Veterinary School Post-graduation
☐ Review NSLDS.ED.GOV for complete federal student loan history
☐ Ensure loan status and graduation info correct
☐ Download your "MyStudetData" file
☐ Confirm your loan servicer(s) for each loan
☐ Check your school financial aid account for loans not listed in NSLDS
☐ Check your Credit Report
☐ Update your contact information with your loan servicer(s), school after you relocate from school
☐ Upload your NSLDS "MyStudentData" file to VIN Foundation My Student Loans tool
- Check the "Income-Driven Repayment Eligibility" tab
- Note any federal student loan balances you've discovered outside of NSLDS
- Simulate your repayment to see which repayment plan might be best for you
☐ Consider a Federal Direct Consolidation loan, particularly if your federal student debt balance exceeds your expected income
- Consolidation allows non-Direct loans to qualify for more beneficial income-driven repayment plans as well as Public Service Loan Forgiveness (PSLF)
- Health Professional Student Loans (HPSL)
- Perkins Loans
- Loans for Disadvantaged Students (LDS)
- Family Federal Education Loans (FFEL)
- Prior federal consolidation loans
- Consolidation allows you to choose your federal student loan servicer
- Lean towards FedLoan Servicing/PHEAA or Great Lakes
- Avoid Navient or Nelnet
- Consolidation allows you to waive your grace period and enter repayment
- Minimize your starting repayment balance
- Secure a $0/mo payment using income-driven repayment for the first 12 months of repayment
- If you consolidate any/all of your federal student loans, the best time is immediately after graduation
☐ Apply for the most beneficial federal student loan repayment plan that you can use
- The application window opens 45-60 days prior to the end of your grace period
- You can choose a repayment plan as part of your federal consolidation loan process
- If you do not opt-in to a specific repayment plan, you will be assigned the standard 10-year plan by default
☐ To utilize an income-driven repayment plan, you must provide income documentation
- Adjusted Gross Income from a recent tax return (no more than 2 years old)
- Alternative documentation of income from a recent paycheck or offer letter
- Zero income if you are applying before you start your first job/internship/residency after graduation
☐ Set a reminder in your calendar for at least 60 days prior to your IDR renewal date the following year
☐ Follow-up frequently with your loan servicer(s) to confirm that your consolidation or repayment application has been processed timely and accurately
☐ Once your loans are in repayment, sign-up for autopay with your loan servicer. You will receive a 0.25% interest rate discount on your Direct loans with autopay -- even if your minimum monthly payment due is $0/mo
☐ Begin your financial wellness plan:
☐ Pay down credit card debt
☐ Start an emergency fund
☐ Start a “forgiveness savings fund(s)” to prep for any tax on forgiven student loan amounts
☐ Start saving/building retirement fund(s)
☐ Save for vacation/house/family/practice…Enjoy life :-)
☐ Re-assess your repayment strategy at least each year or anytime your income and/or family situation changes
☐ Ask a lot of questions...