Student loan deadline approaching: What you need to know

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The income-driven student loan repayment plan Pay As You Earn, or PAYE, will be sunset as of July 1, 2024. For anyone not yet using PAYE but interested in considering it, that’s an important deadline that can’t be missed.

First, some good news: If you’re already enrolled in PAYE, you don’t have to do anything. You can continue to use PAYE for the duration of your loans. This change will affect new veterinary graduates, along with current veterinarians who might want to switch repayment plans.

What you need to know

A new resource on the AVMA’s My Veterinary Life website shares some highlights about what veterinarians and graduating veterinary students need to know about the PAYE program and the July 1 deadline. Most importantly, any federal student loan borrower who would like to enroll in or switch to PAYE must do so before July 1, 2024. For newly graduating veterinarians, that means enrolling before the end of the 6-month repayment grace period that follows graduation.

How do you know if PAYE is the right plan for you? The new resource outlines some questions to consider:

  • Will you benefit from an income-driven repayment plan? 
  • How long are you comfortable carrying student loan debt?
  • What is your debt-to-income ratio?

These can be complicated questions, and it’s often a good idea to get advice from a qualified professional, such as a fiduciary financial planner. This new AVMA resource provides you a quick start to help you understand the July 1 deadline and make an informed decision. Get started now at


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