To address a shortage of rural veterinarians, the state of Colorado has implemented its Veterinary Education Loan Repayment Program (VELRP) that awards up to $70,000 to each recipient over a four year period. Up to four recipients will be selected each year, and applications for the initial round of awards are due October 31, 2018.
Applicants must meet a few eligibility requirements to qualify for the VELRP awards:
- Be a recently graduated (2017 or later) licensed veterinarian
- Be a current Colorado resident or have three prior years of residency
- Be willing to practice medicine in a veterinary shortage area in Colorado for up to four years
Loan repayments are distributed throughout the four year term of service on the following schedule: up to $10,000 after six months of the initial year, an additional payment of up to $15,000 after the second year, an additional payment of up to $20,000 after the third year, and an additional payment of up to $25,000 after the fourth year.
Since veterinary educational debt is such an issue in the industry, with average student debt totaling $150,000, this loan repayment option is a great option for recent graduates with ties to Colorado.