Apply with Big Loans or Wait?

[dottoressa]

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Hi Guys,
Vet medicine is my dream. I have significant government loans from prior (medicine-related) education. I have a modest-paying job currently. Should I work for a few more years to chip away at the debt vs. apply sooner and pay it off later as a vet?
I am interested in equine medicine. Would I be able to earn enough to pay off prior loans plus vet school loans and still be able to make ends meet?
I don't want to postpone vet school forever, but I am not sure where all this money is going to come from....
Thanks in advance.
d

 

[AlaskaGrad]

Not all vet schools cost the same, and some have better equine programs than others. The AAVMC has a link with the approximate cost of IS vs OOS tuition for each school. You may want to look at establishing residency in the state with the school you want to attend. As for other financial matters that is between you and your lenders. I will say that if you do postpone applying, make sure that you continue to pursue activities that make you a competitive applicant. It would be a shame if by postponing your application you create a void in your qualifications.

Best of luck!

 

[david594]

How much debt do you have? Have much veterinary experience do you have? And what program were you in previously and why are you no longer there?

 

[Azarael]

Yeah man, that's a serious consideration. One of the things I'm most worried about is paying off vet school debts. I'm slowly learning the veterinary career isn't the most lucrative one out there, especially for starting vets. I dunno what to tell ya.

Do some math. After graduating from vet school think about how much debt you would accumulate. How long would it take you to pay it all off? (Especially after starting a new career as a vet.) Perhaps it might be best to put away some money working a solid job for a few years first? Would it make a difference in the long run? If not... then hell, I'd say do what you want to do and apply to vet school now.

 

[dottoressa]

Thanks for your input, Guys. Right, I'm not sure if I should continue to work at my current medical job or go ahead and pursue vet med now. I am really unsure about the opportunities available as an equine vet and what my salary might look like. So, I don't know if I should apply soon or wait until I pay down the loans a bit. I think the work I'm doing, while not vet med, is beneficial to my education and would strengthen an application to vet school. I think I have enough veterinary experience to apply at this point. I did finish my previous program, but I don't think it's a great match for me personally.

 

[twelvetigers]

About the salary, take a peek at this thread:

http://forums.studentdoctor.net/showthread.php?t=672213

Equine is even mentioned specifically, and not very positively.

 

[projekt]

Here's my take on it:

Calculate how much vet school will cost. I am in-state at UGA and it costs $14k/year for tuition + $9k living expenses so that is $21k/year about $90k.

Put that amount plus your undergrad debt into the payment calculators. See if you can handle that monthly requirement. Remember: equine vets often start at lower pay but quickly come up to normal with their peers. I'm not sure why that is, but it seems to be a fact.

The sooner you become a vet, the easier it will be to pay off your loans, in general.

 

[aspiringDVM]

Remember: equine vets often start at lower pay but quickly come up to normal with their peers. I'm not sure why that is, but it seems to be a fact.

I was under the impression that equine vets often have a lower average starting salary because doing an internship or a residency after graduating is more common. Not sure if that's strictly accurate, but it seems like a reasonable explanation.

 

[rileyroo]

I was under the impression that equine vets often have a lower average starting salary because doing an internship or a residency after graduating is more common. Not sure if that's strictly accurate, but it seems like a reasonable explanation.

i spent some time at a large specialized equine hospital that provided residencies and internships, and was told this information as well.

 

[snapcall]

Also, another thing to take into consideration when looking at the lower starting salaries for equine vets is that the area of the country in which you practice has a HUGE impact on how much money you'll make. While this is true in every area of vet med (and actually just about every profession), it is particularly important in this case because there are very few areas which have both:

a) a high concentration of horses; and
b) owners who are willing and financially able to spend substantial amounts of money on veterinary care

In many areas of the country that have a lot of horses, the median income is relatively low. Therefore, an equine vet in Virginia is going to make 2-3x more than another vet of the same qualifications and skill set in, say for example, rural Texas (not to pick on Texans at all, just picked another area at random 😀).

To the OP: If you're 1000% sure that you ultimately want to practice equine medicine, it might be a good idea to try to get the student loans down to a more manageable level before applying, especially if you live in an area of the country where equine vets don't make that much. If you live in or are willing to relocate to VA/parts of CA (I know there are other places in the US but I can't think of them right now ), you may have some more wiggle room since your starting salary will likely be higher. Best of luck!

 

[rileyroo]

If you live in or are willing to relocate to VA/parts of CA (I know there are other places in the US but I can't think of them right now ), you may have some more wiggle room since your starting salary will likely be higher. Best of luck!

some parts of florida, kentucky, and new england from my experience in this field.

 

[snapcall]

^^^absolutely

 

[dottoressa]

Do most new equine vets (after internship +/- residency) work as an associate for a few years? or do most try to start their own practices immediately? With either, I imagine the earning potential varies widely. I am not yet sure where I would want to practice.
I have seen the recent AAEP salary survey, but have a hard time guessing where I might fall on the spectrum. I could see myself wanting to open a clinic and surgical center. However, I'm apprehensive about the fact that after school I would have considerable debt and no start-up money to establish a clinic.

 

[aspiringDVM]

Do most new equine vets (after internship +/- residency) work as an associate for a few years? or do most try to start their own practices immediately? With either, I imagine the earning potential varies widely. I am not yet sure where I would want to practice.
I have seen the recent AAEP salary survey, but have a hard time guessing where I might fall on the spectrum. I could see myself wanting to open a clinic and surgical center. However, I'm apprehensive about the fact that after school I would have considerable debt and no start-up money to establish a clinic.

I'm sure this really varies with location. If you live in a horsey area, starting up your own practice and trying to compete with the established multimillion dollar, multi-doctor clinics in the area seems like a hard row to hoe. Then again, in a more rural area (or any region with a lower vet:horse ratio 😀), I'm guessing it would be a bit easier to establish a reputation and client base. (I'm aware that I'm making a few assumptions here, so please offer another opinion if you disagree.)
Also, keep in mind that not all vets have a physical clinic. The vet I worked for this summer had her own ambulatory practice with all the accompanying equipment stashed in the truck, and she referred cases that required surgery or hospitalization one of the nearby clinics. It was also pretty common for the same farm to have two or four different vets: repro, lameness, surgical, podiatry, respiratory, etc. Of course, this was an area with the resources and client base to make this feasible, and I'm aware that it's the exception rather than the rule.

 

[sumstorm]

Hi Guys,
Vet medicine is my dream. I have significant government loans from prior (medicine-related) education. I have a modest-paying job currently. Should I work for a few more years to chip away at the debt vs. apply sooner and pay it off later as a vet?
I am interested in equine medicine. Would I be able to earn enough to pay off prior loans plus vet school loans and still be able to make ends meet?
I don't want to postpone vet school forever, but I am not sure where all this money is going to come from....
Thanks in advance.
d

I just wanted to address the first part of your post. You are the only one who can decide what you are comfortable with. I personally was unable, due to my cultural and familial beliefs, to ignore and add to debt. Just going to college set me as an outcast who was 'slacking' for 4 years, no matter that I worked 40+ hours a week. I had to, for my mental health, prove my chops in the working world.

Now, returning to school, it makes some things much more difficult (a decade since the pre-reqs) but there are other things that I 'get' that younger students who have never fully depended on their own earnings just don't understand. Having said that, the culture is very different (and other admins have said that the culture of the youth entering has changed over the past decade) and that can be hard, and schools are aimed at students recently completing undergrad, and that mentality can be a struggle.

So, there are advantages and disadvantages to either path. Financially, if you are going in a field where you aren't likely to make more than you do now, then it is a neutral point. If it is a field where you pay your dues early then make good money, or a field where you will make more money than you do now soon after degree completion, then it makes more sense to make the move now, from a financial standpoint. I don't believe finance is always the single guiding factor. I apologize, but equine is pretty far from my interests, so I can't offer an opinion there.