Loan Repayment Strategies

Calculator and application form

The student loan landscape is evolving rapidly in Washington. Here’s important information for veterinarians with federal student loans.

Income-Driven Repayment Plan Updates

Currently, online applications for the Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Income-Contingent Repayment (ICR) plans for federal student loans are open, following a temporary pause from the U.S. Department of Education. The online loan consolidation application also has been reposted. The Saving on a Valuable Education (SAVE) plan is on hold due to court action, and borrowers enrolled in SAVE are in a general forbearance unless otherwise notified. For more information on the available income-driven plans and implications of SAVE forbearance, see the announcement and FAQs on the Federal Student Aid website.

Borrowers who are already enrolled in income-driven plans, including those pursuing Public Service Loan Forgiveness (PSLF), are advised to document and retain all information related to their student loans, including repayment history.

Are You in Default?

The federal government has resumed collections on defaulted student loans. Find the status of your student loans at StudentAid.gov.

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? Should you consolidate your federal loans? 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.