A Serious Question

[potentialsheltervet]

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I have a big question.
As indicated by my user name, I really love shelter medicine. I'm currently finishing a master's in that subject and have been shadowing/volunteering with a shelter vet. I applied to a few schools this cycle but was rejected w/o interview from all. I'm actually working on a capstone project and spoke with my advisor this evening regarding it. She's a veterinarian and has been for many years. She's also been head of this master's program for a few years as well.
When I expressed my desire to become a veterinarian, she was sort of hesitant. She said, "I don't want to discourage anyone from their dreams, but I have to warn you about the debt. It's going to be extremely hard to pay off on a vet's salary." She gently encouraged me to make sure there aren't any other animal-related career paths that would make me happy.
I mean, I know there's tons of debt associated with vet school. I've been pursuing this for years; the debt aspect isn't new to me. It was different hearing it from her, for some reason, and it's making me concerned.
I can't do all that I want to do without a veterinary degree. I think what I'm grappling with now is: would I be reasonably happy doing something else, even if it isn't EXACTLY what I was wanting to do? I don't know.
I know there's some debt reducing strategies to help navigate vet school, but here's the thing: I hate my home state. I am not happy here and I don't want to live here even one more year, let alone four. Could I stomach it for the considerable debt reduction? Yeah, probably. But this state is really trash for my mental health for a bunch of reasons and I am sick of being here. My IS is in my hometown, too.
I guess what I'm struggling with is reconciling that I have a few options:
a) Don't be a vet
b) Get into vet school and be miserable for a couple decades paying off astronomical debt
c) Get into vet school and be miserable for a couple decades living in my home state and then paying off debt
It's sort of a sucky set of options. I know no career in the animal care field is especially lucrative. I'm not interested in making as much as Bill Gates. I just want to have reasonable financial security to the extent that I won't worry about not being able to feed/shelter my dogs and myself. I'd love extra income to indulge in my love of dog training/sports with fun classes, but I can't do that if I have to choose between class and food.
I suspect this is a common crisis for pre-vet/vet students but it is really, really bugging me right now. (Side now: isn't it terrible that you have to choose between doing what you love and not, like, starving?)

 

[WildZoo]

Would moving to another state prior to reapplying be an option for you?


I will say, shelter med generally isn't going to make you much money. Does that mean you have to starve paying off your loans? No. That's why income-based repayment exists. But barring future changes, you still have to pay something, and you still have to save for the taxes on the forgiven amount at the end.

Go here (Student Debt Center - VIN)
and plug in some numbers. You should be able to find shelter vet salary numbers online somewhere, though of course it very much depends on where you're working. See if what's left after payment and savings is reasonable to live on. See the difference in what your debt will look like going to your in state option vs whatever out of state you think you have the best shot at. Consider whether staying in your hometown for 4 years is going to be so much worse than doubling your debt, as is often the case.

You will generally hear much the same advice from most veterinarians. This job is hard. It's hard for so, so many reasons, the debt is only part of it. If there's something else you can do that would make you happy, then yes, it's worth considering. If it's really what you want more than anything else, then sure. Chase the dream. Just know what you're getting into.

 

[potentialsheltervet]

Would moving to another state prior to reapplying be an option for you?


I will say, shelter med generally isn't going to make you much money. Does that mean you have to starve paying off your loans? No. That's why income-based repayment exists. But barring future changes, you still have to pay something, and you still have to save for the taxes on the forgiven amount at the end.

Go here (Student Debt Center - VIN)
and plug in some numbers. You should be able to find shelter vet salary numbers online somewhere, though of course it very much depends on where you're working. See if what's left after payment and savings is reasonable to live on. See the difference in what your debt will look like going to your in state option vs whatever out of state you think you have the best shot at. Consider whether staying in your hometown for 4 years is going to be so much worse than doubling your debt, as is often the case.

You will generally hear much the same advice from most veterinarians. This job is hard. It's hard for so, so many reasons, the debt is only part of it. If there's something else you can do that would make you happy, then yes, it's worth considering. If it's really what you want more than anything else, then sure. Chase the dream. Just know what you're getting into.

I appreciate your answer.
One thing I also need to consider is if working at a shelter would qualify as part of PSLF. That would help with debt.

 

[genny]

I appreciate your answer.
One thing I also need to consider is if working at a shelter would qualify as part of PSLF. That would help with debt.

I would not count on PSLF. Government programs can be unfunded on a whim it seems. If you happen to be able to get it, great. But I wouldn't put it into the calculations of whether vet school is affordable for you because there's no guarantee it's going to be an option when you graduate.

 

[battie]

I can't do all that I want to do without a veterinary degree.

Why not? Really the only thing you need the DVM for is the clinical side. So of course if you want to contribute to shelter med as a boots on the ground clinician or teacher, then yes. But if you want to contribute elsewise, you very well may not.

I can't do all that I want to do without a veterinary degree. I think what I'm grappling with now is: would I be reasonably happy doing something else, even if it isn't EXACTLY what I was wanting to do?

Absolutely. Think of all the people who work "menial" jobs. My parents certainly didn't want to work at Wal Mart and oil/gas when they were 20. They wanted to be a lawyer and architect. But are my parents happy? Absolutely. This is the best their marriage has ever been.

Likewise, last year the vet med acceptance rate was 41% and 80%+ of acceptances are first time applicants. That means approximately 40-50% of people who wanted to be vets never become one. They find other purposes in life.

Vet med can be *one* of your passions. But your job should not be your life.

Could I stomach it for the considerable debt reduction?

Maybe, even probably. I went to Illinois and was projected to graduate with 282k. Due to a family death, I will pay considerably less than that. However, after making an awesome excel sheet for paying off my loans, I learned I will accrue enough interest between now and 2038 (my projected finish year) to pay a total of 290k. I cannot imagine what it would be if I had to start with 282k at 7% interest.

The debt and ultimate career should be major considerations. Not everyone gets to do what they want in vet med, even if they become vets. There's a guy at my practice applying for surgical residencies for the third time. So you also need to consider whether or not you'd be happy *not* being a shelter vet. Going out of state, you may not be able to afford to depending on where you want to practice (though as an FYI, shelters vets in the Denver area have a similar salary to me in GP except I get production).

Money is a big deal.

 

[AwesomeOppossum]

Why not? Really the only thing you need the DVM for is the clinical side. So of course if you want to contribute to shelter med as a boots on the ground clinician or teacher, then yes. But if you want to contribute elsewise, you very well may not.

Absolutely. Think of all the people who work "menial" jobs. My parents certainly didn't want to work at Wal Mart and oil/gas when they were 20. They wanted to be a lawyer and architect. But are my parents happy? Absolutely. This is the best their marriage has ever been.

Likewise, last year the vet med acceptance rate was 41% and 80%+ of acceptances are first time applicants. That means approximately 40-50% of people who wanted to be vets never become one. They find other purposes in life.

Vet med can be *one* of your passions. But your job should not be your life.

Maybe, even probably. I went to Illinois and was projected to graduate with 282k. Due to a family death, I will pay considerably less than that. However, after making an awesome excel sheet for paying off my loans, I learned I will accrue enough interest between now and 2038 (my projected finish year) to pay a total of 290k. I cannot imagine what it would be if I had to start with 282k at 7% interest.

The debt and ultimate career should be major considerations. Not everyone gets to do what they want in vet med, even if they become vets. There's a guy at my practice applying for surgical residencies for the third time. So you also need to consider whether or not you'd be happy *not* being a shelter vet. Going out of state, you may not be able to afford to depending on where you want to practice (though as an FYI, shelters vets in the Denver area have a similar salary to me in GP except I get production).

Money is a big deal.

Can you explain your strategy for paying off what you do owe? I know a lot of vet schools interviews like to ask how you will handle the debt and what your strategy is but when looking online at loans and repayment options i get a little lost and I’m not sure what my best strategy should be except paying them each month. Also did your vet school have a guidance counselor or a class that talks about paying off the debt?

 

[battie]

Can you explain your strategy for paying off what you do owe? I know a lot of vet schools interviews like to ask how you will handle the debt and what your strategy is but when looking online at loans and repayment options i get a little lost and I’m not sure what my best strategy should be except paying them each month. Also did your vet school have a guidance counselor or a class that talks about paying off the debt?

I made the excel sheet so that I can adjust how much I pay each month, which will adjust all the subsequent months' worth of interest and such. My current plan is to pay a guaranteed $1000/month plus my production from work (annual until I renegotiate my contract for quarterly) starting with my highest interest loan. The 1000/month will be divided between all the loans so that I pay 5-10 bucks over each month's interest. I did also calculate how long and how much it would take if I consolidated the loans. It actually cost me 12k more and an additional 8 months to pay it off.

Over the next 16 years, I'll pay $66,446.45 (plus the interest I paid off during the COVID interest freeze) in interest alone (assuming 1000/month going towards the loans). That's *after* being able to pay for a few years of vet school and pay off that accrued interest with life insurance money.

My situation is definitely not the norm for an put of state student (or even maybe some in state students). I haven't done the math for if I had accrued all the debt. But I can guarantee I would be paying more in interest than I'm going to now pay in full. What will work for me now certainly would be impossible for me in an alternate reality. In that case, I was going to pay the bare minimum per month and save for the tax bomb at the end of the loans.

There was an elective stream for finances at my school, but I didn't take them. We also had to take a finance literacy thing when we graduated through the loan program I think.