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3 Comments Already

mygif
Unknown Said,
July 28th, 2010 @11:20 pm  

All federal student loans are automatically put on a 10 year repayment plan once you graduate or drop below half time. So if you made all your payments, you’d pay it off (no matter how much you owe) in 10 years. How much your payments were would depend on how much you borrowed.

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Elleleila Said,
July 28th, 2010 @11:48 pm  

Just graduated veterinary school. I’ll be paying off my loans for 25 years.

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Steph Said,
July 29th, 2010 @12:31 am  

I know exactly how you feel! A veterinarian I worked with recently told me when he went to school thirty years ago he came out with $10,000 in debt. Now days, at that same school, kids come out with over $150,000 in debt.
I’m sure as you know, veterinarians make decent salary, but no where near enough to pay back such hefty loans. Human doctors can pay back their loans in five years, where as someone who previously answered said, it will take her 25 years! I wish she would have said what her monthly payment is going to be.

Although I can’t answer your question, as I have not figured out my repayment plan yet, I can give you some helpful advice given to me by a few veterinarians.
-Learn to live frugal. If you haven’t yet, you better start.
-Don’t use your student loans to pay for food, car payments, etc. Student loans should be just for tuition, books, and of course housing if necessary.
-Work, if you can. Veterinarian school is very demanding and a job may not be realistic, but during your college years work as much as you are able and save your money!

Good luck in the years to come!

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