Choosing the more expensive school…

[flotus]

Has anyone chosen to attend a more expensive school and been happy with/regretted their decision?

*I am 100% not attending my in-state. However, I am left with some moderately priced options and an EXPENSIVE option. The expensive option is my dream school, but the debt (~400k pre-interest + my undergrad debt) scares me. I know education opps are similar everywhere and where we go doesn’t matter in the aspect of our future career. I know many stress going to the cheapest school, but just wondering if anyone has any specific yay/nay personal experiences.

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[PruVet99]

Have you reached out to your dream school to discuss possible scholarships? Some offer top candidates additional scholarships and some schools have extensive scholarships to apply to. I know many people here say just go to the cheapest option but you have a dream so before counting it out maybe you should speak with them and see if they can offer suggestions on how to bring the expensive option more in line with the others. Perhaps it is worth a try if you are comfortable speaking to them.

 

[flotus]

Have you reached out to your dream school to discuss possible scholarships? Some offer top candidates additional scholarships and some schools have extensive scholarships to apply to. I know many people here say just go to the cheapest option but you have a dream so before counting it out maybe you should speak with them and see if they can offer suggestions on how to bring the expensive option more in line with the others. Perhaps it is worth a try if you are comfortable speaking to them.

I was thinking about this. I believe I might get a scholarship from one school, that I may be able to use as some kind of leverage. I was going to wait until I received financial aid packages from schools before reaching out, because I may have received some scholarships. Do you think it would be best to wait before I assume I won’t get any aid?

 

[PruVet99]

I would not assume you will not get any aid. I do not know how often people post about scholarships on the school threads but definitely keep an eye out for it. It cannot hurt to contact the schools and ask if there is a timeline at each for scholarship distributions. They may say that they offer them within a certain time frame and prior to the financial aid package as a whole. I know people who used offers from one school to approach other schools for undergrad in order to try to get more money from their first choice school and it worked. I simply have no experience with this and vet school but it is certainly a reasonable idea. An email asking for a timeline seems unobtrusive and can maybe ease your anxiety a bit.

 

[SkiOtter]

It is not worth that much extra money for your “dream school.” There have been multiple threads about this already. Listen to the actual graduated veterinarians who are repaying their loans, not prevets and students who are in your same situation and are still doe-eyed about the whole situation. Graduated vets are the ones actually in the repayment stage and fully understand the gravity of their loans and how it affects their life. Yes, payments are currently paused, but vets who graduated prior to 2020 have a very good understanding of how it impacted them.

 

[whateverforever]

Yes. I did this and ended up dropping out of school! At least 70% of the reason was because I regretted not taking my in state seat and I was so stressed about the money and all the life things I wouldn't have or would have to delay because of it. I am now a 31 year old adult, returning to vet school at my in state and my current dream school is ironically that school I turned down the first time but I am no longer IS there. My family and friends are all there, but I won't make that mistake again. It. Is. Not. Worth. It.

Edit: also, my choice was only my "second most expensive option" but was still a good $100,000 more overall.

 

[flotus]

It is not worth that much extra money for your “dream school.” There have been multiple threads about this already. Listen to the actual graduated veterinarians who are repaying their loans, not prevets and students who are in your same situation and are still doe-eyed about the whole situation.

I agree that I should be listening to those who are graduated and in repayment. I was hoping to hear the good, bad, and ugly from those who may have chosen to go to a more expensive school.

 

[PruVet99]

It is not worth that much extra money for your “dream school.” There have been multiple threads about this already. Listen to the actual graduated veterinarians who are repaying their loans, not prevets and students who are in your same situation and are still doe-eyed about the whole situation.

I agree that I should be listening to those who are graduated and in repayment. I was hoping to hear the good, bad, and ugly from those who may have chosen to go to a more expensive school.

LOL - I told you the overwhelming response would be to go to your most cost-effective option. I am just trying to give you advice on how to try to advocate for perhaps getting your dream school pricing in line with the others since you will not be attending your IS school and maybe you will be presently surprised. You have earned the right to try and if not - well you gave it your best effort and be proud of yourself. You will be a veterinarian one day. Best of luck!

 

[flotus]

LOL - I told you the overwhelming response would be to go to your most cost-effective option. I am just trying to give you advice on how to try to advocate for perhaps getting your dream school pricing in line with the others since you will not be attending your IS school and maybe you will be presently surprised. You have earned the right to try and if not - well you gave it your best effort and be proud of yourself. You will be a veterinarian one day. Best of luck!

I wasn’t trying to say I didn’t appreciate your response! I’m sorry, I hope it didn’t come off that way. I truly appreciate everyone’s advice and input. I was just agreeing with ski about listening to those who have experience with it. But, I also agree that if I can get the cost of my dream school down, that it would be worth it! Thank you again and I’m sorry if you thought I didn’t value your input

 

[PruVet99]

I wasn’t trying to say I didn’t appreciate your response! I’m sorry, I hope it didn’t come off that way. I truly appreciate everyone’s advice and input. I was just agreeing with ski about listening to those who have experience with it. But, I also agree that if I can get the cost of my dream school down, that it would be worth it! Thank you again and I’m sorry if you thought I didn’t value your input

No problem at all! Good luck with the process

 

[katiemcat]

My uncle is 55 and is just now down to paying down the interest of his $400k vet school loan. Choose your cheapest option, you will get a similar education no matter where you attend and it’s not worth sacrificing your financial security and stability down the line.

 

[KCgophervet]

Vet school is 4 years. Student loans can last a lifetime (depending on how large they are and what repayment plans you use). 100% vote go to the cheapest school you get into.

For context, I went to my IS, graduated with 205K loans (which quickly turned into 230K after it capitalized or whatever the term is for adding in all the interest that accrued during school), and am terrified what the loan payments will be once they start up again. I haven't had any real payments yet because I was in residency (not earning enough to need to start paying back) and then COVID. I make 6 figures, but I have 2 (soon to be 3) kids in daycare and a mortgage and car payments and a life. I worry what will need to change in order to fit those loan payments in the budget. And this is going to my IS school, working 2 jobs during school, living with roommates, etc.

 

[RightMeow!]

I know people who used offers from one school to approach other schools for undergrad in order to try to get more money from their first choice school and it worked.

I find it hard to believe this would even remotely work with a vet school.

Not only does it just feel incredibly pompous, there are 10 other qualified applicants that would take your spot in a heartbeat. I bet some of them would even pay double tuition if it meant getting accepted. It's hard to bargain when you have nothing to bargain with.

The expensive option is my dream school

Here is an analogy to consider -- My sandwich cost $10. You think it looks good and order the exact same thing. The cashier charges you $23. Would you pay that $23 or walk next door and get a very similar sandwich for $11? At the end of the day you can still eat a good sandwich AND save money.

Also, your experience as a vet student is not inherently dependent on the school you attend. Cultural nuance exists between classes even at those "dream schools". You can't predict what your experience will be with your classmates, professors, housing, neighbors, etc. Your dream may actually be a nightmare that you're paying extra tuition to sit through.

 

[matthirten13]

I was thinking about this. I believe I might get a scholarship from one school, that I may be able to use as some kind of leverage. I was going to wait until I received financial aid packages from schools before reaching out, because I may have received some scholarships. Do you think it would be best to wait before I assume I won’t get any aid?

Haven't completed the process, so can't tell you how it worked out. But I'm personally planning to reach out to one of the programs to see what would be in the realm of possibility for scholarship/financial aid, as the DVM/PhD program funding is extremely variable across the schools. I'm not not expecting much, but I figure if I know there is no hope at additional funding, then they can pass on my slot to someone worthy sooner rather than later!

 

[finnickthedog]

All I can say is that in the 7+ years I've been hanging out on this forum and seen this topic come up multiple times, I have yet to see a person who chose a more expensive school that had already graduated and entered repayment tell us how worth it it was.

Sure, I've seen people who chose more expensive schools and felt very confident that it was the right decision. But they either hadn't started yet or hadn't graduated yet--and they didn't come back to tell us how it felt once they were paying it back.

Maybe it happened and I missed it but...

 

[fdvet]

How accurate are schools' estimates of living expenses? Should we consider solely tuition costs when looking at cost of attendance for schools that are similar location-wise (big city vs. small city vs. rural, etc.)?

 

[that redhead]

I have 2 (soon to be 3) kids

Why didn’t not know this?!

 

[DVMDream]

As someone who has that $400k student loan debt, is graduated, has paid on it some and now owes more than I did at the start, despite paying on the loan, find your cheapest option.

The debt is like dragging around a ball/chain constantly. You can't escape it. You're always worried about it. If you want to leave a job, find another, go part time, or heck even decide maybe vet med isn't for you anymore, you can't (or have to significantly scrutinize your options)... because that ball and chain keeps you trapped in. It is like being a prisoner, except you always have to make above a certain salary to stay afloat and you still are NOT paying off the loans, you're just waiting for loan forgiveness. Given the current government shenanigans over student loans and how each political party wants to revamp repayments, things can change rapidly. They could go in the favor of student borrowers or they could really quack us all over.

Cheapest option, 100%, even then you still may be trapped depending on how much cheaper it really is.

 

[flotus]

As someone who has that $400k student loan debt, is graduated, has paid on it some and now owes more than I did at the start, despite paying on the loan, find your cheapest option.

The debt is like dragging around a ball/chain constantly. You can't escape it. You're always worried about it. If you want to leave a job, find another, go part time, or heck even decide maybe vet med isn't for you anymore, you can't (or have to significantly scrutinize your options)... because that ball and chain keeps you trapped in. It is like being a prisoner, except you always have to make above a certain salary to stay afloat and you still are NOT paying off the loans, you're just waiting for loan forgiveness. Given the current government shenanigans over student loans and how each political party wants to revamp repayments, things can change rapidly. They could go in the favor of student borrowers or they could really quack us all over.

Cheapest option, 100%, even then you still may be trapped depending on how much cheaper it really is.

I feel like this is what I needed to hear. I’ve heard from a few vets that even with 400k in debt, they’re still able to live comfortable lives. And that may be true…but I guess the debt is still daunting. I won’t be going to my in state so my debt will be somewhere between 250-270k depending on if I get any scholarships (which I don’t count on)

 

[DVMDream]

I feel like this is what I needed to hear. I’ve heard from a few vets that even with 400k in debt, they’re still able to live comfortable lives. And that may be true…but I guess the debt is still daunting. I won’t be going to my in state so my debt will be somewhere between 250-270k depending on if I get any scholarships (which I don’t count on)

I live comfortably, but I'm also not paying off the loans. I'm paying the minimum based on income. Eventually that is forgiven, but depending on how it is forgiven, you have to pay taxes on the forgiven amount. Income taxes on $300k+ is a lot. A whole lot. You have to have enough saved up.

I can pay my bills, put food on the table, I was able to buy a house (this was pre-covid though and I've heard of people struggling a lot post covid), even have fun and put money in savings, but I can't take vacations I'd really like to take. I can't change jobs easily. I can't just up and move (I'd love to move to a different state but I'm stuck). I can't drop down to part-time because of the loans. I can't find a job outside of vet med because anything I would qualify to do wouldn't pay enough.

I can live and survive but I'm trapped. I can't do things I want to do (drop working hours, move, possibly leave vet med, etc).

 

[flotus]

I live comfortably, but I'm also not paying off the loans. I'm paying the minimum based on income. Eventually that is forgiven, but depending on how it is forgiven, you have to pay taxes on the forgiven amount. Income taxes on $300k+ is a lot. A whole lot. You have to have enough saved up.

I can pay my bills, put food on the table, I was able to buy a house (this was pre-covid though and I've heard of people struggling a lot post covid), even have fun and put money in savings, but I can't take vacations I'd really like to take. I can't change jobs easily. I can't just up and move (I'd love to move to a different state but I'm stuck). I can't drop down to part-time because of the loans. I can't find a job outside of vet med because anything I would qualify to do wouldn't pay enough.

I can live and survive but I'm trapped. I can't do things I want to do (drop working hours, move, possibly leave vet med, etc).

I am sorry you feel stuck. Thank you for feeling comfortable enough to share this with me (and the internet).

I feel like I was leaning towards not picking my dream school (but just needed some kind of real life scenario and not just someone telling me to go to the cheapest school), and hearing this kind of got me to that point.

 

[supershorty]

I have 2 (soon to be 3) kids

AAAHHH!! Congrats!!!!

 

[Musicandhorses]

Didn’t you get into Ohio state? Because did you factor in that they switch you to in state after first year?

Addendum: for what it’s worth I either worked or went to school at like 3-4 of the schools you got accepted to (I’m not be a stalker I promise lol). These schools are VERY similar with how they do things. Granted I’m older now so things may have changed, but I think you’ll find that most schools are very similar. Now if you can’t see yourself living in one city and might drop out, I’d rather someone finish than drop out. But I think you’ll also find these schools have way more similarities than differences. Plus you can get experience through any of them if you put the time and effort into externships etc. Good luck.

 

[flotus]

Didn’t you get into Ohio state? Because did you factor in that they switch you to in state after first year?

Addendum: for what it’s worth I either worked or went to school at like 3-4 of the schools you got accepted to (I’m not be a stalker I promise lol). These schools are VERY similar with how they do things. Granted I’m older now so things may have changed, but I think you’ll find that most schools are very similar. Now if you can’t see yourself living in one city and might drop out, I’d rather someone finish than drop out. But I think you’ll also find these schools have way more similarities than differences. Plus you can get experience through any of them if you put the time and effort into externships etc. Good luck.

Yes, I’m currently considering Purdue and Ohio State as my moderately priced options.

My dream school is Tufts.

Thank you <3

 

[maxride14]

Yes, I’m currently considering Purdue and Ohio State as my moderately priced options.

My dream school is Tufts.

Thank you <3

I realize I'm not qualified to offer advice for your position, but I thought I'd share a similar situation I was in a while ago. I'm currently an undergrad freshman (yeah... idk why I'm here now lol), but when I was applying to undergrad Tufts was one of my favorite schools. I got in, visited, and further instilled how excited I'd be to go there. Even when I visited, I knew in the back of my mind that picking Tufts for undergrad would blow through all my savings in put me in a ton of debt before I even reached vet school. I'm currently at a state school, saving much more money and I've found my people. Is it where I thought I'd be for college four years ago, probably not. But overall it was the best decision for me financially and now ultimately career wise. I won't be debt free in eight years but it'll be much more manageable than if I picked 8 years of private education. As someone who also loves Tufts (albeit in a slightly different situation, but still lol), I thought I could offer my experience with it.

 

[futurehorsedoctor]

Vet school is 4 years. Student loans can last a lifetime (depending on how large they are and what repayment plans you use). 100% vote go to the cheapest school you get into.

For context, I went to my IS, graduated with 205K loans (which quickly turned into 230K after it capitalized or whatever the term is for adding in all the interest that accrued during school), and am terrified what the loan payments will be once they start up again. I haven't had any real payments yet because I was in residency (not earning enough to need to start paying back) and then COVID. I make 6 figures, but I have 2 (soon to be 3) kids in daycare and a mortgage and car payments and a life. I worry what will need to change in order to fit those loan payments in the budget. And this is going to my IS school, working 2 jobs during school, living with roommates, etc.

I see you went the PSLF route, care to share more about that?

 

[TheGirlWithTheFernTattoo]

I was only ever going to go to one vet school, because of the way admissions works in Canada. However, I had this choice to make during undergrad. Live at home, go to my local university for undergrad, and save money for vet school. Versus move out, go to school in a different city, and likely be in debt prior to vet school starting.

I ended up choosing the cheaper option, although at the time I was decently upset about it and thought I was missing out. Fast-forward to vet school and I was (and still am) so grateful I made the choice I did. Having no debt (and some savings) prior to school meant that I was able to squeak out of vet school debt free. This allowed me to move basically wherever I wanted for internship/residency with cost not being a huge factor; this opens up far more doors for me in life than going to a specific undergrad or specific vet school would have.

 

[SkiOtter]

I see you went the PSLF route, care to share more about that?

One thing about PSLF is that it’s never guaranteed so you shouldn’t bank on it even if you plan on working in academia or something else public/501c3 like a shelter. You can hope that it still will be a thing and you’ll qualify and get tax-free forgiveness, but plan for doing the regular repayment with forgiveness after 20 years and the tax bomb that comes with it.

 

[katiemcat]

How accurate are schools' estimates of living expenses? Should we consider solely tuition costs when looking at cost of attendance for schools that are similar location-wise (big city vs. small city vs. rural, etc.)?

I think it depends on the school but across the board I notice they tend to grossly underestimate living expenses.

 

[Trilt]

Has this thread been posted?

Anyway. Go to your cheapest school. Go to your cheapest school. GO TO YOUR CHEAPEST SCHOOL!

Loans suck. Loans at 5%+ interest suck more.

Have you done that math? Do you know what 250k, 300k, 400k+ at 5% interest looks like? Can you say how much additional money will be added to your loans just from capitalization while you're not paying in school? And then what you'd need to pay every month just to get the interest down, never mind the actual loan?

Or are you considering going to a school where you'll have to depend on loan forgiveness in two decades (after paying hundreds to thousand+ dollars monthly) and watching your loan amount increase? Have you run the math on what that tax bill will be? Have you truly considered the mental load of watching your money disappear into the abyss, especially if it turns out you don't really like being a vet? Or want to prioritize a family? Or x, y, z...

Anyone who gets into an affordable school and declines it for their "dream" school to the tune of a house mortgage is being stupid. I'm not mincing words. It isn't worth it. You will get a DVM from either school. Do it in a way that gives you a chance for financial security in the future.

Listen to the people who have had to pay loans, not starry eyed pre-vets or vet students. Future you will thank you.

 

[stovebird]

Ah how this thread speaks so much to my current dilemma as well. I am leaning towards my more expensive school (given, I get in-state at either school - it is just a difference in in-state tuition- and I am still looking at less than 180k in loans including undergrad). I am beyond stressed because I KNOW that I SHOULD absolutely go to my least expensive school, but I am also making sure to consider my own wellbeing, mental health, etc. I know that future me might regret going to the more expensive school, but current me would regret taking that hit to my mental wellbeing. I have made appointments with financial advisors so that I can truly understand what that increased debt load would look like (maybe see if your school has a similar service?). I also plan on speaking with my mentors and veterinarians who work in my intended field. The feeling of being pulled towards your more expensive option is something I can completely sympathize with. This is a time that is supposed to be full of excitement and joy, but I have only felt dread and anxiety. I am, obviously, one of the pre-vets/vet students whose point of view should be taken with a grain of salt, but I am trying to alleviate the weight of this decision by being as informed as physically possible.

 

[Angelo84]

Also agree with going to your cheapest school. Also look at why the other school is your dream school if it is opportunity related as opposed to location consider doing some of your rotations or a summer extern ship there.

 

[fdvet]

I think it depends on the school but across the board I notice they tend to grossly underestimate living expenses.

Thank you! I've also noticed that some schools incorporate some costs (like health insurance) in their estimated cost of attendance while other schools don't. So it seems like the school's estimated cost of living expenses should be looked at with a grain of salt.

I am deciding between two schools. Both have about the same tuition cost, but one school estimates living expenses to be a bit higher than the other. They are both located in moderately sized cities. I am leaning towards the school that estimates cost of living to be higher for a number of reasons. Any advice here would be appreciated!

 

[JaynaAli]

Ah how this thread speaks so much to my current dilemma as well. I am leaning towards my more expensive school (given, I get in-state at either school - it is just a difference in in-state tuition- and I am still looking at less than 180k in loans including undergrad). I am beyond stressed because I KNOW that I SHOULD absolutely go to my least expensive school, but I am also making sure to consider my own wellbeing, mental health, etc. I know that future me might regret going to the more expensive school, but current me would regret taking that hit to my mental wellbeing. I have made appointments with financial advisors so that I can truly understand what that increased debt load would look like (maybe see if your school has a similar service?). I also plan on speaking with my mentors and veterinarians who work in my intended field. The feeling of being pulled towards your more expensive option is something I can completely sympathize with. This is a time that is supposed to be full of excitement and joy, but I have only felt dread and anxiety. I am, obviously, one of the pre-vets/vet students whose point of view should be taken with a grain of salt, but I am trying to alleviate the weight of this decision by being as informed as physically possible.

While I would never outright tell someone to sacrifice their mental health and wellness because of money, what we’re trying to point out is that four years of tolerating not ideal conditions during vet school will save you significant money and have an impact for TWENTY TO THIRTY years down the line. I think a lot of pre-vets focus on getting into vet school as their end goal and forget to think about life after vet school graduation. Don’t be short sighted. Because loans are a SIGNIFICANT stressor in life, even for those of us who were able to fairly rapidly pay them off. We vets who have been through vet school and are in repayment are saying we believe worth sacrificing for four years to make 20-30 better and any perceived benefits for those four years will probably ultimately negligible in the grand scheme of things when you’re on the other side. Are there exceptions? Sure, there may be a few things like significant others to factor in but seriously go to the cheapest school if at all possible. I’m glad you’re meeting with people to ge the full picture but I would still recommend going to the cheapest school. I bet you’d thank us down the line.

 

[SkiOtter]

Thank you! I've also noticed that some schools incorporate some costs (like health insurance) in their estimated cost of attendance while other schools don't. So it seems like the school's estimated cost of living expenses should be looked at with a grain of salt.

I am deciding between two schools. Both have about the same tuition cost, but one school estimates living expenses to be a bit higher than the other. They are both located in moderately sized cities. I am leaning towards the school that estimates cost of living to be higher for a number of reasons. Any advice here would be appreciated!

Look at rental prices in those areas and general cost of living. Those are likely where most of the difference is coming from. You can find different sites online for COL comparisons. You’d be shocked at how much the price of just groceries can change depending on the state you’re in.

 

[Horsin'Around]

100% factor in living expenses and I personally wouldn't look at the school estimates because they can vary vastly. In addition, check if the tuition increases each year by a % or if you're locked into the price/per year.

 

[katiemcat]

Thank you! I've also noticed that some schools incorporate some costs (like health insurance) in their estimated cost of attendance while other schools don't. So it seems like the school's estimated cost of living expenses should be looked at with a grain of salt.

I am deciding between two schools. Both have about the same tuition cost, but one school estimates living expenses to be a bit higher than the other. They are both located in moderately sized cities. I am leaning towards the school that estimates cost of living to be higher for a number of reasons. Any advice here would be appreciated!

Ya I don’t remember mine factoring in the cost of insurance but we are required to have it and it’s expensive.

 

[battie]

Also keep in mind what happens if you *don't* graduate. I had to repeat a year, a classmate of mine almost didn't graduate in fourth year, and we used to have a member frequent these forums who was dismissed from vet school. That debt doesn't go away and now you don't have a doctorate to help pay for it.

The chances of not graduating are low (1-5%ish for state side schools, potentially higher for island schools). But it's not 0.

Hope for the best, prepare for the worst y'all.

 

[flotus]

Everyone:

Firstly, thank you all for your valuable input. I really appreciate everyone taking the time to share their experiences and advice.

I wanted to say:
1) I have thought about myself and my family, particularly our future. I have crunched numbers over and over and I’d say I’m generally well-informed (and eager to learn) about loans and finances. This is why I am so paranoid about choosing an expensive option (and why I don’t think it’s a good idea, despite my wishes).

2) I was in a similar dilemma in undergrad. I could’ve gone to my dream undergrad but opted to stay close to home to save money (still ended up in debt due to life lmao, so doubly good I chose the cheaper option)

3) I know this is a controversial topic that comes up all the time in the forum. I knew that it had been asked before, I just hoped to hear new perspectives. I hope I didn’t annoy anyone by making this thread.

4) For what it’s worth to anyone, I will be declining my seats to the more expensive schools (my dream school and another expensive school) after I receive financial aid packages just to ensure I didn’t get some major scholarships…which I highly doubt. I sat down with my family last night to tell them and we all were emotional, but I told them I had to think about my future. I want a good life not just a good four years.

5) I’ve also made the decision not to visit either school because I’m afraid I’ll fall in love more and will use the money to save/take myself on a pre-vet school vacation. I told myself I’d visit every school I got into, because I deserved it after my hard work and I truly never thought I’d get here.

I come from a childhood where I lived without food, lights, and hot water. I’ve been homeless. I don’t want to live that life again. And although I can live on a budget and live with less…I don’t want to any more. I think minimizing debt where I can (without sacrificing my mental health and physical well-being by attending my in-state) will be the best decision.

I still have two amazing and similarly priced options to choose between.

 

[battie]

And although I can live on a budget and live with less…I don’t want to any more. I think minimizing debt where I can (without sacrificing my mental health and physical well-being by attending my in-state) will be the best decision.

This is what sucks about being an adult. Sacrificing now for a better later does suck sometimes for sure.

Good job making it this far in life. Congratulations for building the life you want.

 

[KCgophervet]

Why didn’t not know this?!

AAAHHH!! Congrats!!!!

Whoops yeah I haven't gone 100% public with #3 yet Guess I have now!

I see you went the PSLF route, care to share more about that?

Not sure what you'd like to know but happy to share. I work in lab animal medicine in academia, and both my residency and now my full time job qualify for PSLF (non-profit, government positions). I do income-based repayment options and certify my employment annually. I am about halfway there with my vet school loans (further with undergrad due to similar type employment between undergrad and vet school). Haven't achieved the 120 payments yet for anything so can't speak too much on that point yet.

One thing about PSLF is that it’s never guaranteed so you shouldn’t bank on it even if you plan on working in academia or something else public/501c3 like a shelter. You can hope that it still will be a thing and you’ll qualify and get tax-free forgiveness, but plan for doing the regular repayment with forgiveness after 20 years and the tax bomb that comes with it.

Been to multiple financial webinars and lectures about this topic. Essentially, if the program was available when you took out your loans, it will be an option for you while paying them off. There's a lot of legal precedent for this and a lot of lawyers relying on this program who would sue the crap out of the government if it was rescinded mid-repayment. Now it could go away for future borrowers, but shouldn't impact people who are already in repayment.

 

[IvyMoose]

I love how I can always count on @SkiOtter jumping in on these posts XD

In terms of cost of attendance, I would HIGHLY recommend the Living wage calculator from MIT (Living Wage Calculator): for me, it overestimated costs, but I'm also mooching off my parents (until I'm 26), so it gave me a good estimate for when I have to fend for myself. It also breaks it down by category, so it's easier to modulate based on what you prioritize. Ultimately, I had picked my most expensive school, but look at me now: deferred and doing round two of vet apps... praying that I get into my in-state. As said above, your dream school now may not be your dream school later: IS sounds really nice after a year of thinking about it lol

I am someone who thought little about loans, which will likely bite me in the *ss if I follow through. However, I know that I need certain academic support and access to resources (e.g. an actual library, actual health care on-campus) to ACTUALLY get work and be healthy enough to succeed.

So ultimately, to whomever is reading this: Pick the cheapest school!!! And if you know FOR SURE you need certain academic resources to succeed, it is better to set up for success than failure. BUT, don't cherry pick academic resources to justify your want to go to your dream school, really learn about it and look at it objectively!

P.S. I am currently fighting for these resources bc some reason the vet school doesn't care about grad students , so really do your research
P.P.S. Obligatory "success is your own definition". Don't rely on perfect grades = success. Think about what success means to YOU

 

[SkiOtter]

but look at me now: deferred and doing round two of vet apps... praying that I get into my in-state.

SENDING ALL THE GOOD VIBES 💜💜💜💜 YOU GOT THIS.

 

[flotus]

This is what sucks about being an adult. Sacrificing now for a better later does suck sometimes for sure.

Good job making it this far in life. Congratulations for building the life you want.

Thank you ❤️