Debt Management Resources

Debt Service is a Function of Income!

Moreover, managing debt is about control! 

Debt service is the cash that is required to cover the repayment of interest and principal on the debt for a particular period. If an individual is taking out a mortgage or a student loan, the borrower needs to calculate the annual or monthly debt service required on each loan. Individuals and businesses must be aware of the income necessary to cover the repayment costs of loans and other debts.

In an earlier drip, we introduced you to resources provided by the VIN Foundation. Now let’s revisit those resources as it is important for you to become familiar with them in order to use them extensively. They will be very helpful to you regarding debt-service calculations.

The VIN Foundation maintains a Student Debt Center with an exhaustive library of debt-management resources:

1. Cost of Education Map - Provides a realistic look at the cost of veterinary schools, taking into consideration resident, non-resident, and private tuition along with living expenses and student loan interest.
   
2. My Student Loans -  Helps you make sense of your student loans. Getting through an undergraduate program and veterinary school often results in a complex student loan portfolio. When and how you borrowed also determines your repayment plan eligibility. Upload your ‘National Student Loan Data System’ file into the ‘My Student Loans’ tool to get a breakdown of your loan types, a weighted average interest rate, the income-driven repayment plans you are eligible to use, and much more.
   
3. In-School Loan Estimator (ISLE) -  Quantifies the impact of your current or planned borrowing for veterinary school. Whether you want to project your total veterinary school costs or import your current student loan portfolio, you can see how and when the amount you borrow translates into your total veterinary education costs.  Access ISLE from the My Student Loans page by uploading your ‘National Student Loan Data System’ file. Alternatively, you can start a new estimation.
   
   
4. Student Loan Repayment Simulator - This interactive program gives detailed repayment cost comparisons based on anticipated income, family information, total loan amount and repayment plan. A forgiveness planning module also helps those utilizing income-driven repayment understand and plan for estimated tax consequences due to forgiveness.
   
5. WikiDebt -  Resource library for all things dealing with educational debt specific to veterinary students and veterinarians. Search various student loan topics or explore the available categories. All of the content has been created directly from student loan repayment questions that have been asked by your veterinary colleagues.

Studentaid.gov

This website, studentaid.gov, is absolutely critical for keeping track of your student loans, disbursements, servicers, and interest. 

Spend a few minutes today creating an account and/or logging in and checking everything out. Make sure you understand every aspect of the website. 

Lastly, remember that you can download your file to subsequently upload into the VIN Foundation student loan calculator. The calculator makes it incredibly easy to visualize and understand your student loan information. Knowledge is power! Get yours today!

VIN Foundation Student Loan Repayment Simulator

The money you borrow for your education will have an impact on you and your family for years to come. It is best for you to be fully prepared.

Studentaid.gov is a convenient list of most of your federal student loans, the interest rates, and the servicers.

The website is sponsored by the U.S. Department of Education. Use it to look at your undergraduate loans, graduate-level loans, and current veterinary school loan. Then, you may project what loans you will need to finish veterinary school.

You can then upload your file into the VIN Foundation My Student Loans tool to help you organize and project your remaining veterinary school costs.  Once you have this total, the next step will be to project some of your repayment schedules. 

Now, go to the VIN Foundation Student Loan Repayment Simulator and input your graduation year and total projected debt. The simulator will allow you to make projections about your income, spouse’s income, children and other plans.

You can select some pre-prepared settings that will help you gather information about an internship and debt repayment programs. A forgiveness planning module also helps those utilizing income-driven repayment understand and plan for estimated tax consequences due to forgiveness.

VIN Foundation Borrow Better

Know Before You Borrow!

Does the world of student loans seem overwhelming and confusing? Are you beginning to prepare for borrowing for the upcoming semester? Great! Let’s look at some resources. 

Another resource highlight is the VIN Foundation’s Borrow Better website and webinar. 

Borrow Better is the 2nd installment of a 3 part series in the Student Debt Center, 1) Apply Smarter, 2) Borrow Better and 3) Repay Wiser.

The website is chock full of links, has a Prezi presentation slide deck to download and a 1 hour 45 min webinar to watch. If you are borrowing money for vet school, there is not a better use of your time! Dr. Bartels breaks down the types of loans, the repayment schedules and helps you create a plan for the future! 

Give it a browse, put the Student Debt Center in your bookmarks and refer back to this website when needed!