VIN Foundation Student Loan Repayment Simulator Adds Crucial Proposed Changes

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Mar 14, 2023, 08:32 ET

New features and resources help veterinary colleagues navigate significant changes in student loan repayment options

DAVIS, Calif., March 14, 2023 /PRNewswire/ -- The VIN Foundation announces multiple updates to the critically acclaimed Student Loan Repayment Simulator. The VIN Foundation is a 501(c)(3) nonprofit, providing tools and resources to support pre-veterinary students, veterinary students, and veterinarians throughout their careers.

The US Department of Education recently proposed the phase out of the Pay as you Earn (PAYE), and Income-Contingent Repayment (ICR) repayment plans and modifications to the Revised PAYE (REPAYE). In an effort to help veterinarians with student loans understand the potentially sweeping ramifications of these proposed changes, the VIN Foundation has improved its Student Loan Repayment Simulator to help veterinarians navigate how these potential changes may impact student loan repayment strategies. A new output is now available in the Student Loan Repayment Simulator called Revised REPAYE, or Re-REPAYE.

While updating REPAYE could benefit many veterinarians, phasing out PAYE and ICR may have negative effects. Veterinarians who are eligible for these plans should decide whether or not to use them before the new regulations take effect (yet to be determined). Now is the time for borrowers to review their current repayment strategies, and consider adjusting if necessary.

Additionally, the VIN Foundation My Student Loans tool and Student Loan Repayment Simulator have been updated to include vital information for graduate school borrowers including:

Payments made during COVID forbearance that are eligible for refund
Identifying privately versus federally-held student loan status to aid in benefiting from the one-time forgiveness count adjustment, the return of interest rate information
Notifications regarding Pell Grant status to help borrowers understand how much cancellation they might receive (pending a decision by the Supreme Court)
Interest rate information as we approach the end of the pandemic forbearance benefits

A library of FREE helpful student debt blog posts and information pages can be found on the VIN Foundation website and Student Debt Center. The VIN Foundation also furthers this support with a Student Debt Series as part of the Veterinary Pulse Podcast. All veterinarians and veterinary students can receive student loan repayment help through VIN Foundation

Learn more about the VIN Foundation student debt resources, including the My Student Loans, the In-School Loan Estimator, the Student Loan Repayment Simulator, and WikiDebt in the VIN Foundation Student Debt Center, or explore more VIN Foundation resources.

About VIN Foundation

The VIN Foundation, a 501(c)(3) nonprofit, provides resources to help the veterinary community thrive so they can help our animals and those who care for them. The VIN Foundation was created by members of the Veterinary Information Network (VIN), an online community of veterinarians and veterinary students with over 96,000 members worldwide. Learn more about the VIN Foundation and its resources at https://VINFoundation.org. The VIN Foundation is made possible through generous gifts by individual donors and grants; all gifts made to the VIN Foundation are tax deductible.

Media Contact
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SOURCE VIN Foundation