Loan Programs Overview
Many loan sources are available to vet students; however, some loans are much better than others. For example, some programs have no interest accruing or the federal government pays the interest while you are in school. These loan programs are the Federal Perkins Loan and the Health Professions Loan. All others federal loans are unsubsidized, which means interest accrues on the loan while you are in school. With Direct Loans, you
- Borrow directly from the federal government and have a single contact—your loan servicer—for everything related to repayment
- Have online access to your Direct Loan account information via your servicer's website
- Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change
For vet students there are four types of federal loans available:
- Federal Direct Unsubsidized Loan Program - Direct Unsubsidized Loans are loans for students that can help you pay for vet school. The lender is the U.S. Department of Education (the Department), though the entity you deal with, your loan servicer, can be a private business. The annual loan maximum for vet students is $40,500 per academic year. The interest rate is fixed at 6.8%. Repayment begins six months after graduation.
- Direct PLUS Loans for Professional Students – Vet students can borrow a Direct PLUS Loan to help cover education expenses. To qualify for the PLUS loan you must pass a credit check so get your finances in order and make sure your credit file is accurate and request corrections if necessary. For a free copy of your credit report visit www.annualcreditreport.com. The interest rate is fixed at 7.9% and repayment begins six months after graduation.
Go here for the Grad PLUS online application
- Federal Perkins Loan Program – The Perkins loan is a subsidized low interest loan program available to vet students that have financial need. Because funds are limited, students who want to be considered for the Perkins loan must file the FAFSA by March 1. No interest accrues while you are in school at least half-time and the interest rate is fixed at 5%. The Perkins loan has a nine month grace period before repayment begins.
- Health Professions Student Loan Program - Students enrolled in a doctor of veterinary medicine degree program may be considered for the Health Professions Student Loan (HPSL). To be considered for the HPSL students must complete the FAFSA by March 1 and must include parents’ financial information on the FAFSA. All professional students are considered independent for FAFSA purposes; nonetheless, federal regulations require that parent information be taken into account for the purpose of awarding HPSL funds.