student loans, including its Medical School Loan.

Ascent’s loans require a credit check to determine approval. Borrowers have the option to apply without a cosigner if they meet the eligibility requirements.

Key features:

• Annual loan limit: $2,001 up to the total cost of attendance minus other financial aid received
• Aggregate loan limit: $400,000
• Fixed interest rate (APR): 5.44% – 16.43%
• Variable interest rate (APR): 5.98% – 15.32%
• Repayment options: Interest-only, $25 fixed payment in-school, or deferred
• Repayment terms: 5 – 20 years
• Fees: Late fee (the lesser of $10 or 5% of the unpaid amount); $15 returned payment fee
• Cosigner release: Yes, after 12 consecutive on-time payments and other requirements
• Notable benefits: Grace period of 9 months; 1% cash-back graduation reward; may qualify without a cosigner

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Earnest

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Medical School Loan

• Grace period of 9 months after graduation
• No fees
• Skip 1 payment per year once repayment has started

Earnest, a subsidiary of Navient, offers private student loans at competitive rates.

The company stands out for a variety of loan repayment options, its broad method of evaluating a borrower’s eligibility beyond credit scores, and its easy-to-use mobile app.

Key features:

• Annual loan limit: $1,000 up to the total cost of attendance
• Aggregate loan limit: None
• Fixed interest rate (APR): Starting at 4.49%
• Variable interest rate (APR): Starting at 4.49%
• Repayment options: Immediate; interest-only; $25 fixed; deferred
• Repayment terms: 5 – 15 years
• Fees: None
• Cosigner release: No
• Notable benefits: Grace period of 9 months; matches competitor rates

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Sallie Mae

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Medical School Loan

• Grace period of 6 months
• ​Eligible borrowers may make 12 interest-only monthly payments after the grace period
• No origination fees or prepayment penalties

Sallie Mae provides private loans for students pursuing a master’s or doctoral degree, including a Medical School Loan with no maximum aggregate amount.

Key features:

• Annual loan limit: $1,000 up to the total cost of attendance minus other financial aid received
• Aggregate loan limit: None
• Fixed interest rate (APR): 5.25% – 14.46%
• Variable interest rate (APR): 5.50% – 15.08%
• Repayment options: Interest-only; $25 fixed in-school; deferred
• Repayment terms: 5 – 20 years
• Fees: Late fee (the lesser of $25 or 5% of the unpaid amount); returned payment fee of up to $20
• Cosigner release: Yes, after 12 consecutive on-time payments and other requirements
• Notable benefits: Grace period of 36 months; offers lower interest rate on interest-only payment plans

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SoFi

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Graduate Student Loan

• Apply online in minutes
• Check your rate without affecting your credit score

SoFi has branded its offerings as unique from other online lenders because it looks beyond credit scores and debt-to-income ratios to consider factors such as cash flow, education, and career prospects.

Key features:

• Annual loan limit: $1,000 up to the total cost of attendance
• Aggregate loan limit: None
• Fixed interest rate (APR): 5.25% – 14.48%
• Variable interest rate (APR): 5.12% – 13.82%
• Repayment options: Immediate; interest-only; $25 fixed; deferred
• Repayment terms: 5, 7, 10, or 15 years
• Fees: None
• Cosigner release: Yes, after 24 consecutive on-time payments and other requirements
• Notable benefits: Unemployment protection program; discounts on other SoFi products and services

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How to apply for student loans for veterinary school

For federal loans, the FAFSA opens on October 1 for the following school year. The sooner you submit your application, the sooner you can look into your other options.

If you plan only to borrow federal loans, complete the FAFSA and, if necessary, a Direct PLUS Loan application. You’ll provide basic information about yourself, your program, your financial situation, and other important details.

If you decide to apply for private student loans, start by getting prequalified with multiple lenders, so you can compare initial rate quotes. If you can’t get approved on your own or your quotes are high, consider asking a loved one to cosign your application.

Once you narrow down your list of options to one, apply with that lender through its website. You’ll need to provide basic details about yourself and your school, and you may also need to provide proof of income and employment, a government-issued ID, and other documents.

>> Read More: Student loan uses

Student loan repayment for veterinarians

If you opt for federal student loans, the standard repayment plan is 10 years. However, you can extend your term to up to 30 years with other repayment plans. You can also get on an income-driven repayment plan, which extends your term to 20 or 25 years and reduces your payment amount to 10% to 20% of your discretionary income.

Repayment starts six months after you graduate, leave school, or fall below half-time enrollment. 

With private student loans, repayment options and terms can vary depending on the lender and what you choose. For example, in-school payments aren’t required, but they can help you save money in the long run.

Here’s a quick summary of what you might expect for monthly payments on $186,430 in student loan debt with different interest rates:

APR	10 years	20 years	30 years
5%	$1,977	$1,230	$1,001
7%	$2,165	$1,445	$1,240
9%	$2,362	$1,677	$1,500

As you compare your options, use a student loan payment calculator to get an idea of the ongoing cost. 

Do veterinarians qualify for loan forgiveness?

Veterinarians can qualify for student loan forgiveness or repayment assistance if they meet the requirements. Here are programs to consider:

• Public Service Loan Forgiveness: If you work full-time for a government agency or qualified nonprofit organization, you may be able to get full forgiveness of your debt after you make 120 qualifying monthly payments.
  
• Veterinary Medicine Loan Repayment Program: Offered by the National Institute of Food and Agriculture, you can get up to $25,000 per year in repayment assistance if you work for at least three years in an area designated by the federal government as having a veterinary shortage.
  
• State-based programs: Your state may have its own programs to help veterinarians pay off student loan debt. Contact your state’s veterinary medical association for more details.

If you don’t qualify for forgiveness but need relief, look into income-driven repayment plans, forbearance and deferment options, and other relief offered by your servicer or lender.