Q. Are there programs that offer recent grads loan forgiveness?
The Veterinary Medical Service Act was signed into law in 2003 as a loan repayment program for veterinarians working in
underserved urban and rural areas, but there's still no federal funding to support this act. However, some states, such as
Pennsylvania, offer a loan forgiveness program for eligible agriculture and veterinary medicine graduates. So check with your
state to see whether such a program exists.
As a new grad, you may qualify for total or partial loan forgiveness, says Veterinary Economics Personal Finance Editor Fritz Wood, CPA, CFP, if:
- You didn't receive a refund that was due to you.
- Your signature was forged.
- You become totally and permanently disabled.
- You or the dependent borrowing the loan dies.
- Your loan is discharged due to bankruptcy. (Typically though, student loans can't be discharged due to bankruptcy. Wood recommends
checking with your legal counsel in this situation.)
Fritz Wood
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Wood says some other circumstances in which the federal government will forgive your loan are if you:
- Volunteer with an organization like AmeriCorps, Peace Corps, or Volunteers in Service to America.
- Serve in the military.
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