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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 information 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 qualified loan amount(s) received by the individual for attending an accredited college of veterinary medicine which resulted in a degree of Doctor of Veterinary Medicine (D.V.M.) or equivalent will be considered eligible for repayment. 

Applicants with consolidated loans must provide a complete history of their student loans from the Federal Student Aid website, a central database for federal student aid operated by the U.S. Department of Education. Individuals who consolidated their D.V.M. 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.

Loan Consolidation Eligible Amount 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 of D.V.M. degree debt/$100,000 of consolidated loan balance = 60%
  • $90,000 of current loan consolidation balance 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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