DVM360 reported last year's graduating average student debt at $129,976.
"Additionally, about a third of new graduates indicated a desire in the future to pursue additional board-certified specialties in the future, despite the survey's acknowledgement that 88.6 percent of students had debt at the time of graduation. All but 9.6 percent of those students, however, only incurred their debt while they were in veterinary school. But debt increased 8.5 percent over last year, with the average student owing about $129,976 upon graduation. More than a third of new graduates owed more than $150,000. "
What amazes me is how many had $0 debt coming into vet school. In another thread where we were discussing whether or not financial costs of vet med may scare folks off, to me that low of a percentage having previous student debt is an indication that it is quite a possibility. Even at a cheap in state school, your looking at over $120k in debt if you aren't getting assistance elsewhere (scholarships, parents, etc) and strangely, some of my classmates don't think living with thier parents is 'assistance.'
I think the $106k was an old number (I think it was 2007), saddly enough. In several articles by the AVMA in 2009 over $120k was quoted. As for whether it will have an impact and whether it will be difficult to pay back, I know several vets paying over $2k a month in student loans...which is more than the mortgage payments my husband and I make on both of our houses combined, and one of our houses is a half-million dollar home.
The AVMA found other issues contribute to that, like less tendancy towards ownership in younger vets, and less confidence in ability to practice medicine (and feeling a need for internships. The good news is that AAHA recorded an increase of 12% in associate salaries.
I honestly think, based on what I have read and advice from folks who track vet business markets, that the best thing most vets can do is acquire specialized skills early (without pursueing a specialty) so that when they go to find jobs they can share their ability to do something more for clients like behavior work, nutrition, ultrasound, etc. The vets that I have talked to who own their practce less than 5 years after school all said they developed some skill that other vets shied away from to develop a client base that was underserved. One vet actually worked a regular clinic, then did Sx that other vets didn't want to do at their clinics. Others learned sports med and accupuncture. Also, while your in vet school there are cheaper oppurtunities to take some of these courses. I attended an ultrasound clinic for 1/3 the price because I am a student and I volunteered a pet for use.) I'm taking an extra course in exotics nutrition to better serve special species/exotics clients. When I interviewed for externships, I was told that this extra work really stood out and made owners comfortable that I was committed to going beyond the requirements. It also gave me an oppurtunity to show what I learned in one clinic...the Dr had a tech bring in her dog (very calm, didn't need sedation), who has splenic nodules, and asked me to find the anomaly. It was a great reinforcer for taking that time off from studying to learn (and it did reinforce anatomy for me.)
