Source: My Vet Candy
The U.S. House narrowly passed a reconciliation bill (215-214) that would significantly alter the federal student loan system, including over $300 billion in education funding cuts. The legislation proposes eliminating key forgiveness programs—like Borrower Defense, Closed School Discharge, and Public Service Loan Forgiveness (PSLF) for certain medical professionals—raising concerns for Veterinary graduates often burdened with over $150,000 in debt.
It also overhauls income-driven repayment (IDR) plans, replacing popular options like SAVE and PAYE with a modified Income-Based Repayment (IBR) and a new Repayment Assistance Plan (RAP), which could result in higher payments and delayed forgiveness. Access to Graduate and Parent PLUS loans would be restricted, and Pell Grant eligibility tightened, threatening educational access and affordability. These changes, if passed by the Senate, could disproportionately impact Veterinary professionals, especially those in rural or public service roles. Advocacy is encouraged to protect student loan relief and maintain veterinary medicine’s financial viability.