6 Best Student Loans for Vet School of December 2024
Veterinary school students should opt for federal student loan benefits and protections when taking on debt.
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Roughly 83% of veterinarians in the class of 2023 took out student loans for vet school, according to the American Veterinary Medical Association. Those students graduated with an average debt of $185,486 for their doctor of veterinary medicine degree — slightly more than the $124,295 average starting salary for veterinarians.
To keep loan payments manageable, the majority of students should choose federal student loans for vet school rather than private loans. Opt for low-cost federal health professions student loans first, if you can qualify, then turn to unsubsidized direct loans and graduate PLUS loans.
Here are our picks for the best student loans for vet school, plus what you should know about each before borrowing.
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best Student Loans for Vet School
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
5.0 /5 | None | 6.53-8.08% | N/A | ||
5.0 /5 | None | 9.08-9.08% | N/A | ||
 College Ave Medical Student Loan GO TO LENDER SITE on College Ave's website COMPARE RATES on Credible’s website | 5.0 /5 | Mid-600s | 3.47-14.49% | 4.99-14.49% | GO TO LENDER SITE on College Ave's website COMPARE RATES on Credible’s website |
 Ascent Graduate and Health Professions Student Loan COMPARE RATES on Credible’s website | 5.0 /5 | Low-Mid 600s | 4.69-14.41% | 7.35-14.56% | COMPARE RATES on Credible’s website |
 Sallie Mae Medical School Loan GO TO LENDER SITE on Sallie Mae's website COMPARE RATES on Credible’s website | 4.5 /5 | Mid-600's | 3.49-14.46% | 4.92-14.34% | GO TO LENDER SITE on Sallie Mae's website COMPARE RATES on Credible’s website |
4.5 /5 | 680 | 2.71-7.38% | 4.71-5.95% |
Our pick for
Most borrowers as a first option
If you can’t qualify for a low-cost federal health professions student loan, federal direct unsubsidized loans should be your top choice for vet school.
Federal Subsidized/Unsubsidized Loan
None
6.53-8.08%
N/A
Graduate students can receive only unsubsidized direct loans. They can take out up to $20,500 annually in these loans, which may not be enough to cover vet school costs.
- More flexible repayment options for struggling borrowers than other lenders.
- Subsidized loans do not collect interest while in school or during deferment.
- Lower interest rates than many private lenders.
- You pay an origination fee.
- No credit check or minimum income is needed to borrow.
- Loan amounts for undergraduates: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000
- Independent students and graduate students have higher loan limits.
- Undergraduate interest rate fixed at 3.73%, while grad students get higher 5.28% rate
Our pick for
Manageable payments after vet school
Both unsubsidized federal student loans and graduate PLUS loans qualify for income-driven repayment plans that limit payments to as little as 10% of your discretionary income.
Grad PLUS loans have higher interest rates and fees than unsubsidized loans but let you borrow more money.
- More flexible repayment options for struggling borrowers compared with private lenders.
- All borrowers who attend a school authorized to receive federal aid can qualify.
- May have higher interest rates compared with private lenders.
- You pay an origination fee.
- You can’t see if you’ll qualify without a hard credit check.
- Grad PLUS loan borrowers must not have adverse credit history.
- Borrowers with adverse credit history can still receive a grad PLUS loan by enlisting a co-signer without adverse credit history or documenting extenuating circumstances for their credit history.
- Loan amounts: Total cost of attendance minus other financial aid.
Our pick for
Borrowers with good credit
Vet students who have good to excellent credit, or a co-signer that does, may pay less overall by borrowing a private student loan. While private loans may have better rates and lower fees than federal loans, they lack the same repayment options and protections.
College Ave Medical Student Loan
Mid-600s
3.47-14.49%
4.99-14.49%
CollegeAve’s medical school loans let you defer payments for up to 36 months after school.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- International students can qualify with a co-signer.
- You can defer payments up to an additional 48 months during fellowship after your grace period.
- You must be at least halfway through your repayment term before you can request a co-signer release.
- Typical credit score of approved borrowers: Mid-700s.
- Minimum income: $35,000 per year.
- Loan amounts: $1,000 up to the total cost of attendance.
Ascent Graduate and Health Professions Student Loan
Low-Mid 600s
4.69-14.41%
7.35-14.56%
Rating and details displayed are for Ascent's undergraduate student loan. Ascent offers a medical student loan for D.V.M. students that lets you postpone payments for 48 months after leaving school.
- Forbearance of 24 months is longer than many lenders offer.
- Grace period of 9 months is longer than many lenders offer.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- You must be enrolled at least half-time to qualify.
- Typical credit score of approved borrowers or co-signers: Not available.
- Minimum income: Not available.
- Loan amounts: up to $400,000.
Sallie Mae Medical School Loan
Mid-600's
3.49-14.46%
4.92-14.34%
Rating and details displayed are for Sallie Mae's undergraduate student loan. Sallie Mae offers vet students a medical school loan with a 36-month grace period and 48-month deferment during a residency or fellowship.
- One of the few lenders to provide loans to part-time students.
- Non-U.S. citizens, including DACA students, can apply with a U.S. co-signer.
- You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
Our pick for
Borrowers from Texas
Brazos Private Student Loan
680
2.71-7.38%
4.71-5.95%
- May offer lower rates for graduate students than what are available through the federal government.
- Applies extra payments to the loan principal by default.
- Offers five loan terms, which is more than most lenders.
- Not available to borrowers enrolled in two year programs at community colleges.
- Biweekly payments via autopay is not available.
Types of student loans for vet school
You may be able to pay for vet school with multiple types of student loans:
Federal health professions student loans
Vet students may be able to take out Health Professions Student Loans and Loans for Disadvantaged Students. These loans are funded by the federal government, but not the Department of Education. That means they have some key differences — both good and bad — from federal direct and PLUS loans:
Lower costs. HPSL and LDS have fixed interest rates of 5% and no origination fees. Unsubsidized loans and PLUS loans have fees of roughly 1% and 4%, respectively. Health professions loans also don’t accrue interest while you’re in school.
Longer grace periods. Federal health professions student loans don’t enter repayment until 12 months after you graduate — that’s twice as long as other federal loans.
Limited availability and funding. HPSL and LDS are available only to students with financial need or from disadvantaged backgrounds at participating vet schools. The amount you’ll receive is up to your school’s discretion and available funding.
Fewer repayment options. Your school will determine your repayment term for these loans. Because HPSL and LDS don’t come from the Department of Education, they aren’t eligible for programs such as income-driven repayment and Public Service Loan Forgiveness. You can consolidate HPSL and LDS into the federal student loan program to access these benefits. This is different from private loans, which can’t be transferred to the federal program.
You can apply for HPSL and LDS by completing the Free Application for Federal Student Aid, or FAFSA. You will need to include your parents’ financial information on this form to qualify.
Federal unsubsidized and PLUS student loans
Veterinary students may be eligible for two types of federal student loans: unsubsidized direct loans and graduate PLUS loans.
Unsubsidized loans have lower interest rates and fees than PLUS loans, but also a smaller borrowing maximum for graduate students — $20,500 per year. Take that max in unsubsidized loans, then use PLUS loans to cover up to the rest of your cost of attendance.
You can apply for federal student loans by completing the Free Application for Federal Student Aid, or FAFSA. You don’t have to provide your parents’ financial information to receive these loans — and likely shouldn’t to ensure your student aid index is as low as possible.
Private student loans for vet school
You may be able to get a private loan for vet school with a lower interest rate and smaller fees than federal loans have, depending on your or a co-signer’s credit score and financial history.
Many private lenders offer specific student loans for health professionals, including those studying for a D.V.M., as well as loans available to all graduate students. You can use either to pay for veterinary school, so compare all your options to get the best deal possible.
Some states offer forgivable private loans, but you typically must commit to working in a shortage area to qualify. For example, Missouri provides $30,000 in loans per academic year to eligible students who attend the University of Missouri’s College of Veterinary Medicine. Upon graduation, the program forgives $30,000 each year a graduate practices large animal veterinary medicine in an area of need within the state.
» MORE: How much is vet school?
Which student loan for vet school is right for you?
Most likely, federal student loans will be your best bet for vet school. When paying off vet school loans, many vets may need the income-driven repayment plans that only federal student loans offer.
Consider this: The average vet school debt of $185,486 would come with monthly payments of around $2,358 on a standard, 10-year repayment plan, assuming current interest rates.
If you’ll borrow less — perhaps much less — than your projected starting salary, you may pay less by qualifying for a lower interest rate with a private student loan. But federal loan protections better minimize your risk. If you don’t need those protections once you’re practicing, refinancing vet school loans with a private lender could lower your interest rate and save you money.
Last updated on July 22, 2024
NerdWallet's Best Student Loans for Vet School of December 2024
- Federal Subsidized/Unsubsidized Loan: Best for Most borrowers as a first option
- Federal Grad PLUS Loan: Best for Manageable payments after vet school
- College Ave Medical Student Loan: Best for Borrowers with good credit
- Ascent Graduate and Health Professions Student Loan: Best for Borrowers with good credit
- Sallie Mae Medical School Loan: Best for Borrowers with good credit
- Brazos Private Student Loan: Best for Borrowers from Texas
