Are you going to be able to pay for this?

Veterinary Science Graduate Certificate from UofI
This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.
BR549

BR549

Full Member
10+ Year Member
Joined
Jan 2, 2009
Messages
172
Reaction score
0
How do you honestly answer the interviewers, if/when they ask you, "Are you going to be able to afford this?" My first instinct would be to ask if they were going to give me any money, but I would obviously not do that! This is the only question I am not comfortable with answering. Honestly, without loans, I can't afford to pay more than some people make a year to go to school.

Anybody got a good way to approach this question?
Members don't see this ad.
 
I don't have a reply to this, but I would like to know how people are going to pay back loans (that's the only way I can go to vet school too!). It is scary to me to think about the amount of loans I will have from vet school and with the economy the way it is, I just don't know. Do you have any plans BR549?
 
I keep asking myself the same thing. How old is too old to be an exotic dancer?
 
Members don't see this ad :)
Here's a more constructive thought: I know most undergraduate schools have need-blind admissions. Is that the case with vet school? If so, it seems unlikely they would ask that question. If not, I would answer, "Yes. Of course."

This was a terrible time for the economy to take a downturn. Not that there's a good time.
 
This what was on the link David594 posted:

Income Contingent Repayment(ICR) Plan

A repayment plan that bases your monthly payment on your yearly income, family size, and loan amount. As your income rises or falls, so do your payments. After 25 years, any remaining balance on the loan will be forgiven, but you may have to pay taxes on the amount forgiven.
Each year your monthly payment will be based on your family size, annual Adjusted Gross Income (AGI) as reported on your federal tax return, and the total amount of your Direct Loan(s). To participate in the ICR Plan you must authorize the U.S. Internal Revenue Service (IRS) to inform the U.S. Department of Education (Department) of the amount of your income. This information will be used to calculate your repayment amount, which will be adjusted annually to reflect changes in your AGI If you select the ICR Plan, you will be billed for only the interest amount that accrues on your loan each month until you complete and return the required documentation. We cannot place you on ICR Plan until we receive your completed forms.



Wow! I didn't know such a thing exsisted. How does it work? When can you sign up for it? After you graduate or during? I am really curious about this.
 
My husband and I have had similar discussions about Veterinary School and graduate school in general. We are both still paying on undergraduate loans; because of that and the expenses involved with raising a family, finances are a well-discussed topic with us.

We have come to this conclusion:

Veterinary School, just like any graduate school, is an investment. The return will be the increased salary and a career that I love. There is always going to be a need for veterinarians, even with an economy that doesn't look very healthy.
 
BR549 said:
This is the only question I am not comfortable with answering. Honestly, without loans, I can't afford to pay more than some people make a year to go to school.
Click to expand...

And that is the norm for pretty much all of us applying.

I know I had a few questions from Ohio during my interview regarding cost of vet school.

"Do you know how much it costs to attend veterinary school?"

"What does the average starting veterinarian make?"

During our pre-interview orientation they made it very clear that we would have no issue getting all the loans we need through the school for our education there. With the interview though it seemed they were really trying to make sure I(we) had some understanding of the economics of the education we are getting into.

Do we realize that we will easily graduate with $200k in debt? And that if we want to be a small animal vet, we will graduate making close to $55k a year than $100k a year?
 
Are there any strings attached to the ICR plan?
 
The answer, for me, is pretty basic. I didn't apply to vet school immediatly after college because I had substantial students loans & didn't have the means to pay for vet school. I have spent the past 7 years obtaining diverse and unique experience, while saving extensively to attend vet school. I can afford, at this time, a minimum of 3 years of vet school (at the schools I have applied to) along with paying a mortgage on a house near the vet school I attend, and covering living expenses for myself. My husband and I are saving now for the 4th year, despite economic pressures. I am also taking additional steps to save even more money in this final year of work.

Now, of course, the trick is to get in. No interviews yet.
 
Besides paying taxes on the loans that are forgiven after 25 years.
 
Poochlover11 said:
Wow! I didn't know such a thing exsisted. How does it work? When can you sign up for it? After you graduate or during? I am really curious about this.
Click to expand...

Its a repayment option for federal loans. According to the info you can take advantage of it at any point during your repayment period.

I havent really run the numbers, but I suspect that for those of us expecting $200k in loans and not expecting to make greater than $100k a year any time soon, we might actually come out ahead(way ahead) compared to normal 25 year extended repayment option.

It would also significantly limit our payments making life much more "livable" that whole time.
 
david594 said:
Do we realize that we will easily graduate with $200k in debt? And that if we want to be a small animal vet, we will graduate making close to $55k a year than $100k a year?
Click to expand...

And that is part of the reason I keep going back to the idea of doing research, at least to start off. I love research anyway, and it pays more than practicing vet medicine. I definitely plan to try to get into a DVM/PhD program. It will mean more school and more debt, but I think it will pay off in the end. It will help that my husband should be making a decent salary.
 
Members don't see this ad :)
david594 said:
"Do you know how much it costs to attend veterinary school?"

"What does the average starting veterinarian make?"
Click to expand...

So they didn't actually ask how you intended on paying? This is good info. And thanks for the ICR link.
 
I also got a few financial questions in my Ohio State interview. They asked if I knew how much vet school costs, and I told them, essentially, it would depend on the circumstances (in state, out of state, getting in state tuition at OSU, etc) and threw out a few figures. They asked if I knew how I was going to pay for it, and I was very honest. I told them flat up no, I can't, but that I was really lucky to have gotten enough scholarships to go to undergrad with no loans, and that I planned on being six figures in debt upon graduating from vet school. They didn't seem to have any problem with that answer..
 
I heard one time that UGA has a loan forgiveness program if you committ to 5 years of large animal service in a rural community. I'm not sure if this is accurate or not. Does anybody else know of any program of this sort? Education is the only thing I don't mind paying for, since it never depreciates.

I am Teach For America corps member, so I received some money from Americorps and GA will forgive 30% Of my undergrad loans after I complete this final year of teaching. This helps out a lot! I like loan forgiveness.:D
 
So they didn't actually ask how you intended on paying?
Click to expand...

I got all the same $ questions at my OSU interview that others have stated in the previous posts. But they also did ask me on how I intended to pay for it.

Actually I'd say about 30% of my interview had to do with questions concerning money...both about my ability to pay, how much school cost, future income, etc. and then my reactions to real life examples of how to deal with future clients concerning money.
 
BR549 said:
I heard one time that UGA has a loan forgiveness program if you committ to 5 years of large animal service in a rural community. I'm not sure if this is accurate or not. Does anybody else know of any program of this sort? Education is the only thing I don't mind paying for, since it never depreciates.

I am Teach For America corps member, so I received some money from Americorps and GA will forgive 30% Of my undergrad loans after I complete this final year of teaching. This helps out a lot! I like loan forgiveness.:D
Click to expand...



I have heard about loan forgiveness if you committ to a rural community. Basically, you committ to a town that is need in of a vet (no vets nearby-I usually think of a farm community or small town) and the town will pay off your loans. The only problem is that you are kind of limited in places where you can pratice, and you may be stuck in the middle of no where for x number of years.
 
BR549 said:
Thank you, JustCats!! This is very helpful. I don't mind spending 5 years in the country. I grew up on a farm and was considering large animal practice anyway. I especially love goats; however, not many people seek veterinary care for goats.
Click to expand...

Really? I know quite a few people who have goats, especially the pigme (not sure if that is how it is spelled). Goats are ok, I am just a little traumatized from being rammed in the butt while feeding goats at the zoo as a little kid :(
 
BR549 said:
I especially love goats; however, not many people seek veterinary care for goats.
Click to expand...

As a goat owner, I would attribute this in part to the scarcity of good goat vets!
Awhile ago I took a week-old Nubian kid (the kind with the big, floppy ears -- very distinctive) to the local large animal vet, where the technician gushed over my "adorable rabbit." :eek: After that misunderstanding was cleared up, the vet himself asked what kind of goats they were (this would be tantamount to a small animal veterinarian not recognizing a golden retriever or yorkshire terrier). I now drive over an hour and a half for veterinary care.
 
Mama070609 said:
I definitely plan to try to get into a DVM/PhD program. It will mean more school and more debt, but I think it will pay off in the end.
Click to expand...

You won't be paying more to do a DVM/PhD program....you'll be paying anywhere from zero to the same amount you'd pay for a DVM, depending on the school.
 
http://vetopportunities.amedd.army.mil/hpsp.html
Thanks Skillet for posting!
Haven't read the details on the scholarship yet but will do tonight.... I've been thinking of the Army program for awhile now. From what I know, your service years reflect how many years they finance your education - so a four year scholarship means four years in the military after you graduate. I'm a navy brat so I know there are major benefits to joining the military esp if you have a family, like major discounts for healthcare, home/car loans, groceries/goods...etc.
And I think in addition to paying for school, they also provide you monthly stipends! Anyone know of someone who got the army scholarship???
 
nyanko said:
You won't be paying more to do a DVM/PhD program....you'll be paying anywhere from zero to the same amount you'd pay for a DVM, depending on the school.
Click to expand...

You are correct. PhD programs actually even offer stipends for living expenses. Though it sounds from your post that there are schools that will cover all (academic) expenses?
 
Just to be a little more accurate about the Military scholarship, it is actually a 8 year commitment after school (3 years active duty, 5 years IRR-individual ready reserves) though you can get a civilian job after the 3 years active duty provided you are not deployed at time of inactivation. You also have some military commitment while in school too on your summer breaks. There are scholarships available for 1 and 2 years but not for 4 years for veterinarians.

With air force/navy you will be doing all public health work while with the army there is more of a mixture of food safety with clinical work.
 
Mama070609 said:
You are correct. PhD programs actually even offer stipends for living expenses. Though it sounds from your post that there are schools that will cover all (academic) expenses?
Click to expand...

Some schools offer either tuition remission + stipend for the DVM portion as well as the PhD portion or compensation for the DVM portion upon completion of the dual degree, and I think all will provide for the PhD portion. You should do some research into the programs offered at different schools...
 
BR549 said:
How do you honestly answer the interviewers, if/when they ask you, "Are you going to be able to afford this?" My first instinct would be to ask if they were going to give me any money, but I would obviously not do that! This is the only question I am not comfortable with answering. Honestly, without loans, I can't afford to pay more than some people make a year to go to school.

Anybody got a good way to approach this question?
Click to expand...

ummm tell them the truth (?).

If you can afford it youself, say so.
If you have someone who can help, say so.
If you are going to go solely off loans, say so.

Trust me there is a large variety of all cases.
 
nyanko said:
Some schools offer either tuition remission + stipend for the DVM portion as well as the PhD portion or compensation for the DVM portion upon completion of the dual degree, and I think all will provide for the PhD portion. You should do some research into the programs offered at different schools...
Click to expand...

You're right, I do need to do more research into what each school offers. (I also have to keep in mind the career opportunities for my husband in the area.) But one step at a time. :) That's my next focus, after my current one.
 
So I just realized something. With the income dependent repayment option any outstanding balance for federal direct loans is forgiven after 25 years of payment. Or the loans are forgiven after 10 years if you are working in a "public service" job (nonprofit 501(c)(3) organizations).

The big benefit would could be if a person wanted to do an internship and residency as some of the larger hospitals qualify as non-profit.(Angell, AMC). So if you did 4 years at a qualifying hospital as an intern/resident, and then 6 years at another your loans would be forgiven. If you figure your loans would have been in deferment those first 4 years anyways, you could come out way way ahead going this route.
 
david594 said:
So I just realized something. With the income dependent repayment option any outstanding balance for federal direct loans is forgiven after 25 years of payment. Or the loans are forgiven after 10 years if you are working in a "public service" job (nonprofit 501(c)(3) organizations).

The big benefit would could be if a person wanted to do an internship and residency as some of the larger hospitals qualify as non-profit.(Angell, AMC). So if you did 4 years at a qualifying hospital as an intern/resident, and then 6 years at another your loans would be forgiven. If you figure your loans would have been in deferment those first 4 years anyways, you could come out way way ahead going this route.
Click to expand...

Are you saying that loans can be deferred during an internship/residency? If so, is this on the grounds of financial hardship or because most residencies require earning a master's degree so you would in fact still be a student? Are internships considered part of your schooling? I've been wondering how one even begins to pay off loans while doing a residency, but it hadn't occurred to me that they could be deferred during that time (until now). Did I understand you correctly?

Sorry for all the questions! I just recently found out that the remainder of my previous loans can be forgiven if I teach one more year in my current position (I teach at an "at risk" school in a high need subject area)... the only positive I've found for not being accepted this year. But of course I am still hoping to get accepted in the next week or two... what's a bit more added to a huge loan anyway?
 
gone2dogs, have you been teaching for 4 years already? I am in a similar scenario; however, I cannot bear to teach another year (my classroom management has a lot to be desired!)!! I decided if I don't get in this year, I will get my Masters in Dairy and Animal science and reapply.
 
BR549 said:
gone2dogs, have you been teaching for 4 years already? I am in a similar scenario; however, I cannot bear to teach another year (my classroom management has a lot to be desired!)!! I decided if I don't get in this year, I will get my Masters in Dairy and Animal science and reapply.
Click to expand...

I've actually been teaching for 6 (or 8 if you count the teaching I did in grad school), but my first 2 years were not at a high risk school. I had been thinking that I would leave teaching this year regardless of admission and apply for full time vet assisting jobs, but realistically I don't know if I can financially pull that off, and the added incentive of entering vet school without any debt is enough to keep me teaching for another year. I don't love it, but I don't hate it either. It definitely helps that I teach upperclassmen in mainly AP Chem and honors chemistry... They can be talkative, but not too hard to get to do their work and pay attention! My lack of "classroom management" skills is what drove me out of middle school and into high school (which is what I wanted in the first place).:oops: Good luck to you in getting in this year! I think we all must be going a little nuts right about now...
 
gone2dogs said:
Are you saying that loans can be deferred during an internship/residency?
Click to expand...

I'm pretty sure you can defer during internship/residency, but that was not actually what i was talking about.

The income contingent repayment options are a federal loan repayment option where your payments are based on the something like 15% of the difference between your salary and 150% of the poverty line where you are.

So if you were an intern making $25,000 you would be paying .15x(25000-(1.5x11,000) = $1275 a year or ~$107 a month. A much more manageable amount while you are making an intern/residents salary.

This is compared to roughly $1,400 a month you would be paying if you were going with the standard 25 year loan repayment option for your federal loans.

Now even if you were making $100,000 a year, your loan payments would only be $1,050 a month under the income continent repayment option. Then after 25 years of making payments under this plan the government wipes out the remainder of your loan balance. To break even cost wise with the standard loans versus the income contingent repayment option you would have to make an average of $130,000 a year over the 25 year period for the costs to come out about the same.

The other really appealing option is if you work for a non-profit in which case the government will wipe out the remainder of the loan after 10 years. So if you worked for a non profit hospital during your internship/residency and for a few years afterwards you could have your loans wiped out with you paying only a fraction of what you would have paid otherwise.
 
You must log in or register to reply here.
Next unread thread

Similar threads

D
Advice on how to best pay for vet school?
Replies
4
Views
2K
EB73674
EB73674
CombinedDriving67
Using Student Loans to Pay Yourself Back
Replies
3
Views
1K
CombinedDriving67
CombinedDriving67
HeyJazz
  • Question
Has anyone been able to find vet school-specific internship/residency matching data?
Replies
4
Views
2K
MixedAnimals77
MixedAnimals77
CyroCap
  • Locked
What to do now that I'm going to vet school
2
Replies
50
Views
3K
Minnerbelle
Minnerbelle
I
Why are you going to vet school and what do you expect?
Replies
15
Views
2K
Minnerbelle
Minnerbelle
Top