[Fox Business] How to pay off your vet school loans faster
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Becoming a vet can be a very lucrative career path. The average starting salary for vets going into corporate practice was $106,053 in 2021, according to the American Veterinary Medical Association. But even with a salary of that size, it may take you a while to pay off your student debt.
If you’re looking for ways to pay off your vet school loans faster, refinancing could be a solid option. Here’s how to figure out whether it’s the right choice for you.
By visiting Credible, you can learn more about student loan refinancing and compare rates from multiple private student loan lenders.
Refinancing veterinary school loans works in much the same way as refinancing other student loans. It involves rolling multiple federal or private student loans into a new private loan, ideally with a better interest rate.
If most of your loans are federal student loans, you may be better off consolidating them into a Direct Consolidation Loan instead of refinancing. A Direct Consolidation Loan comes with income-driven repayment options, forbearance, and access to student loan forgiveness programs. If you decide to refinance federal student loans with a private lender, you’ll lose those federal protections.
Whichever option you choose, the process for refinancing your loans works like this:
Private student loan companies set their own requirements for refinancing, so they can differ from lender to lender. But in general, lenders will look at the following:
You can easily compare prequalified rates from multiple lenders using Credible.
Like any other financial decision, refinancing your vet school loans has both advantages and disadvantages.
While there aren’t many lenders who specialize in refinancing vet school loans, most lenders who refinance student loans will accept loans for veterinary programs. When evaluating potential lenders, consider the following criteria:
If you don’t think refinancing your vet school loans is right for you, here are some alternatives to consider. Keep in mind, these options won’t help you pay off your loans faster, but they could make your monthly payments more manageable.
To get started on refinancing your student loans, visit Credible and compare prequalified rates from multiple lenders.
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