How are you paying for vet school?

[Riscatto]

I have wanted to be a vet since I was 8yrs old. Recently all of my options of paying for school have vanished and now I'm deterred from even attempting. This field is literally all I know. I have finished tech school and working on getting my license. My mom is happy that I am no longer going for this because it means student loans/debt won't fall on them.

My mom also wants to me to go into the criminal justice field but I don't want to. I have been looking at other careers that I enjoy, but nothing that would feel as rewarding.

In other words how are you guys paying for or going to pay for vet school? How did you deal with no support? Are there specialties that pay a good amount to help with paying off debt?

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[twelvetigers]

People take out loans. Depending on the school and your in state vs. out of state status, it can be quite expensive. It won't be your parent's burden - it will be yours.

Some specialties do pay more than others, but they will involve an additional 3-4 years of training beyond the four years of vet school. Your success in pursuing them will depend on your grades and activities during vet school. And you really would need to get some experience to see what you would even enjoy doing - yeah, oncology or derm pay better than GP, but maybe you won't like either of those.

It's a heavy financial burden to take on vet school, and it's right to not take it lightly. People make it work, but you'd have to really give it some thought and do some investigating into what the total cost would be like.

 

[KCgophervet]

Student loans, plain and simple. Also, your student loan debt shouldn't fall to your parents at any point. If you die, your debt dies with you. Otherwise, you should be paying them off or you'd be facing the consequences, in any case it shouldn't matter to them unless they cosign it.

 

[pinkpuppy9]

Student loans, plain and simple. Also, your student loan debt shouldn't fall to your parents at any point. If you die, your debt dies with you. Otherwise, you should be paying them off or you'd be facing the consequences, in any case it shouldn't matter to them unless they cosign it.

Not true for all loans. I think that stands for federal because you don't need a cosigner, but not for private. I have private loans because the interest rate was significantly lower, but my dad had to cosign (for the record, he pushed for the private loan lol). So should I die/default, they will go after him. Also, for federal loans, if you die/default, they would at least go after your spouse, wouldn't they? Or lay claim to your belongings? OP-the majority of students do choose federal loans though! There are pros and cons to each and it really depends on your unique situation. With my dad cosigning, I was able to get that lower interest rate, but I lost all of the various types of repayment plans that come with the federal loans. You really need to sit down and weigh the pros and cons and decide what would work best for you. With my situation, private loans made more sense. If things change, I can apply for a federal loan instead of a private next time.

 

[Jess Monster]

I'm fortunate to have parents who will help me financially to offset living costs when/if vet school happens. Their contribution though will be small compared to the loans I'll be taking out for tuition and other school expenses. I also plan to work some summers and save that money to further offset the need for loans during the school year, but what kind of jobs I'll find and how well they'll pay is a toss up at this point (I've had relatively well paid summer student positions in the past and I'm hoping my Master's will give me a leg up on certain government internships, but those opportunities aren't guaranteed and are totally vulnerable to funding issues).

 

[deleted498041]

Loans, loans, loans. There's a couple people in every vet school class that pay for it outright (or at least a big chunk of it), but for the rest of us? Loans. Don't underestimate how much you'll need. I didn't underestimate tuition, I underestimated living expenses. I live on rice, beans, lentils, and oatmeal at home and my loans are still far over the $100,000 mark halfway through my time at vet school.

 

[KCgophervet]

Also, for federal loans, if you die/default, they would at least go after your spouse, wouldn't they? Or lay claim to your belongings?

Nope. If you die, federal loans die with you. They don't transfer to spouses, parents, siblings, children, pets, neighbors, anyone, they just die. And if the loan processing companies that they use (like Sallie Mae or Nelnet etc) try to come after them for it, they have to know that they're legally not responsible to pay it. Some companies try shady things sometimes, which is why I'm ridiculous about attending any student loan information sessions and continually bother my parents/SO with information like this so that they know. Not that I'm planning to be hit by a bus or anything anytime soon, but I want to protect my family in case the worst happens.

For the rest of your statement, I honestly had been so scared away from private loans (and so tempted by some of the pay off options of federal loans) that I just honestly don't even think about them anymore.

Edit: One source (not where I learned it, but just to back me up ) http://abcnews.go.com/Business/student-loans-die/story?id=19460467: "According to the U.S. Department of Education, if the borrower of a federal student loan dies, the loan is automatically canceled and the debt is discharged by the government."

 

[KCgophervet]

Also, for federal loans, if you die/default, they would at least go after your spouse, wouldn't they? Or lay claim to your belongings?

Oh side note, you can't default on federal student loans. If you file for bankruptcy or anything, doesn't matter, you can't get rid of them unless you pay them off, they're forgiven for other reasons, or you die.

Edit: Apparently there are some extenuating circumstances that will work, but there are more hoops to jump through than for your average loan

 

[nyx]

I'm still an undergraduate but I will have no support once I graduate and get my bachelors.
I plan on taking out loans.
I've also been stashing away parts of my paychecks which aren't much since I'm a full-time student. However, I plan on taking a gap year and basically working myself to death and possibly living at home to save up more money.

 

[pinkpuppy9]

Nope. If you die, federal loans die with you. They don't transfer to spouses, parents, siblings, children, pets, neighbors, anyone, they just die. And if the loan processing companies that they use (like Sallie Mae or Nelnet etc) try to come after them for it, they have to know that they're legally not responsible to pay it. Some companies try shady things sometimes, which is why I'm ridiculous about attending any student loan information sessions and continually bother my parents/SO with information like this so that they know. Not that I'm planning to be hit by a bus or anything anytime soon, but I want to protect my family in case the worst happens.

For the rest of your statement, I honestly had been so scared away from private loans (and so tempted by some of the pay off options of federal loans) that I just honestly don't even think about them anymore.

Edit: One source (not where I learned it, but just to back me up ) http://abcnews.go.com/Business/student-loans-die/story?id=19460467: "According to the U.S. Department of Education, if the borrower of a federal student loan dies, the loan is automatically canceled and the debt is discharged by the government."

That's really good to know. I've been wondering if I made a mistake just based off of the repayment options federal loans have that private don't offer....

 

[deleted676737]

Win the lottery.

Nah, loans. I've already got some undergrad debt racked up, too, so unfortunately I'm in for a rough ride unless I get into my IS school (and even then...). I've been financially on my own since high school, and I've never held a job that paid above minimum wage, so it's been quite hard. Thankfully, my parents are in such a position now that they are wanting and able to help me out a smidge with living costs, but when you're potentially $200k in the hole, that's hardly a drop in the bucket. Unfortunately, unless you are lucky enough to have rich parents or an SO who can finance a large part of your education, loans are basically part of the deal with vet school. You're either comfortable with that idea or you're not. It certainly makes me hesitate even as I'm waiting to hear back from schools about interviews.

I sincerely wonder if, one day, vet med will become a profession that only the already independently wealthy will actually be able to pursue. I almost feel like it's already trending towards that direction.

 

[deleted387118]

During school, loans. To pay back the loans? I'm not having children.

 

[DVMDream]

That's really good to know. I've been wondering if I made a mistake just based off of the repayment options federal loans have that private don't offer....

Take out federal loans from here on out. The repayment options are better.

 

[missdarjeeling]

Oh side note, you can't default on federal student loans. If you file for bankruptcy or anything, doesn't matter, you can't get rid of them unless you pay them off, they're forgiven for other reasons, or you die.

You can default (go into delinquency). I think you meant they can't be discharged, which is true.

Edit: Apparently there are some extenuating circumstances that will work, but there are more hoops to jump through than for your average loan

The bar for "undue hardship" is so high that it's essentially impossible for all but a very small number of people to have their federal loans discharged.

There's an ongoing case right now: http://www.bloomberg.com/news/artic...n-hits-back-at-student-debtors-seeking-relief

And an older (though still fairly recent) one: http://www.bloomberg.com/news/artic...low-the-poverty-line-must-repay-student-loans

 

[Minnerbelle]

That's really good to know. I've been wondering if I made a mistake just based off of the repayment options federal loans have that private don't offer....

Unless you only have a small amount of loans that you would be able to pay back even if you couldn't work as a vet for some reason, I would steer clear of private loans. There are way more safety nets with federal loans. Especially if you're serious about wanting to do zoo med. Even if you're lucky enough to get a residency spot (after likely cheapo internship and nonpaid positions), you may not be able to afford them if you have private loans to pay back. At least with federal you can just do income based payback options, and there's a chance they may end up forgiven.

Unless you know that your private loans have terms that will allow you to do what you want with your future, I personally would take out federal loans now and pay back your private loans and get rid of them (given they don't have early pay off penalties)...

 

[Minnerbelle]

You can default (go into delinquency). I think you meant they can't be discharged, which is true

Yup. You can default. Which slaps on like an additional 17% or something like that penalty fee... And since you can't be trusted to actually pay on your own accord, they'll directly garnish your wages (even social security) and tax returns and such.

 

[VetToBe585]

Has anyone had the Army pay for their school? I was looking into it, but haven't seen it mentioned at all on here recently...

 

[WildZoo]

Has anyone had the Army pay for their school? I was looking into it, but haven't seen it mentioned at all on here recently...

I don't know the specifics but I think the reason you haven't seen it mentioned is because it's pretty rare. I think there was a thread over in the Veterinary forum about it a little while back if you wanted some info.

 

[Minnerbelle]

Has anyone had the Army pay for their school? I was looking into it, but haven't seen it mentioned at all on here recently...

Do a search. It actually has come up many many times

 

[deleted498041]

Has anyone had the Army pay for their school? I was looking into it, but haven't seen it mentioned at all on here recently...

Read Elliot Garber's blog about it.

 

[rockatiel]

Has anyone ever heard of someone being denied the grad PLUS loan even with a good endorser? My school won't let me apply for one until June 1 so I'm sitting here rumiating. Since my mom got laid off I owe on some credit cards that we used to split payments on so I know I will need a cosigner to qualify. I have three relatives with nice credit history who said they would endorse, so I'm more than good there. I'm just very paranoid that I can't get the loan

 

[DVMDream]

Has anyone ever heard of someone being denied the grad PLUS loan even with a good endorser? My school won't let me apply for one until June 1 so I'm sitting here rumiating. Since my mom got laid off I owe on some credit cards that we used to split payments on so I know I will need a cosigner to qualify. I have three relatives with nice credit history who said they would endorse, so I'm more than good there. I'm just very paranoid that I can't get the loan

Are you late on making payments on the credit cards? I owned plenty on credit cards and had no issue getting the grad PLUS loan on my own (no cosigner needed). (And I even occasionally have a late payment because it sometimes slips my mind with the one credit card)....

I'd try applying yourself on June 1st, then they will let you know if you need a cosigner, but I have yet to hear of anyone needing one. Then, again, it isn't something that is discussed much at all.

 

[ResoluteMike]

Has anyone had the Army pay for their school? I was looking into it, but haven't seen it mentioned at all on here recently...

The Air Force is paying for my school via the Post 9/11 G.I. Bill. I am paying out of pocket or using subsidized loans for my undergraduate classes. Four years of enlisted service isn't a bad way to go for a guaranteed scholarship. You can also potentially get some of your undergraduate classes paid for during your time in the service as well.