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Education

Loan Consolidation

Consolidating your student loans to simplify payments or secure a lower interest rate may make financial sense.  If you have or are thinking about consolidating your loans, it is important to read the following paragraphs to understand how consolidating your loans may impact your eligibility for the VMLRP.

Individuals who consolidated their veterinary school loans with other educational loans (e.g., undergraduate) will be allowed to apply for the VMLRP; however, only the eligible portion of the consolidation (veterinary school loans) of the consolidation will be repaid by the VMLRP.

Furthermore, applicants with consolidated loans must provide a complete history of their student loans from the National Student Loan Database System (NSLDS), a central database for student aid operated by the U.S. Department of Education.  The NSLDS website can be found at www.nslds.ed.gov.  Individuals who consolidated their DVM loans with non-educational loans or loans belonging to an individual other than the applicant, such as a spouse or child, are ineligible for VMLRP consideration.

To learn more about your options, a loan consolidation primer is provided by the Association of American Medical Colleges.

Example

Dr. Smith incurred a debt of $60,000 to pursue a D.V.M. degree.  Some time ago, she consolidated her D.V.M. loans with $40,000 of her undergraduate loan debt, leaving her with a consolidated loan balance of $100,000.  In the period since the consolidation, she made monthly payments and the loan balance is now $90,000.

The percentage of the consolidated loan eligible for repayment in the VMLRP would be computed as follows:

$60,000/$100,000 = 60 percent

Current balance of $90,000 x 60% = $54,000

The amount of eligible consolidated debt to be repaid by the VMLRP is $54,000.

Contact Information

For further information, contact: VMLRP.

 

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