How much debt will you be in?

[lailanni]

After a very depressing morning (Dear money: why don't you love me?) and looking into interest rates, loans, and all that real world adult crap, this poll is born.

How much debt do you think you'll be in after vet school?

Edit: sorry about capping it at 200,000+ just got tired of typing in all the numbers : )

[athenaparthenos]

I'm already nearly 70K in debt for undergrad, and I'm going to Western -- between its already high tuition and then its cost of living, I may be nearing $300K by the end. But hey, it's worth it, right?

[SillyFilly]

Too much to handle.

Going out of state will def hit the budget so hard - anyone else doing this all alone? As in, no significant other or parental help? Yikes, le scary! I was so blessed to have my undergrad paid for (though I worked all the way through)
so this is stressful.

But hey, so worth it - b/c the important part is that I get to be a vet one day!!!

[bovine]

This is a very timely thread. I was just looking into these things this morning. Unfortunatly I am going to have to take out more loans than I initially thought. If things go according to my calculations I will be about $155,000 in debt..

[lailanni]

I worked 2 jobs all through my undergrad and got scholarships (state school, IS tuition), so I don't have any undergrad debt. It's my first time looking at getting into some serious debt. Sigh... Gotta do what you gotta do though! Man, I'd love to trade places with the person that will have $0 debt.

I read somewhere that the median debt for a vet student (a JAVMA article) is just slightly above 100,000.

[winglessflight]

well, there's always stripping for some extra cash

i say that jokingly, although i do know a few vets who had classmates that went that route. hopefully they planned on moving out of state afterwards, or that could lead to some awkward office visits.

[ShelterGirl]

Is the person who put $0 interested in adopting me?

[Lab Man]

I'm going to be around 260k in debt (20k undergrad, 240k Western). Now that I'm actually going to be doing it, I'm really getting frustrated and freaked out about the thought of paying appx. $1,500/month for the next thirty years. I'll literally be ready to retire by the time I'm done paying my loans off. Vet salaries need to be increased to match the outrageous costs of vet school!

Does anyone know if there's any type of loan forgiveness programs or companies that will help pay off your loans if you work for them here in CA?

[clawsbeatskin]

How can a vet student intend to be $0 in debt at the end? Unless Mommy and Daddy are paying, I'm just not understanding that. Of course, there are the Army and USDS programs, but you are still in debt to them, just not monetarily.

I was fortunate enough to have undergrad paid for, but I have about $20,000 in loans from my MS. And either way, I'll be looking at a lot for vet school...Western and maybe CSU OOS.

[PrimalMU]

There's a really interesting (and rather depressing) article in this month's edition of DVM Newsmagazine about veterinary graduates' debt to income ratio. Its worth a read if you can get your hands on a copy.

[CanadianGolden]

Originally Posted by clawsbeatskin

How can a vet student intend to be $0 in debt at the end? Unless Mommy and Daddy are paying, I'm just not understanding that. Of course, there are the Army and USDS programs, but you are still in debt to them, just not monetarily.

I was fortunate enough to have undergrad paid for, but I have about $20,000 in loans from my MS. And either way, I'll be looking at a lot for vet school...Western and maybe CSU OOS.

I'm attending Penn's VMD/PhD program. Full tuition scholarship for vet and grad school and an annual living stipend. I will actually be making money, in fact, since my parents very very very kindly paid for undergrad (at a pricey school...sorry mom and dad). Is there an option for negative debt?

[lailanni]

Holy WOW CanadianGolden!!

I'm not very familiar with DVM/PhD programs. Are full tuition scholarships more common for that sort of thing?

Does anyone ever get a full tuition scholarship to a regular DVM program?

[pupsforseeing]

Between working full time for a year before undergrad, working 20+ hours a week during the school year and 70-80 hours/week during breaks, and getting some sizable scholarships, I've managed to pay my way through undergrad with a little bit left over. After I spend a month in Europe this summer, the amount left over will be VERY tiny...hopefully enough for a couple months' rent. I won't be getting any help from SO or the parents, so I'll come out with between $150,000-$160,000 in loans.

After doing undergrad at a school that doesn't accept any federal funding (and is VERY proud of it), and encourages taking out as few private loans as physically possible, it feels soooo wrong to be taking out such huge loans!

[wi girl]

Ah! I might have voted before I really thought this through ... 80K undergrad + ~100K vet school = 180 (not the 200 I voted for). Side benefit -- the condo my mom and I are purchasing might let me squeak by with only a little to her each month (~400) which would significantly reduce my costs. That, and working (yes, I plan to work. This is how I will eat, because it seems silly to me to take out loans for groceries; only 8-10 hours/week though).

[clawsbeatskin]

Originally Posted by CanadianGolden

I'm attending Penn's VMD/PhD program. Full tuition scholarship for vet and grad school and an annual living stipend. I will actually be making money, in fact, since my parents very very very kindly paid for undergrad (at a pricey school...sorry mom and dad). Is there an option for negative debt?

Sweet deal! You are soooo lucky. Although I'm sure it was more than luck that got you into such a program...you probably worked your arse off!

[RockStarKDub]

Originally Posted by SillyFilly

Too much to handle.

Going out of state will def hit the budget so hard - anyone else doing this all alone? As in, no significant other or parental help? Yikes, le scary! I was so blessed to have my undergrad paid for (though I worked all the way through)
so this is stressful.

But hey, so worth it - b/c the important part is that I get to be a vet one day!!!

You are not alone in your alone-ness! No SO or parental help for me either.

[wivet2011]

Originally Posted by wi girl

Ah! I might have voted before I really thought this through ... 80K undergrad + ~100K vet school = 180 (not the 200 I voted for). Side benefit -- the condo my mom and I are purchasing might let me squeak by with only a little to her each month (~400) which would significantly reduce my costs. That, and working (yes, I plan to work. This is how I will eat, because it seems silly to me to take out loans for groceries; only 8-10 hours/week though).

You should have no problem finding free food at the SVM! I'd say during the average week, we get free breakfast twice (if you go to Bow Meow Bagels and Dung and Donuts and a third breakfast rounds is starting this week) and lunch maybe 3 times a week for various club meetings. Towards the end of the month is particularly nice since the different companies all try and bribe us with lunches and dinners!

That being said, I work a few hours every week and tend to use it for a little shopping/fun when I'm home or for rent.

[hoodle]

DVM/PhD programs are a pretty sweet deal.

and I'm so impressed with everyone doing this on their own, balancing these complicated budgets. Really, your dedication to the field is immense!

[Hobiecat1642]

[quote=SillyFilly;6421876]Too much to handle.

Going out of state will def hit the budget so hard - anyone else doing this all alone? As in, no significant other or parental help? Yikes, le scary! I was so blessed to have my undergrad paid for (though I worked all the way through)
so this is stressful.

Hey, me too. I have a crap load of undergrad debt ( stupid Post bacc program), no SO, etc. (i'm feeling sorry for myself right now, can you tell?). My parents are really nice people but they think that everything should be free, that I should live on campus at vet school, and that I'll be making 70 K right out of school.

[chris03333]

Originally Posted by clawsbeatskin

How can a vet student intend to be $0 in debt at the end? Unless Mommy and Daddy are paying, I'm just not understanding that.

I don't know if you meant to sound condescending , but if someone has family which can pay, they are blessed and should not have people resenting them for it.

Oh and I ended with just over $200K in debt.

[clawsbeatskin]

Yeah, you read me right. At this stage in the game, one should be able to handle his or her own life. Independently. It's an opinion I have that won't just go away, so take it as you will.

It's not a resentment issue. I don't resent anyone. I do roll my eyes a little bit, though.

[chris03333]

Originally Posted by clawsbeatskin

Yeah, you read me right. At this stage in the game, one should be able to handle his or her own life. Independently. It's an opinion I have that won't just go away, so take it as you will.

It's not a resentment issue. I don't resent anyone. I do roll my eyes a little bit, though.

Cool we can agree to disagree then....

We will both have our $200K debt to deal with independently also

[clawsbeatskin]

I'm right there with you on that one...someone in another thread put it wisely- it's a mortgage on your life!

[CanadianGolden]

Originally Posted by lailanni

Holy WOW CanadianGolden!!

I'm not very familiar with DVM/PhD programs. Are full tuition scholarships more common for that sort of thing?

Does anyone ever get a full tuition scholarship to a regular DVM program?

Yes, most of the truly integrated DVM(VMD)/PhD programs pay your tuition and a stipend. Actually, all good science PhD programs pay your PhD tuition and stipend you, so it's sort of an extension of that. I'm sure scholarships to vet school exist, although they seem pretty rare.

Originally Posted by clawsbeatskin

Sweet deal! You are soooo lucky. Although I'm sure it was more than luck that got you into such a program...you probably worked your arse off!

Lots and lots of hard work in high school and in undergrad...and a good bit of luck!! There were so many really amazing applicants and I'm still sort of shocked that they picked me...

[chyactnate]

I will be about 20K (just for undergrad). My grandfather and uncle offered to pay for my vet school when I get in.

[sofficat]

let's see... undergrad 0 debt
1st yr vet school $40 k
2nd yr $40 k
3rd yr $20 k if i'm lucky
4th yr $20 k

total = $120 k (if i'm lucky)

[laurafinn]

Originally Posted by SillyFilly

Going out of state will def hit the budget so hard - anyone else doing this all alone? As in, no significant other or parental help?

Doing vet school on your own - yep, I'm with you. If you ever get really desperate for money, though, there are ways - one-off gigs or temp work, selling your things on eBay, emergency credit card use (not recommended!), etc. Your school may also have an emergency loan fund. It all works out.

[narg99z]

1st year of vet school=$50k
2nd year of vet school=$50k
3rd year of vet school=$50k
4th year of vet school=$50k

Becoming a vet=priceless.

[projekt]

With living expenses, UGA is like 25k/year. Hopefully I will have some way of offsetting those expenses, and I can live frugally... Maybe I can get it down to 80 or 90

[wi girl]

Originally Posted by wivet2011

You should have no problem finding free food at the SVM! ... That being said, I work a few hours every week and tend to use it for a little shopping/fun when I'm home or for rent.

I love it when there is free food! Yay! I was actually thinking that my job would pay for that little bit of fun to -- drinks with friends, etc -- essentially something to take my mind off of everything. Good stress relief. Glad to know that it works at the SVM!

[veggirl]

I have $25k in debt for undergrad (got 2 degrees - 2nd one was a lot more expensive than the first). I'm planning on ~150k for vet school. Totals to: $175k

I am also all on my lonesome in paying this debt off. My parents would laugh at me if I asked for their help, and my hubby will have dental school loans (~200k) to pay off - so we are going to live poorly for a long long time

[Moonpaw]

Originally Posted by clawsbeatskin

Yeah, you read me right. At this stage in the game, one should be able to handle his or her own life. Independently. It's an opinion I have that won't just go away, so take it as you will.

It's not a resentment issue. I don't resent anyone. I do roll my eyes a little bit, though.

So if someone has the chance to start their career without up to $200k of debt, they should forego it just because they should be independent?

Don't get me wrong, I totally believe that people should take care of themselves and not be putting undue burden on their parents, but if you have the chance, why would anyone choose to have that kind of staggering debt?

[sheep girl]

Originally Posted by lailanni

I read somewhere that the median debt for a vet student (a JAVMA article) is just slightly above 100,000.

Where can we find this article?

[sheep girl]

Originally Posted by PrimalMU

There's a really interesting (and rather depressing) article in this month's edition of DVM Newsmagazine about veterinary graduates' debt to income ratio. Its worth a read if you can get your hands on a copy.

Do you have a link to find this article?

[heyday]

You're not alone! I'm single and was barely able to make $10k a year throughout undergrad while working 2 jobs. My parents would help me if they could, but they have their own economic issues.

I was lucky that my grandmother left me enough money in her will to pay for the majority of my undergrad. I have $5500 in loans now, and it's looking like $100k+ for me, if I'm lucky.

[Lab Man]

How do you delete a message?! I can't figure out how to delete a message I posted twice, and it's driving me crazy! I clicked on the little "edit" button with the scissors, but I don't see an option to delete anywhere after that!

[Lab Man]

Originally Posted by PrimalMU

There's a really interesting (and rather depressing) article in this month's edition of DVM Newsmagazine about veterinary graduates' debt to income ratio. Its worth a read if you can get your hands on a copy.

This looks like the article: http://www.dvmnews.com/dvm/News/Econ.../detail/501111

Is that the article you were talking about, PromalMU?

[VetMed555]

No undergrad debt for me--full ride scholarship. I guess, since I'm going in-state for vet school, it's not going to be quite as bad. I'm still hoping for some kind of miracle full scholarship specifically for Russian 25-year-olds with interest in emergency and internal medicine tuition and living expenses...and maybe grocery allowance I'm thinking, it's not happening, so yeah...Just a little over $100,000 for me...

[clawsbeatskin]

Originally Posted by Moonpaw

So if someone has the chance to start their career without up to $200k of debt, they should forego it just because they should be independent?

Don't get me wrong, I totally believe that people should take care of themselves and not be putting undue burden on their parents, but if you have the chance, why would anyone choose to have that kind of staggering debt?

Yep, and I have. My parents offered to pay for my MS, and I turned them down. I'm a better person for it. And knowing that I did it on my own made the accomplishment that much sweeter!

[Moonpaw]

Wow...you're really noble. I know if I had the chance to have my education paid for, I would jump on it and thank God every day for being that lucky. Maybe it's just the way I was raised and the way my family lives (pretty much not buying anything unless they could pay it in full up front, with the one exception being their house), but the idea of being in debt for so long gives me the heebie-jeebies.

[ylrebmik]

What is a PHD/DVM program / how do people get involved in it?

[VAgirl]

Ok, first, let's make sure we keep this friendly. Money isn't one of the top reasons couples divorce for nothing--it's a highly emotionally charged issue.

I certainly can see both sides of the issue of loans vs. having someone help you pay for school. I took out loans and paid my own way through my masters program. I agree with clawbeatskin that it definitely built character for me. It was the first time I'd done anything that huge on my own and I still feel a strong sense of pride about it. My folks also offered to help, not in terms of straight tuition, but they offered to help me with other bills and such. I didn't let them for two reasons. First, I wanted to do it on my own. (But their help wasn't going to make the difference in how much loan money I needed, it just would have helped make me more comfortable. If it had meant not having some of the debt I currently do, that might have changed things.) Second, my parents are coming up on retirement age and I don't want to be taking away money that they could be putting towards their own futures. They paid for my undergrad (in addition to giving me every advantage they could while I was growing up) so they've already done so much for me.

On the other hand, though, there's nothing beautiful in being a martyr. If there is someone around who can help you out financially with school, who is willing and able to do so, and it won't significantly negatively impact them, you're not proving anything by taking out loans. My SO will be helping me pay for school. We're planning on getting engaged soon and married in the next 1-1.5 years but won't be married for the first year of school. Nevertheless, my debt will become his debt when we marry, so it just makes sense to incur the lowest amount of debt possible. A slightly different situation is that my brother has also (in the past) offered to help pay. He's not really in a financial position to do so at the moment (his career, while extremely successful, is just taking off), so it's a non-issue right now. But if he was in the position to help me pay, and if I was sure that it wouldn't damage our relationship somehow, I would probably let him help me with school.

These are big, personal decisions, so it's easy to see why we all might have different approaches.

[PrimalMU]

Originally Posted by Lab Man

This looks like the article: http://www.dvmnews.com/dvm/News/Econ.../detail/501111

Is that the article you were talking about, PromalMU?

That's the one, Lab Man.

[nyanko]

Originally Posted by ylrebmik

What is a PHD/DVM program / how do people get involved in it?

It's a challenging and rigorous dual degree program offered at some schools that does about as it says - allows you to get both a DVM and a PhD in less time than it would have taken to get both separately. It is for people who have interest in research, as a PhD is a primarily research based degree. Normally you will have to complete all vet school requirements, some of the PhD requirements and a dissertation equal to what a PhD student would have to - original research that makes a significant contribution to and advances the field of knowledge in your given discipline.

It's not for people who just want a free ride through vet school. It's for people seriously interested in research.

[ylrebmik]

Originally Posted by nyanko

It's a challenging and rigorous dual degree program offered at some schools that does about as it says - allows you to get both a DVM and a PhD in less time than it would have taken to get both separately. It is for people who have interest in research, as a PhD is a primarily research based degree. Normally you will have to complete all vet school requirements, some of the PhD requirements and a dissertation equal to what a PhD student would have to - original research that makes a significant contribution to and advances the field of knowledge in your given discipline.

It's not for people who just want a free ride through vet school. It's for people seriously interested in research.

ooo okay. thanks.

[lailanni]

Originally Posted by sheep girl

Where can we find this article?

JAVMA, Vol 232, No.1, January 1, 2008 - Facts & Figures

"Mean debt among those with debt was $101,211 for males and $108,468 for females. Median debt was $100,000 for males and $106,000 for females. Among those with debt, 54.7% (191) of males had a debt of $100,000 or more while 60.5% (798) of female graduates had debt of $100,000 or more."

[Steelmagghia]

Is it sad that I'm absurdly jealous of the no debt people? Hahaha.

I have one little $2000 loan from undergrad (more then 124 this last year means I can't have two of my scholastic grants...), but vet school will be allllll loans.

[purplebunnie]

I love being a Connecticut resident with no in-state tuition option.

Tears.

There's always stripping.

[mistifical]

Is anybody else terrified that the most popular response has been 200k+? Understandably so, since many people here have decided on schools like Penn and Tufts, but still!

My boss's advice for me for vet school: come out of it debt free. And how do you propose I do that?

[Mylez]

For anyone who is interested in further reading, if you can get your hands on "The Elephant in the Room" article, (as mentioned in the DVM news article) it is an interesting read--if not a bit depressing.

I know lots of people are content to pay off their loans over the course of thirty some odd years--but I hate the thought of being saddled with loans for so long. Personally, I plan on working *hard* to get those loans paid off ASAP so I can pursue my real interest in vet med as a wildlife vet.