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How is it possible to pay off the massive student loans I am about to take on for veterinary school or should I plan to pay it off forever?

How is it possible to pay off the massive student loans I am about to take on for veterinary school or should I plan to pay it off forever?

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Doc’s Answer

Alexa although student loans can be helpful, it's best to try to limit your reliance on them to fund your college education. Regardless of how you approach paying for college, you may also consider attending a less expensive school to limit your costs. For example, many students choose to attend community college to take advantage of lower tuition costs for their general and elective courses. Then, they'll transfer to a four-year university to start a specific program for their degree. Alternatively, you can expand your selection of universities to include ones with lower tuition costs. In many cases, higher tuition doesn't necessarily mean A better education.

1️⃣ APPLY FOR FINANCIAL AID
Federal student aid from the Department of Education covers such expenses as tuition and fees, housing and food, books and supplies, and transportation. Aid can also help pay for other related expenses, such as a computer and dependent care. Thousands of schools across the country participate in the federal student aid programs; ask the schools you’re interested in whether they do. Apply for federal student aid—grants, work-study, and loans—using the Free Application for Federal Student Aid (FAFSA®) form. And remember, the first F in “FAFSA” stands for “free”.

2️⃣ APPLY FOR SCHOLARSHIPS
Don't make the mistake if your college doesn't offer you a scholarship, there are thousands of different scholarships out there for college students. Do your research. Look for non-profit foundations, organizations, and private companies that offer scholarships.

3️⃣ APPLY FOR GRANTS
Excessive student loan debt can lead to a need for student loan debt consolidation after you graduate. Grants are free money that you don’t need to pay back. Like scholarships, there are thousands of grants available. They’re offered by the federal and state governments, colleges and universities, and non-profit foundations.

4️⃣ WORK-STUDY PROGRAMS
Work-study programs allow you to work and earn money to pay for college. You might consider work-study as an alternative to student loans if you have room to commit to part-time work. The federal work-study program is open to undergraduate, graduate, and professional students enrolled full- or part-time with demonstrated financial need. If you’re interested in work-study, check with your school’s financial office to see whether it participates in the program.

5️⃣ ASK ABOUT TUITION PAYMENT PLANS
Your school’s billing office (sometimes referred to as the bursar’s office, cashier’s office, or student accounts office) may have payment plans available to help you spread any remaining costs over several payments throughout a semester. A payment plan can help you budget your payments rather than paying in one lump sum. It may also help you avoid costly late fees.

CONCUSSION
Consider making student loan payments during your grace period or while you’re still in school, even if you’re not required to do so. If you can, try to pay at least enough to cover the amount of interest you’re accruing each month.
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Karin’s Answer

Hi Alexa,

Obviously, you want to limit the amount of loans you take on. Talk to your university's Financial Office to find out what they can offer you. Most veterinary schools have internal scholarships as well as a list of external scholarships that they work with.

Use data bases like scholarships.com or scholarships360.org to search for general scholarships and veterinary scholarships. Some might be small, some might be for a research project, but it all adds up. Check companies (e.g. pet food companies) and professional associations for scholarships as well. Check with your home town and home state if they have any general scholarships. A parent's employer might have a scholarship program. Check scholarships for certain populations (women, minorities, indigenous, LGBTQ+, first generation etc).

Here are a few resources to get you started:

https://www.scholarships.com/financial-aid/college-scholarships/scholarship-directory/academic-major/veterinary-medicine
https://scholarships360.org/scholarships/search/?search=Veterinary
https://vinfoundation.org/resources/veterinary-student-scholarship/
https://veterinary.rossu.edu/admissions/dvm-admissions/scholarships
https://www.avmf.org/our-impact/education-support/scholarships-and-awards/
https://www.nerdwallet.com/article/loans/student-loans/top-scholarships-veterinary-school
https://vetmed.tamu.edu/dvm/admissions/financial-aid-and-scholarships/
https://www.depts.ttu.edu/vetschool/dvm-admissions/how-to-apply/scholarships.php
https://studentscholarships.org/scholarship/13111/texas-farm-bureau-scholarships
https://cvm.ncsu.edu/academics/admissions/costs/external-scholarship-opportunities/
https://www.vet.cornell.edu/education/doctor-veterinary-medicine/prospective-students/types-aid-and-eligibility/external-scholarships
https://www.tvmf.org/for-texas-veterinarians/sponsor-a-student/
https://www.texasequineva.com/tevafoundation/providescholarships
https://www.foundationforthehorse.org/impact/student-education/


I hope this helps! All the best to you!

KP
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Donna "Crissie"’s Answer

Make sure to find the best loan that fits your financial needs, and remember to consider all your monthly expenses when planning. Preparing ahead is important before getting education loans. You can do this!
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