Loan Repayment: Know Your Options
If you’re taking out student loans to pay for veterinary school, it’s never too soon to start thinking about your options for repayment. Educating yourself now can help take the stress out of the decisions you’ll be making after graduation.
Income-Driven Repayment Plan Updates
Repayment plans for federal student loans are under review by the federal government. For current information on the available income-driven plans, see the announcement and FAQs on the Federal Student Aid website.
Understand Your Options
For federal student loans, there are two types of repayment plans: time-driven (or “fixed payment”) and income-driven. Time-driven plans, such as the Standard Repayment Plan, have a set (fixed) repayment period, and monthly payments are based on how much you owe and your interest rate. Income-driven plans are designed to help borrowers who can’t afford the payments on time-driven plans; for these, monthly payments are based on your income and family size.
Is an income-driven repayment plan right for you? What are the differences between the plans? These quick-reference guides can help you know your options during this time of change. The guides are provided as a courtesy by PGPresents, LLC, an independent student loan consulting company.
For more information on both time-driven and income-driven plans, visit the StudentAid.gov page on repayment plans.