Loan Programs Overview
Many loan sources are available to vet students; however, some loans are better than others. For example, the Health Professions Loan will not accrue interest while you are in school. All other federal loans are unsubsidized, which means interest accrues on the loan while you are in school. With Direct Loans, you:
- Borrow directly from the federal government and have a single contact—your loan servicer—for everything related to repayment
- Have online access to your Direct Loan account information via your servicer’s website
- Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change
For veterinary students, there are four types of loans available:
- Federal Direct Unsubsidized Loan Program– Direct Unsubsidized Loans are loans for students that can help you pay for vet school. The lender is the U.S. Department of Education (the Department), though the entity you deal with, your loan servicer, can be a private business. The annual loan maximum for vet students is $40,500 per academic year. Repayment begins six months after graduation.
- Direct PLUS Loans for Professional Students– Vet students can borrow a Direct PLUS Loan to help cover education expenses. To qualify for the PLUS loan you must pass a credit check. For a free copy of your credit report visit annualcreditreport.com. Repayment begins six months after graduation.
Click here to access the Grad PLUS online application
- Health Professions Student Loan Program– Students enrolled in a doctor of veterinary medicine degree program may be considered for the Health Professions Student Loan (HPSL). To be considered for the HPSL, students must complete the FAFSA by January 1 and must include parents’ financial information on the FAFSA. All professional students are considered independent for FAFSA purposes; nonetheless, federal regulations require that parent information be taken into account for the purpose of awarding HPSL funds. Your financial aid adviser will review your eligibility for the HPSL.
- Alternative/Private Education Loans – Alternative loans are funded by banks, credit unions and other private lending institutions. Students who need additional funds to pay educational costs, and who have exhausted their federal Direct Loan eligibility and other funding resources, may consider borrowing an alternative (private) education loan. This option should be carefully considered.In an effort to help students start the search for an alternative loan lender and make informed decisions, the MU Financial Aid Office, in a formal review process, biennially reviews loan products from various lenders. A review committee is formed and comprises of financial aid staff and MU students. The committee seeks out loan products that are in the best interest of our students. Many factors are used to evaluate each loan product and lender. You are not required to select a lender from the link below. You are free to choose any lender and loan product you feel best suits your needs. To view a list of lenders we selected for comparison click on this link: https://choice.fastproducts.org/FastChoice/home/251600/8