Estimated Costs of Veterinary School

[WildZoo]

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This blog post in US News kind of made me sad... it's about scholarships for veterinary school. They're so paltry, compared to the average $112k it costs to attend vet school, that they're almost laughable. I mean, every bit counts, but there's not a lot out there to offset the cost.

http://www.usnews.com/education/blo...-veterinary-education-with-these-scholarships

One time awards, most less than 5k, that most people don't even qualify for. Wow.

 

[DVMDream]

I have to say that I recently got an award that made me feel like I won the vet school lottery. However, most everyone got the same thing, so we all kind of "won" the vet school lottery.

But when the award equals almost one full semester of school paid for (OOS tuition) and you are only having to do living expenses and a small bit of tuition in loans, damn that feels good.

 

[Gemgrrrl]

I have to say that I recently got an award that made me feel like I won the vet school lottery. However, most everyone got the same thing, so we all kind of "won" the vet school lottery.

But when the award equals almost one full semester of school paid for (OOS tuition) and you are only having to do living expenses and a small bit of tuition in loans, damn that feels good.

That's awesome!

 

[psilovethomas]

I have to say that I recently got an award that made me feel like I won the vet school lottery. However, most everyone got the same thing, so we all kind of "won" the vet school lottery.

But when the award equals almost one full semester of school paid for (OOS tuition) and you are only having to do living expenses and a small bit of tuition in loans, damn that feels good.

That's amazing. Was it from a donor? Company? That's a lot of money!

 

[DVMDream]

That's amazing. Was it from a donor? Company? That's a lot of money!

Need-based grant. Yay for being poor???

 

[Gemgrrrl]

Attached is a spreadsheet that shows the actual cost of borrowing enough to go to vet school. It's based on the current (2015) published in-state and out-of-state tuition and fees for all of the U.S. schools. This does not include living expenses, books, or any undergraduate debt that the student has already accrued at matriculation. It is based solely on borrowing just the tuition and fees - so a lot of students will find themselves owing more than the amounts on this sheet. I based the loan repayment information on the current subsidized graduate rate of 6.21%, to show what the estimated loan payments would be and how much it will actually cost you (principle + interest) over a repayment period of 10, 15 and 20 years.

Basically the point is to show potential applicants a "real world" example of how much they're going to be paying in student loans after the graduate, and what percentage of their income that is likely to be. I also highlighted loan repayments that are over 43% debt to income (based on an average starting salary of $70k). I did this because I feel like a lot of people don't realize what it's going to mean to carry that kind of payment long term. 43% is the cut-off most lending institutions use if you want to get a mortgage. If you're over that percentage, you won't be able to buy a house, or open a practice, among other things.

Just food for thought...

 

[deleted498041]

Attached is a spreadsheet that shows the actual cost of borrowing enough to go to vet school. It's based on the current (2015) published in-state and out-of-state tuition and fees for all of the U.S. schools. This does not include living expenses, books, or any undergraduate debt that the student has already accrued at matriculation. It is based solely on borrowing just the tuition and fees - so a lot of students will find themselves owing more than the amounts on this sheet. I based the loan repayment information on the current subsidized graduate rate of 6.21%, to show what the estimated loan payments would be and how much it will actually cost you (principle + interest) over a repayment period of 10, 15 and 20 years.

Basically the point is to show potential applicants a "real world" example of how much they're going to be paying in student loans after the graduate, and what percentage of their income that is likely to be. I also highlighted loan repayments that are over 43% debt to income (based on an average starting salary of $70k). I did this because I feel like a lot of people don't realize what it's going to mean to carry that kind of payment long term. 43% is the cut-off most lending institutions use if you want to get a mortgage. If you're over that percentage, you won't be able to buy a house, or open a practice, among other things.

Just food for thought...

This is a great spreadsheet! Definitely sucks when you realize your starting salary won't even be half of that $70k 😉 Getting boarded for the win?

WesternU tuition is going up $1200 next year for all 4 classes -- just if any potential students want to factor that in.

 

[Minnerbelle]

This is a great spreadsheet! Definitely sucks when you realize your starting salary won't even be half of that $70k 😉 Getting boarded for the win?

WesternU tuition is going up $1200 next year for all 4 classes -- just if any potential students want to factor that in.

That is a great spreadsheet, but in case anyone didn't know, if you go to the vin foundation page (totally free to anyone), there is a cost of education map for all of the vet schools that stay current, as well as a debt simulator that tells you exactly how much in payment you'll be making for all the different payment plans. That will also take into account if you want to go do an internship/residency, how much your spouse may bring in, etc... Just so that we all don't have to continue reinventing the wheel year after year.

 

[deleted498041]

That is a great spreadsheet, but in case anyone didn't know, if you go to the vin foundation page (totally free to anyone), there is a cost of education map for all of the vet schools that stay current, as well as a debt simulator that tells you exactly how much in payment you'll be making for all the different payment plans. That will also take into account if you want to go do an internship/residency, how much your spouse may bring in, etc... Just so that we all don't have to continue reinventing the wheel year after year.

Yes, that map is fantastic! That was my favourite toy to play with when I started applying to vet school.

 

[pirateyoho]

That is a great spreadsheet, but in case anyone didn't know, if you go to the vin foundation page (totally free to anyone), there is a cost of education map for all of the vet schools that stay current, as well as a debt simulator that tells you exactly how much in payment you'll be making for all the different payment plans. That will also take into account if you want to go do an internship/residency, how much your spouse may bring in, etc... Just so that we all don't have to continue reinventing the wheel year after year.

Does it also take into consideration the difference of attending a school that lets you switch to IS tuition after 1 year?

 

[Minnerbelle]

Does it also take into consideration the difference of attending a school that lets you switch to IS tuition after 1 year?

Dunno. You can take a school that you know let's you do that, calculate for that school and then compare

 

[Gemgrrrl]

That is a great spreadsheet, but in case anyone didn't know, if you go to the vin foundation page (totally free to anyone), there is a cost of education map for all of the vet schools that stay current, as well as a debt simulator that tells you exactly how much in payment you'll be making for all the different payment plans. That will also take into account if you want to go do an internship/residency, how much your spouse may bring in, etc... Just so that we all don't have to continue reinventing the wheel year after year.

That is a great tool. It's down right now, but I imagine it will be up again soon. There are some other really good debt simulators as well, that factor in cost of living and retirement savings and all of that, which I also think are helpful.

Mine was just food for thought. Especially the OOS situation.

 

[Minnerbelle]

That is a great tool. It's down right now, but I imagine it will be up again soon. There are some other really good debt simulators as well, that factor in cost of living and retirement savings and all of that, which I also think are helpful.

Mine was just food for thought. Especially the OOS situation.

Yeah they have both IS and OOS info on there

 

[Kpowell14]

Does it also take into consideration the difference of attending a school that lets you switch to IS tuition after 1 year?

I Dont think so because Im a Mizzou OOS student and I will definitely graduate with less than the OOS value since im now a Missouri resident.

 

[Gwenevre]

General loan question, as I'm starting repayment on my undergrad loans now.
Can I choose to have my "minimum payment" apply to a single loan out of the 30k tat I owe? So I can start paying the smaller loans before tacking the larger ones, even though they are all govt. student loans.

 

[WildZoo]

General loan question, as I'm starting repayment on my undergrad loans now.
Can I choose to have my "minimum payment" apply to a single loan out of the 30k tat I owe? So I can start paying the smaller loans before tacking the larger ones, even though they are all govt. student loans.

You should start with the higher interest rate (unless they're all the same, in which case you can ignore me). Beyond that I have no idea how loan repayments work.

 

[Gwenevre]

You should start with the higher interest rate (unless they're all the same, in which case you can ignore me). Beyond that I have no idea how loan repayments work.

Good point, but that still leaves me wondering if I can specify which loans to apply my payments to.

 

[WildZoo]

Good point, but that still leaves me wondering if I can specify which loans to apply my payments to.

Yeah, I've just seen that point made in multiple places. But it may have been referring to credit cards now that I think about it...

From what I can tell it looks like you have to make payments on each individual loan unless you consolidate them. I'm not sure of the cost/benefit analysis of consolidation.

 

[Minnerbelle]

General loan question, as I'm starting repayment on my undergrad loans now.
Can I choose to have my "minimum payment" apply to a single loan out of the 30k tat I owe? So I can start paying the smaller loans before tacking the larger ones, even though they are all govt. student loans.

No, if you are only making minimum payments, you have to make the minimal amount on all the individual loans.

If you pay any extra on top of that, you can designate where you want it to go.

 

[jmstroup]

I hope this is the right place to post this... I just wanted to share the budget I have been planning for my first year at Illinois and was hoping for some feedback (anything I forgot to budget for, didn't put enough or put too much into one area, etc.) Some things to keep in mind: my rent includes furniture, water, trash, TV, and internet (so I only pay electric bill) and my parents pay for my car/health insurance and my phone bill. You can also ignore most of the stuff on the right side of the page... Thanks for any help and I hope this will also help some other people! 🙂

 

[DVMDream]

I hope this is the right place to post this... I just wanted to share the budget I have been planning for my first year at Illinois and was hoping for some feedback (anything I forgot to budget for, didn't put enough or put too much into one area, etc.) Some things to keep in mind: my rent includes furniture, water, trash, TV, and internet (so I only pay electric bill) and my parents pay for my car/health insurance and my phone bill. You can also ignore most of the stuff on the right side of the page... Thanks for any help and I hope this will also help some other people! 🙂

$150 for vet care per year is low, even with a 50% discount. That is $300 at regular cost for one year, heck one ear infection can cost this much at just one visit. I'd suggest upping that a wee bit or at least consider having an emergency pet account that you put money into each month.

 

[Minnerbelle]

I hope this is the right place to post this... I just wanted to share the budget I have been planning for my first year at Illinois and was hoping for some feedback (anything I forgot to budget for, didn't put enough or put too much into one area, etc.) Some things to keep in mind: my rent includes furniture, water, trash, TV, and internet (so I only pay electric bill) and my parents pay for my car/health insurance and my phone bill. You can also ignore most of the stuff on the right side of the page... Thanks for any help and I hope this will also help some other people! 🙂

I haven't looked at it, and it's a good thing to put together a budget and try to stick to it, but honestly you won't really know how it'll work out until you actually start so I wouldn't sweat it too much at this time.

Use whatever you have to estimate how much loans you need to take out, but you can take out more if you need to. I would just make sure that you have a credit card or something for unexpected expenses that you may need before you can get hands on extra loans.

Report back in a few years with the actual breakdown on what you spent in different categories rather than a projection, as well as maybe ideas as to how you could have done better cutting costs after the fact, and I think that will be much more helpful to others.

 

[pirateyoho]

I haven't looked at it, and it's a good thing to put together a budget and try to stick to it, but honestly you won't really know how it'll work out until you actually start so I wouldn't sweat it too much at this time.

Use whatever you have to estimate how much loans you need to take out, but you can take out more if you need to. I would just make sure that you have a credit card or something for unexpected expenses that you may need before you can get hands on extra loans.

Report back in a few years with the actual breakdown on what you spent in different categories rather than a projection, as well as maybe ideas as to how you could have done better cutting costs after the fact, and I think that will be much more helpful to others.

This is what I'm sort of struggling with now. My makeshift budget exists mainly to prevent me from taking out *too* much in loans before I even know what my day-to-day spending will be like, as opposed to what I actually expect my final budget to be. I would have loved to see some budget templates from other students with similar tuition and living situations.

 

[Gwenevre]

I've been tracking my spending for a year now, living on my own, paying insurance, food, yada yada. I'm hoping that'll help me once I make an actual budget to estimate my month to month costs.

 

[Minnerbelle]

This is what I'm sort of struggling with now. My makeshift budget exists mainly to prevent me from taking out *too* much in loans before I even know what my day-to-day spending will be like, as opposed to what I actually expect my final budget to be. I would have loved to see some budget templates from other students with similar tuition and living situations.

You can take out more than you think you need, and you can actually return without any penalties within a certain amount of days (maybe it was like 100-120 days?). That way you'll know after the first couple of months how much you'll need.

 

[jmstroup]

Very helpful. I have a plan now. Thanks everyone!

 

[KCgophervet]

So my school published data from a survey they gave my class way back before we started. It's mildly interesting: http://avmajournals.avma.org/doi/full/10.2460/javma.247.2.196

TL; DR: "Students know about the debt, but they keep coming anyway"

 

[pp9]

Loan question: Who's taken out a loan, and has overestimated their needs (looking at housing, specifically). My school estimates $13k and some change for room/board. My year's rent is $6k or so. I don't see myself spending $7k in groceries, no matter how much I love food. I want to leave myself some wiggle room, but if I end up taking out too much, would I just use the extra to make a 'payment' on the loan? I won't have any car/auto insurance payments, I'm covered for health insurance until I'm 25, and I don't think I'd need $7k for pet care, barring any emergencies. I have a decent amount I've saved throughout my working life, so I suppose that could be used for groceries and whatnot.

 

[WildZoo]

Loan question: Who's taken out a loan, and has overestimated their needs (looking at housing, specifically). My school estimates $13k and some change for room/board. My year's rent is $6k or so. I don't see myself spending $7k in groceries, no matter how much I love food. I want to leave myself some wiggle room, but if I end up taking out too much, would I just use the extra to make a 'payment' on the loan? I won't have any car/auto insurance payments, I'm covered for health insurance until I'm 25, and I don't think I'd need $7k for pet care, barring any emergencies. I have a decent amount I've saved throughout my working life, so I suppose that could be used for groceries and whatnot.

You can return what you don't need within (I think) 120 days or something like that.

 

[pp9]

You can return what you don't need within (I think) 120 days or something like that.

Thanks! I'll dig through the fine print and see what my loan says specifically. I suppose it might be a good idea to pay my year of rent up front if I have it all then....

 

[thecatastrophist]

Loan question: Who's taken out a loan, and has overestimated their needs (looking at housing, specifically). My school estimates $13k and some change for room/board. My year's rent is $6k or so. I don't see myself spending $7k in groceries, no matter how much I love food. I want to leave myself some wiggle room, but if I end up taking out too much, would I just use the extra to make a 'payment' on the loan? I won't have any car/auto insurance payments, I'm covered for health insurance until I'm 25, and I don't think I'd need $7k for pet care, barring any emergencies. I have a decent amount I've saved throughout my working life, so I suppose that could be used for groceries and whatnot.

Dr. Foreman actually mentioned on interview day that the estimates for COL are generally more than most students need. You'd likely end up needing less than the total amount estimated, though your needs and spending habits will determine how much less exactly you'd need. If you do end up overestimating you can probably return the extra, but I'd double check how long exactly it is that you can do it without penalty. Either way, it's probably better to be generous with your budget at first and then adjust rather than realize you don't have enough to live.

 

[pp9]

Dr. Foreman actually mentioned on interview day that the estimates for COL are generally more than most students need. You'd likely end up needing less than the total amount estimated, though your needs and spending habits will determine how much less exactly you'd need. If you do end up overestimating you can probably return the extra, but I'd double check how long exactly it is that you can do it without penalty. Either way, it's probably better to be generous with your budget at first and then adjust rather than realize you don't have enough to live.

Thanks! I was in the other room during that presentation and we couldn't hear anything haha. I couldn't find anything on my specific loan as to returning any extra without incurring interest on it. I suppose my first step should be to actually get the loan...the financial aid office is taking forever to verify my private loan.

 

[WildZoo]

Thanks! I was in the other room during that presentation and we couldn't hear anything haha. I couldn't find anything on my specific loan as to returning any extra without incurring interest on it. I suppose my first step should be to actually get the loan...the financial aid office is taking forever to verify my private loan.

Ah, I don't know about private loans and their policies on returning what you don't need. Probably depends on who you're getting the loan from.

 

[sk8ergirl1992]

the info here is very helpful, thx to all!

 

[bluenose]

Attached is a spreadsheet that shows the actual cost of borrowing enough to go to vet school. It's based on the current (2015) published in-state and out-of-state tuition and fees for all of the U.S. schools. This does not include living expenses, books, or any undergraduate debt that the student has already accrued at matriculation. It is based solely on borrowing just the tuition and fees - so a lot of students will find themselves owing more than the amounts on this sheet. I based the loan repayment information on the current subsidized graduate rate of 6.21%, to show what the estimated loan payments would be and how much it will actually cost you (principle + interest) over a repayment period of 10, 15 and 20 years.

Basically the point is to show potential applicants a "real world" example of how much they're going to be paying in student loans after the graduate, and what percentage of their income that is likely to be. I also highlighted loan repayments that are over 43% debt to income (based on an average starting salary of $70k). I did this because I feel like a lot of people don't realize what it's going to mean to carry that kind of payment long term. 43% is the cut-off most lending institutions use if you want to get a mortgage. If you're over that percentage, you won't be able to buy a house, or open a practice, among other things.

Just food for thought...

I have a question... I thought that government student loans will let you pay back loans as a percentage of your salary -- I believe I saw 10-15%. Does anyone know anything about this?

 

[Minnerbelle]

I have a question... I thought that government student loans will let you pay back loans as a percentage of your salary -- I believe I saw 10-15%. Does anyone know anything about this?

Google IBR (income based repayment) and PAYE (pay as you earn) to get info. Essentially you pay 10% of your discretionary income per month each year for 20 years, and the remaining balance is forgiven but the forgiven amount is taxed that year as income. It has to all be federal student loans (no private loans) and there are some other criteria. Just look those up.

If you want to know what your payments will be per month and how much you will pay back over your lifetime, and if you pay with IBR/PAYE how much the tax might be at the end (that one's a little sketchy because income tax varies year to year... And remember you also have state income tax in most states on top of federal), here's a calculator to figure that out for you.

http://www.vinfoundation.org/AppUti...357&objecttypeid=10&redirectFromMiscDefault=1


If you want to know the cost of attendance of different vet schools, use this site (just remember that with tuition hikes it
gets worse each year):

http://www.vinfoundation.org/apputil/project/defaultadv1.aspx?id=5327182&said=-1

There's also a ton of discussion on SDN about it both in veterinary and medical forums, so just do a search with IBR and PAYE. Rules have changed so look for threads 2014 and younger.

Biggest pain in the ass about the programs is that you have to qualify each year (and as a veterinarian, you will... Trust me on that one). With the bureaucratic idiocy that comes with federal govt programs, that's hard to do without a hitch for 20 years. If you don't recertify on time, you are kicked off the plan and any unpaid interest at that time will capitalize onto your principal.

 

[bluenose]

Google IBR (income based repayment) and PAYE (pay as you earn) to get info. Essentially you pay 10% of your discretionary income per month each year for 20 years, and the remaining balance is forgiven but the forgiven amount is taxed that year as income. It has to all be federal student loans (no private loans) and there are some other criteria. Just look those up.

If you want to know what your payments will be per month and how much you will pay back over your lifetime, and if you pay with IBR/PAYE how much the tax might be at the end (that one's a little sketchy because income tax varies year to year... And remember you also have state income tax in most states on top of federal), here's a calculator to figure that out for you.

http://www.vinfoundation.org/AppUti...357&objecttypeid=10&redirectFromMiscDefault=1


If you want to know the cost of attendance of different vet schools, use this site (just remember that with tuition hikes it
gets worse each year):

http://www.vinfoundation.org/apputil/project/defaultadv1.aspx?id=5327182&said=-1

There's also a ton of discussion on SDN about it both in veterinary and medical forums, so just do a search with IBR and PAYE. Rules have changed so look for threads 2014 and younger.

Biggest pain in the ass about the programs is that you have to qualify each year (and as a veterinarian, you will... Trust me on that one). With the bureaucratic idiocy that comes with federal govt programs, that's hard to do without a hitch for 20 years. If you don't recertify on time, you are kicked off the plan and any unpaid interest at that time will capitalize onto your principal.

Thank you! I had looked it up before but I wanted to ask here because it almost seemed "too easy" on the government websites but that whole paying taxes on it after its "forgiven" does seem extremely sketchy. I was just wondering if there were other downfalls but you make a good point about everything being up in the air each year with our government 🙁

 

[Minnerbelle]

Thank you! I had looked it up before but I wanted to ask here because it almost seemed "too easy" on the government websites but that whole paying taxes on it after its "forgiven" does seem extremely sketchy. I was just wondering if there were other downfalls but you make a good point about everything being up in the air each year with our government 🙁

In that case it might be more helpful
to ask a specific question rather than asking if anyone knows anything about it.

 

[bluenose]

In that case it might be more helpful
to ask a specific question rather than asking if anyone knows anything about it.

You're right sorry I worded it poorly I just didn't really understand enough about it from their website to have a more direct question!

 

[Minnerbelle]

You're right sorry I worded it poorly I just didn't really understand enough about it from their website to have a more direct question!

It's a pretty simple concept. What is it that you don't understand (promise, no snark here, but I don't get what is there not to understand). After you pay 10% of your income for 20 years AND you pay about half of the ginormous leftover at the end in taxes, everyone will have paid the govt back more than what they initially borrowed plus inflation. It's not like the government is actually giving you money. It's faaar from being too good to be true.

As for this program, I don't think it's something the government can take away or make it worse for you once you've signed the promissory note that has this included other than the income tax rate which changes each year. What they can take away (and i assume they will at some point) is the PSLF where they forgive the rest of your loans without taxing you. The only really annoying thing about these plans is that you have to recertify each year. I started my process like 45 days in advance, and due to glitches along the way, my PAYE plan got recertified on THE DAY OF THE DEADLINE this year. Thankfully I only have about $1500 interest accumulated on my student loans, so it wouldn't have been a big deal if it had capitalized... But a lot of people have tens and tens of thousands (and maybe even 100k+) of unpaid interest on these plans. So it would be devastating if it accidentally capitalized one day.

 

[bluenose]

It's a pretty simple concept. What is it that you don't understand (promise, no snark here, but I don't get what is there not to understand). After you pay 10% of your income for 20 years AND you pay about half of the ginormous leftover at the end in taxes, everyone will have paid the govt back more than what they initially borrowed plus inflation. It's not like the government is actually giving you money. It's faaar from being too good to be true.

As for this program, I don't think it's something the government can take away or make it worse for you once you've signed the promissory note that has this included other than the income tax rate which changes each year. What they can take away (and i assume they will at some point) is the PSLF where they forgive the rest of your loans without taxing you. The only really annoying thing about these plans is that you have to recertify each year. I started my process like 45 days in advance, and due to glitches along the way, my PAYE plan got recertified on THE DAY OF THE DEADLINE this year. Thankfully I only have about $1500 interest accumulated on my student loans, so it wouldn't have been a big deal if it had capitalized... But a lot of people have tens and tens of thousands (and maybe even 100k+) of unpaid interest on these plans. So it would be devastating if it accidentally capitalized one day.

Thanks for taking the time to help! I am mostly confused about the "forgiven" portion that is actually still sort of owed in the form of income tax? What do you mean paying half of the leftover? And so do you pay every year afterwards as if the leftover money is part of your income?

 

[Minnerbelle]

Thanks for taking the time to help! I am mostly confused about the "forgiven" portion that is actually still sort of owed in the form of income tax? What do you mean paying half of the leftover? And so do you pay every year afterwards as if the leftover money is part of your income?

Take a look at that vin foundation calculator and plug in loan amounts to get a better idea.

I'm making up numbers here, but let's say you owe $250k at the time you go into repayment. Just interest alone is $1500 per month on that loan. Let's say you only need to pay $500 per month on PAYE. That means your loans are ballooning at the rate of $1000 per month. Over 20 years (240 months), your loan grows to $490k.

That whole amount is forgiven yay! But let's
Say you are earning 100k that year. Your income therefore for that year is $590k! Awesome you're like a 1%er that year 🙂 so you get to be taxed as someone earning $590k, so likely the highest tax bracket which if it were this year is around 40%. Add state income tax on top of that, and you probably owe somewhere between 40-47% of the forgiven $490k in taxes, which had not been deducted throughout the years automatically like your regular income. So you owe the Feds anywhere from $200-250k in taxes. The idea is that you owe it all at once when you file your taxes that year. You are supposed to have saved for this (so essentially you should have been putting away $1000/month into a savings account or investment account).

Again, you can look at the vin foundation calculator and it will tell you how much you will likely owe in taxes at the end, depending on your situation.

No one's been forgiven yet. Given Americans' general lack of ability to plan, in 10-15 years or so when the first people get forgiveness, this is likely going to result in some sort of crisis because people won't be able to pay that tax. Who knows how the government will deal with that.

 

[bluenose]

Take a look at that vin foundation calculator and plug in loan amounts to get a better idea.

I'm making up numbers here, but let's say you owe $250k at the time you go into repayment. Just interest alone is $1500 per month on that loan. Let's say you only need to pay $500 per month on PAYE. That means your loans are ballooning at the rate of $1000 per month. Over 20 years (240 months), your loan grows to $490k.

That whole amount is forgiven yay! But let's
Say you are earning 100k that year. Your income therefore for that year is $590k! Awesome you're like a 1%er that year 🙂 so you get to be taxed as someone earning $590k, so likely the highest tax bracket which if it were this year is around 40%. Add state income tax on top of that, and you probably owe somewhere between 40-47% of the forgiven $490k in taxes, which had not been deducted throughout the years automatically like your regular income. So you owe the Feds anywhere from $200-250k in taxes. The idea is that you owe it all at once when you file your taxes that year. You are supposed to have saved for this (so essentially you should have been putting away $1000/month into a savings account or investment account).

Again, you can look at the vin foundation calculator and it will tell you how much you will likely owe in taxes at the end, depending on your situation.

No one's been forgiven yet. Given Americans' general lack of ability to plan, in 10-15 years or so when the first people get forgiveness, this is likely going to result in some sort of crisis because people won't be able to pay that tax. Who knows how the government will deal with that.

Wow that is all so crazy! I don't know how anyone will pay that tax even if it is only a one time fee I'm so happy you told me all of that though thank you!

Ps. I always wanted to comment on your avatar did you know that Red will be back on the show this season? 😍

 

[Minnerbelle]

Wow that is all so crazy! I don't know how anyone will pay that tax even if it is only a one time fee I'm so happy you told me all of that though thank you!

Ps. I always wanted to comment on your avatar did you know that Red will be back on the show this season? 😍

That's fairly realistic for some people but on the more extreme side of things, so the amount you owe at the end may be very different.

I need to change that avatar because I've never seen a single episode of that show and people have commented a couple of times now.

 

[jaime244]

Today at work, someone told me that I should ask veterinary schools if they will reimburse me for interview travel costs. Has anyone else heard of this? I never heard of this and don't want to ask if it's definitely something they don't do. Thanks. She may have mentioned something about saying "When I do get in, would you reimburse my travel costs or apply it to my tuition payment?"

 

[Minnerbelle]

Today at work, someone told me that I should ask veterinary schools if they will reimburse me for interview travel costs. Has anyone else heard of this? I never heard of this and don't want to ask if it's definitely something they don't do. Thanks.

Don't do it. It'll lead to a one way ticket to the rejection pile.

Who the **** told you that!? And what delusional world do they live in?

 

[KCgophervet]

Don't do it. It'll lead to a one way ticket to the rejection pile.

Who the **** told you that!? And what delusional world do they live in?

Someone I knew who was doing a PhD was surprised when she found out (from me) that vet schools don't do that. Apparently it may be more common in the "other" post-graduate fields. But yeah, vet med is not going to do that.

 

[Minnerbelle]

Someone I knew who was doing a PhD was surprised when she found out (from me) that vet schools don't do that. Apparently it may be more common in the "other" post-graduate fields. But yeah, vet med is not going to do that.

Uh yeah... I know people applying to programs who were taken out to fancy dinners with all travel included. I also know someone who goes to Columbia law who has a full scholarship. That ain't vet med admissions.

We're lucky if they order Qdoba for lunch...

 

[Minnerbelle]

.

 

[WildZoo]

Uh yeah... I know people applying to programs who were taken out to fancy dinners with all travel included. I also know someone who goes to Columbia law who has a full scholarship. That ain't vet med admissions.

We're lucky if they order Qdoba for lunch...

They gave us fun size candy amd little chip bags at one of my interviews