Estimated Costs of Veterinary School

[WildZoo]

I did qualify for Perkins originally but it was a teeny amount, maybe $4k if I'm remembering correctly. Still nice though. Didn't end up getting it because I had to defer and during that gap year I made money.

At any rate, it is possible.

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[Great Butts]

I know that a lot of people emphasize going to your cheapest option possible for vet school. I've been accepted to my IS and tuition will be approximately 22k for the first year, increasing about 1-2k for every year after that. It's a great school and I've learned to love it, but it was not my top choice when I applied and I ended up accepting the position for tuition purposes.

I was just called off the waitlist for my dream school and its proximity to the CDC/Public Health epicenter would be perfect for my interests in PH/Zoonotic Diseases. They also offer an MPH/DVM dual degree that I've been eyeing throughout the application cycle, my IS is the only school I applied to that doesn't offer that option. It's also 48k the first year, however much after that (I can't apply for IS tuition even after gaining residency), and I would have to pay for the MPH on top of that. It would also be a prime location for my SO to find a job, he's an epidemiologist.

I don't know what to do...I want to make a sound and logical decision and I already have loans from my undergrad. My father is telling me to go for UGA because loans will always be there, but I know that monthly payments can still be affected by how much you borrow.

 

[Coopah]

@Great Butts Ok so I ran a couple of numbers. I didn't know what your situation was, so you might want to check out the VIN Foundation Loan Repayment Simulator and run some yourself to get a better idea. Basically it boils down to this, if you have to borrow what the COA is for both schools (via a quick google search) you'd borrow $171,064 for TX and $254,920 at UGA for the four years assuming tuition remains the same (which it won't).

At the end of vet school your debt would be up to $291,083 for UGA and your monthly payments would be $3,184 for ten years or $1,817 for 25 years $0 to $589 for IBR with $143,922 to pay for taxes on forgiven amount, $0 to $393 with $152,290 to pay on taxes for the forgiven amount, or $0 to $393 with $126,821 to pay on taxes for the forgiven amount. Now what this means is if you work a normal job at about $70k your net income will be negative. Which means you will have to pay through IBR or PAYE or REPAYE. Those programs are about 20-25 years in repayment and you need to save an additional amount each month to ensure you can pay the taxes at the end.

At the end of vet school your debt would be up to $193,999 for TX and your monthly payments would be $2,092 for ten years, $1,175 for 25 years, $0 to $589 for IBR with $69,001 in taxes, or $0 to $393 for PAYE and REPAYE with $86,528 and $74,798 in taxes respectively. I don't need to point out this is much more reasonable. However these numbers will change depending on how much you borrow. You said you have a SO, so will they be paying for living expenses, contributing to tuition? These are things you must consider before deciding. If you want to go to UGA, do your research. If you can handle the debt and you want to go there, then do it. But don't turn down an IS that can offer you the chance at financial freedom later because it's closer to the CDC. I wish you will in all your future endeavors!

 

[Great Butts]

@Great Butts Ok so I ran a couple of numbers. I didn't know what your situation was, so you might want to check out the VIN Foundation Loan Repayment Simulator and run some yourself to get a better idea. Basically it boils down to this, if you have to borrow what the COA is for both schools (via a quick google search) you'd borrow $171,064 for TX and $254,920 at UGA for the four years assuming tuition remains the same (which it won't).

At the end of vet school your debt would be up to $291,083 for UGA and your monthly payments would be $3,184 for ten years or $1,817 for 25 years $0 to $589 for IBR with $143,922 to pay for taxes on forgiven amount, $0 to $393 with $152,290 to pay on taxes for the forgiven amount, or $0 to $393 with $126,821 to pay on taxes for the forgiven amount. Now what this means is if you work a normal job at about $70k your net income will be negative. Which means you will have to pay through IBR or PAYE or REPAYE. Those programs are about 20-25 years in repayment and you need to save an additional amount each month to ensure you can pay the taxes at the end.

At the end of vet school your debt would be up to $193,999 for TX and your monthly payments would be $2,092 for ten years, $1,175 for 25 years, $0 to $589 for IBR with $69,001 in taxes, or $0 to $393 for PAYE and REPAYE with $86,528 and $74,798 in taxes respectively. I don't need to point out this is much more reasonable. However these numbers will change depending on how much you borrow. You said you have a SO, so will they be paying for living expenses, contributing to tuition? These are things you must consider before deciding. If you want to go to UGA, do your research. If you can handle the debt and you want to go there, then do it. But don't turn down an IS that can offer you the chance at financial freedom later because it's closer to the CDC. I wish you will in all your future endeavors!

That was extremely extremely helpful, thank you so much for all the help Coop.

I just finished digging up the loans I have now, along with interest rates, and the amount of debt I may be in is astounding in the worst way possible. I'll just have to work a little harder to achieve my goals or take a different route, but that's just how it is!

 

[Coopah]

That was extremely extremely helpful, thank you so much for all the help Coop.

I just finished digging up the loans I have now, along with interest rates, and the amount of debt I may be in is astounding in the worst way possible. I'll just have to work a little harder to achieve my goals or take a different route, but that's just how it is!

I hope everything works out. You might not need to borrow the whole coa. For instance I have my SO paying everything except tuition. So my loans will be cut in half essentially. Could that be an option for you?

 

[Great Butts]

I hope everything works out. You might not need to borrow the whole coa. For instance I have my SO paying everything except tuition. So my loans will be cut in half essentially. Could that be an option for you?

I would hate to rely on my SO, he's fresh out of grad school himself so he's going to be working on finding stability for himself. There are a few scholarships and grants I could apply for if I went to UGA, but I wish veterinary school had more funding for its students in that regard.

 

[ziggyandjazzy]

Does anyone set up a situation where they "borrow" a low or no interest loan from their parents? Mine mentioned that it wouldn't make sense to have me accruing a bunch of interest and that they would probably be able to set something up like this. They would expect me to pay them back, but with low or no interest.

 

[Emmy Senpai]

Does anyone set up a situation where they "borrow" a low or no interest loan from their parents? Mine mentioned that it wouldn't make sense to have me accruing a bunch of interest and that they would probably be able to set something up like this. They would expect me to pay them back, but with low or no interest.

I'm not an expert on loans, but I think if you are the one to take the loan out, you won't start paying it back until after graduation + grace period. If your parents took out the loan and you used that money towards vet school, I'm not sure that the grace period + 4 years of vet school would apply...

Would be interested in hearing more opinions / advice on this. I'm looking to keep costs as low as possible too!

 

[LyraGardenia]

I'm not an expert on loans, but I think if you are the one to take the loan out, you won't start paying it back until after graduation + grace period. If your parents took out the loan and you used that money towards vet school, I'm not sure that the grace period + 4 years of vet school would apply...

Would be interested in hearing more opinions / advice on this. I'm looking to keep costs as low as possible too!

I think ziggyandjazzy means it would just be her(?) parents loaning her the money, so not taking out formal loans at all. If that's the case, that sounds like a good idea to me if you have the right kind of relationship with your parents where they won't guilt trip you about paying them back or something.

 

[Emmy Senpai]

I think ziggyandjazzy means it would just be her(?) parents loaning her the money, so not taking out formal loans at all. If that's the case, that sounds like a good idea to me if you have the right kind of relationship with your parents where they won't guilt trip you about paying them back or something.

Ah I see... In that case there's absolutely no way I'd be able to do that. I have more money in my bank account than my parents

 

[ziggyandjazzy]

I think ziggyandjazzy means it would just be her(?) parents loaning her the money, so not taking out formal loans at all. If that's the case, that sounds like a good idea to me if you have the right kind of relationship with your parents where they won't guilt trip you about paying them back or something.

Yep that's what I meant. I looked into some of the regulations and looks like they can "gift" you 10k per year but after that they need to charge interest.

 

[PippyPony]

Does anyone set up a situation where they "borrow" a low or no interest loan from their parents? Mine mentioned that it wouldn't make sense to have me accruing a bunch of interest and that they would probably be able to set something up like this. They would expect me to pay them back, but with low or no interest.

My parents did this with my sister for med school, and just offered to do it for me for vet school. Certainly wouldn't be the whole amount that I need to borrow (or even close), but they offered an interest rate much lower (duh) than federal student loans -- around 3.5%. Their argument was that they would get similar interest to putting the money in something like a CD, and get to invest in their kids, who are presumably not going to skip out on them and default on the loan (because, among other things, they know where we live and they still control our Christmas presents lol)

Just make sure it's well-structured -- have a formal agreement and a set repayment schedule. My sister and her husband now make a recurring payment back to my parents each month. My parents also specified that the loan is not to be used for living expenses or discretionary spending under any circumstances -- it goes 100% to tuition or the whole thing is revoked.

I think they have to charge some interest in order for it to count as a loan vs. a gift, and those things would have very different tax implications, so I'd make sure you understand the details there.

Lastly, I believe you also have to inform the school you're attending if you get any outside funds. It can impact what institutional financial aid you get (I got none, sarcastic yay for that, so it isn't an issue for me). Also, I've been self-supporting for over 5 years now, so I didn't include my parents' finances on my financial aid application -- not sure how this works if you're still receiving support from them for undergrad, etc.

sent from ma fone

 

[cheathac]

I think I am in good financial shape. Just wrote out a budget. I was very fortunate to receive scholarships that brought down my tuition to $12,500.. a company has told me they are willing to give me an additional $2,000 so it may be brought down to $10,500 for the first year. My dad is giving me $500/month that covers rent and about $80 in groceries. I have a decent chunk in savings and will be working full time this summer to earn an additional $3500. I'm planning on taking out $20,000 in loans (10k/semester) that covers tuition and some living expenses. What is a safe amount to keep in the bank for savings? Financially my parents will help me out when needed but I don't want to use all of what's in the bank towards living costs (even though it would mean less loans). I have my living costs at $700/month for food and a car lease payment. Could probably be lower because I'm overestimating on food. Also with the loans, I can give some of the money back at the end of the semester right? I'm looking at using it to pay for tuition and maybe half of living expenses? Any advice is appreciated. Thanks guys

 

[Coopah]

I think I am in good financial shape. Just wrote out a budget. I was very fortunate to receive scholarships that brought down my tuition to $12,500.. a company has told me they are willing to give me an additional $2,000 so it may be brought down to $10,500 for the first year. My dad is giving me $500/month that covers rent and about $80 in groceries. I have a decent chunk in savings and will be working full time this summer to earn an additional $3500. I'm planning on taking out $20,000 in loans (10k/semester) that covers tuition and some living expenses. What is a safe amount to keep in the bank for savings? Financially my parents will help me out when needed but I don't want to use all of what's in the bank towards living costs (even though it would mean less loans). I have my living costs at $700/month for food and a car lease payment. Could probably be lower because I'm overestimating on food. Also with the loans, I can give some of the money back at the end of the semester right? I'm looking at using it to pay for tuition and maybe half of living expenses? Any advice is appreciated. Thanks guys

I use a general 3 months worth of expenses as an emergency savings account. I'm not sure what your situation is exactly, if something happened could your parents help depending on the urgency? Who would be handling car repairs? What if you needed a new car because yours died? Maybe you don't have a car but end up needing to go to the emergency room because you broke an arm, who would pay for that? Anyways I keep about 6 months what I'd need to live on because hubby and I are on our own and I have a lot of crap that can go wrong.

 

[Momokeen]

I know that a lot of people emphasize going to your cheapest option possible for vet school. I've been accepted to my IS and tuition will be approximately 22k for the first year, increasing about 1-2k for every year after that. It's a great school and I've learned to love it, but it was not my top choice when I applied and I ended up accepting the position for tuition purposes.

I was just called off the waitlist for my dream school and its proximity to the CDC/Public Health epicenter would be perfect for my interests in PH/Zoonotic Diseases. They also offer an MPH/DVM dual degree that I've been eyeing throughout the application cycle, my IS is the only school I applied to that doesn't offer that option. It's also 48k the first year, however much after that (I can't apply for IS tuition even after gaining residency), and I would have to pay for the MPH on top of that. It would also be a prime location for my SO to find a job, he's an epidemiologist.

I don't know what to do...I want to make a sound and logical decision and I already have loans from my undergrad. My father is telling me to go for UGA because loans will always be there, but I know that monthly payments can still be affected by how much you borrow.

Also @Great Butts there are a lot of opportunities for vet students/veterinarians in the area of public health that you could do at or coming out of any school. I've been doing a lot of research on it because that's my area of interest too . Look into the Epidemics Intelligence Service (EIS) training program through the CDC (they also have an externship for students I believe) It'd be something you'd do post vet school, but it actually would play to your advantage to need MORE training in public health to get into the program. Here's an awesome webinar from the AVMA site about the program:

I know it's something you'd have to apply for and get in and such, but just know that there are public health opportunities where you make them. I'm sure you could also work out a public health rotation through your in-state school. Just some things to consider

 

[Great Butts]

Also @Great Butts there are a lot of opportunities for vet students/veterinarians in the area of public health that you could do at or coming out of any school. I've been doing a lot of research on it because that's my area of interest too . Look into the Epidemics Intelligence Service (EIS) training program through the CDC (they also have an externship for students I believe) It'd be something you'd do post vet school, but it actually would play to your advantage to need MORE training in public health to get into the program. Here's an awesome webinar from the AVMA site about the program:

I know it's something you'd have to apply for and get in and such, but just know that there are public health opportunities where you make them. I'm sure you could also work out a public health rotation through your in-state school. Just some things to consider

Thank you for all the information!! I'll be sure to check out the webinar when I'm done with finals tomorrow.

I've actually decided to accept the offer at UGA (cue the internal screams and shaking heads from everyone on this forum lol) - I just fell in love with the school when I visited and I can't imagine myself getting a DVM anywhere else. This was after an entire week of inner turmoil and literally calling up every veterinarian/professor I knew (grand total of 5 people, not even joking, I was tallying up votes) to ask whether I should attend my IS or UGA. Everyone told me to go for UGA, so I hope I'm not going to regret this in 5 years lol

 

[Momokeen]

Thank you for all the information!! I'll be sure to check out the webinar when I'm done with finals tomorrow.

I've actually decided to accept the offer at UGA (cue the internal screams and shaking heads from everyone on this forum lol) - I just fell in love with the school when I visited and I can't imagine myself getting a DVM anywhere else. This was after an entire week of inner turmoil and literally calling up every veterinarian/professor I knew (grand total of 5 people, not even joking, I was tallying up votes) to ask whether I should attend my IS or UGA. Everyone told me to go for UGA, so I hope I'm not going to regret this in 5 years lol

Hey as long as you are making your decision and have all the fact when you do so, that's what matters . I'm glad you are happy and that you got into your dream school!

 

[Great Butts]

Hey as long as you are making your decision and have all the fact when you do so, that's what matters . I'm glad you are happy and that you got into your dream school!

Looking forward to working together in the PH field

 

[Momokeen]

Looking forward to working together in the PH field

Ditto!

 

[anjabryn]

I am still paying off my student loan debt from Vet school and undergraduate. Recently I compiled a list of over 50, CURRENT 2017-2018 scholarships and free money for Veterinary students, residents, and some even geared towards Doctors. I am still searching for more to add to this list.
Over 50 Veterinary School Scholarships listed here.

 

[ziggyandjazzy]

Do private schools like Cornell and UPenn ever offer any kind of substantial financial aid? Their costs are quite high and so I hadn't considered applying. Know of anyone who has gotten lots of grants? (or if there is a thread on this, i am open to redirection)

 

[twelvetigers]

Do private schools like Cornell and UPenn ever offer any kind of substantial financial aid? Their costs are quite high and so I hadn't considered applying. Know of anyone who has gotten lots of grants? (or if there is a thread on this, i am open to redirection)

No grants, no financial aid - just loans like anywhere else. You can get the full cost of attendance covered.

Only scholarships, which are limited and of course are based on your academics, your interests, and your need. Usually they don't really start up until second year.

If you crossed schools off because of cost, they should probably just stay crossed off - there aren't any big money savers for professional school. Just loans you have to pay back with 6.5% interest.

 

[ziggyandjazzy]

No grants, no financial aid - just loans like anywhere else. You can get the full cost of attendance covered.

Only scholarships, which are limited and of course are based on your academics, your interests, and your need. Usually they don't really start up until second year.

If you crossed schools off because of cost, they should probably just stay crossed off - there aren't any big money savers for professional school. Just loans you have to pay back with 6.5% interest.

I've always used the term grant interchangeably with scholarship but I should've been more specific. I saw someone on the 2021 acceptance thread that said Penn gave them a large scholarship. I'm wondering how common this is. Seems like you think it is not very common, which I was thinking (albeit with no evidence) as well.

 

[twelvetigers]

I've always used the term grant interchangeably with scholarship but I should've been more specific. I saw someone on the 2021 acceptance thread that said Penn gave them a large scholarship. I'm wondering how common this is. Seems like you think it is not very common, which I was thinking (albeit with no evidence) as well.

I would say not to count on it unless you excel academically, and even then I'm not sure. But, I didn't go to Penn (or any of those other schools) so perhaps someone from there can comment on it.

I would still say trying for an in state tuition at an affordable school is anyone's best bet.

 

[TrashPanda]

Do private schools like Cornell and UPenn ever offer any kind of substantial financial aid? Their costs are quite high and so I hadn't considered applying. Know of anyone who has gotten lots of grants? (or if there is a thread on this, i am open to redirection)

I belive UPenn gives many (most? all?) OOS students some money to make up for some of the OOS vs. IS difference, but it's still very expensive. They're also having some budget issues so that might not be something to count on going forward. I bet someone in the UPenn 2021 or 2020 threads could tell you more.

UC Davis gives all students pretty substantial grants and is generous with scholarships, too. Most other schools don't give out a lot of grant or scholarship money or only give substantial amounts to a very small number of students. It really varies school to school, but in general, if a school's sticker price is high, grants and scholarships won't change that for the vast majority of students.

 

[tbirdd123]

Do private schools like Cornell and UPenn ever offer any kind of substantial financial aid? Their costs are quite high and so I hadn't considered applying. Know of anyone who has gotten lots of grants? (or if there is a thread on this, i am open to redirection)

I know two people who received financial aid to Cornell that amounts to be equal to in state tuition at Cornell, so it's certainly possible. I also know another girl that received around 10k to Penn.

 

[mht2k3]

Do private schools like Cornell and UPenn ever offer any kind of substantial financial aid? Their costs are quite high and so I hadn't considered applying. Know of anyone who has gotten lots of grants? (or if there is a thread on this, i am open to redirection)

penn offers recruitment scholarships that pay for a little under half of the yearly tuition per year. I'm not sure how many they give out, but I'm guessing they are somewhat rare. I was lucky enough to receive one, and it didn't seem to be based entirely off of academics as my GPA wasn't amazing (you can check out my stats in successful applicants thread). With that said, Penn seems to be a having budget issues lately so who knows if they will offer the scholarships to future classes.

 

[ilikecake]

Can anyone tell me how you are notified of Stafford loans? I got an email from my school about my "Financial Aid Award Notice." When I go to my finance section, all it says is "Health Profession Loan-Vet Med" and the amount is far less than the $40k I thought everyone was able to get per year. Is this something that is different?

Sorry if this is a stupid question, I have never had to deal with student loans before and it is overwhelming and confusing.

 

[mht2k3]

Can anyone tell me how you are notified of Stafford loans? I got an email from my school about my "Financial Aid Award Notice." When I go to my finance section, all it says is "Health Profession Loan-Vet Med" and the amount is far less than the $40k I thought everyone was able to get per year. Is this something that is different?

Sorry if this is a stupid question, I have never had to deal with student loans before and it is overwhelming and confusing.

Everyone is entitled to unsubsidized federal loans for 40.5k. In addition to that you are allowed to take out up to tuition+cos via federal grad plus loans. The health profession loan is a lower interest loan that is need based that not everyone qualifies for.


Sent from my iPhone using SDN mobile app

 

[ilikecake]

Everyone is entitled to unsubsidized federal loans for 40.5k. In addition to that you are allowed to take out up to tuition+cos via federal grad plus loans. The health profession loan is a lower interest loan that is need based that not everyone qualifies for.


Sent from my iPhone using SDN mobile app

Okay thank you so much for your quick answer and saving me from a meltdown. Do you know if the school also sends me information about the 40.5k loan? This is the first email I've gotten regarding loans from them.

 

[WildZoo]

Okay thank you so much for your quick answer and saving me from a meltdown. Do you know if the school also sends me information about the 40.5k loan? This is the first email I've gotten regarding loans from them.

Yes, you'll also get info about the unsubsidized loan from your school. If you need to take out more, you have to apply for the grad plus separately (but that will still go through your school as well).

 

[adriata88]

Hi there, are the charts on page 1 still current?

 

[LyraGardenia]

Hi there, are the charts on page 1 still current?

It doesn't look like those have been updated since 2011. The VIN cost of education map is a more current resource! VIN Foundation Cost of Education Map

 

[Vombatidae]

I have a general question but am not sure if this is even a good thread to post it on. Now that many of us have received acceptances, we will likely apply for FAFSA if we haven't already done so. For those of us leaving a career to do this - what does this look like? I know during my undergrad I maybe had $5,000 a semester to live off of but that was fine. I don't see how that would be feasible with this type of program (I didn't even have a car or other responsibilities before) without pressure on my SO. I had asked a similar question before and people say that you can't physically work while in vet school. I'm assuming this means that you take out more loans and have more offered to utilize because of this - is this true? If so, can someone give an example. I applied to Michigan state, Lincoln Memorial, and A&M so I'm specifically curious for those.

For example, If I accept Michigan state, which is very expensive, is it something like this?:

Online MSU says: (https://finaid.msu.edu/read/budcvm18.pdf?t=1507886148)
Y1 OOS = ~$76,000
Y2 OOS = ~$76,500
Y3 OOS = ~$99,000 (because of summer)
Y4 OOS = ~$72,700
GRAND TOTAL: ~$324,200.
1. Tuition/Fees OOS is listed here as $56,500
2. Now, this "Living Expenses" are $19,993:
-Rent ($8000/yr)
-Food ($3100/yr)
-Random ($2500/yr)
-Health ($2600/yr - is this insurance??)
-Transportation ($1700/yr)
-Books/Equip ($1700/yr)

So, my question is, if you "receive" $20,000/year after tuition is that realistic to cover costs or do you "save" by living with others and eating less? Realistically, $8000/year isn't a lot for housing unless you are living with someone. I'm sorry if this is confusing - I know LMU and A&M cost less, so I guess I'm curious about people's experience thus far when you don't have parents who can contribute. Are you struggling and really can't do anything, are you conservative and okay, etc.? I know I won't have the same lifestyle and that is fine, I just worry that these numbers mean I can't afford my car, insurance, and basics - not extravagant stuff, entertainment, etc.

Obviously if you look at my stats, my math game is weak. Help?

 

[Lupin21]

Just bumping here since this is a stickied thread from the compendium: SDN Compendium of All Things Pre-Vet (READ THIS FIRST)

 

[finnickthedog]

I have a general question but am not sure if this is even a good thread to post it on. Now that many of us have received acceptances, we will likely apply for FAFSA if we haven't already done so. For those of us leaving a career to do this - what does this look like? I know during my undergrad I maybe had $5,000 a semester to live off of but that was fine. I don't see how that would be feasible with this type of program (I didn't even have a car or other responsibilities before) without pressure on my SO. I had asked a similar question before and people say that you can't physically work while in vet school. I'm assuming this means that you take out more loans and have more offered to utilize because of this - is this true? If so, can someone give an example. I applied to Michigan state, Lincoln Memorial, and A&M so I'm specifically curious for those.

For example, If I accept Michigan state, which is very expensive, is it something like this?:

Online MSU says: (https://finaid.msu.edu/read/budcvm18.pdf?t=1507886148)
Y1 OOS = ~$76,000
Y2 OOS = ~$76,500
Y3 OOS = ~$99,000 (because of summer)
Y4 OOS = ~$72,700
GRAND TOTAL: ~$324,200.
1. Tuition/Fees OOS is listed here as $56,500
2. Now, this "Living Expenses" are $19,993:
-Rent ($8000/yr)
-Food ($3100/yr)
-Random ($2500/yr)
-Health ($2600/yr - is this insurance??)
-Transportation ($1700/yr)
-Books/Equip ($1700/yr)

So, my question is, if you "receive" $20,000/year after tuition is that realistic to cover costs or do you "save" by living with others and eating less? Realistically, $8000/year isn't a lot for housing unless you are living with someone. I'm sorry if this is confusing - I know LMU and A&M cost less, so I guess I'm curious about people's experience thus far when you don't have parents who can contribute. Are you struggling and really can't do anything, are you conservative and okay, etc.? I know I won't have the same lifestyle and that is fine, I just worry that these numbers mean I can't afford my car, insurance, and basics - not extravagant stuff, entertainment, etc.

Obviously if you look at my stats, my math game is weak. Help?

With the MSU budget, my understanding is that they aren't factoring in your living expenses over the summer months when you're on vacation--only the months that you are in school.

That said, when I sat down and tried to estimate my expenses before starting school I found that I could almost live on that $20,000 without a roommate, for an entire year. I've been tracking my spending since starting school and while I was off in many categories, it balances out to a total that is basically what I predicted. So the money I'm receiving is something I can live on--and still have a budget for my pets and some fun.

I do intend to live with a roommate for all four years if possible and I intend to make money over the first two summers to lower the amount of money that I take out, but I'm not dependent on those things to survive. It can be done.

 

[MixedAnimals77]

I have a general question but am not sure if this is even a good thread to post it on. Now that many of us have received acceptances, we will likely apply for FAFSA if we haven't already done so. For those of us leaving a career to do this - what does this look like? I know during my undergrad I maybe had $5,000 a semester to live off of but that was fine. I don't see how that would be feasible with this type of program (I didn't even have a car or other responsibilities before) without pressure on my SO. I had asked a similar question before and people say that you can't physically work while in vet school. I'm assuming this means that you take out more loans and have more offered to utilize because of this - is this true? If so, can someone give an example. I applied to Michigan state, Lincoln Memorial, and A&M so I'm specifically curious for those.

For example, If I accept Michigan state, which is very expensive, is it something like this?:

Online MSU says: (https://finaid.msu.edu/read/budcvm18.pdf?t=1507886148)
Y1 OOS = ~$76,000
Y2 OOS = ~$76,500
Y3 OOS = ~$99,000 (because of summer)
Y4 OOS = ~$72,700
GRAND TOTAL: ~$324,200.
1. Tuition/Fees OOS is listed here as $56,500
2. Now, this "Living Expenses" are $19,993:
-Rent ($8000/yr)
-Food ($3100/yr)
-Random ($2500/yr)
-Health ($2600/yr - is this insurance??)
-Transportation ($1700/yr)
-Books/Equip ($1700/yr)

So, my question is, if you "receive" $20,000/year after tuition is that realistic to cover costs or do you "save" by living with others and eating less? Realistically, $8000/year isn't a lot for housing unless you are living with someone. I'm sorry if this is confusing - I know LMU and A&M cost less, so I guess I'm curious about people's experience thus far when you don't have parents who can contribute. Are you struggling and really can't do anything, are you conservative and okay, etc.? I know I won't have the same lifestyle and that is fine, I just worry that these numbers mean I can't afford my car, insurance, and basics - not extravagant stuff, entertainment, etc.

Obviously if you look at my stats, my math game is weak. Help?

So as a professional student everyone can now be considered independent as far as FASFA goes. Essentially it cosiders no one has parental support. Therefore you and everyone may barrow up to the full amount COA. I know I've heard others that can barrow more if you have children, usure if this would apply to spouses. I don't know what MI housing prices are but dependent on the area $8k is more than doable for housing in some areas, others not so much. I know @Elkhart can chime in about COA allowance not being enough (although the COA seems to be very school dependant on if it's enough or not). It will be quite the adjustment moving from a real job to student living again. Things to take advantage of include school graduate zoned housing, possibly, if you have a family I know people that have applied for low income housing since their spouse is the only one making money. I don't know about your schools specifically but I know many schools send out housing packets with vet student friendly housing. So those are just a few ways people circiumvent these problems. More doable for single people is living with multiple people: A friend in MO pays like $300/mo but has 2 roomates, on the otherhand I have a friend with an SO and she has a married classmate living with her-seems to work for them but I know it's not for everyone. Most people I've came across seem to be somewhat conservative and be ok, but you definately have to budget well I think and can't be going out to eat everyday obviously. For me my SO will hopefully have a job and be bringing in about $45k enough to pay the housing, food, bill portion of school so I only have to take out tuition and fees. Hope this helped some

 

[BPK2022]

I have a general question but am not sure if this is even a good thread to post it on. Now that many of us have received acceptances, we will likely apply for FAFSA if we haven't already done so. For those of us leaving a career to do this - what does this look like? I know during my undergrad I maybe had $5,000 a semester to live off of but that was fine. I don't see how that would be feasible with this type of program (I didn't even have a car or other responsibilities before) without pressure on my SO. I had asked a similar question before and people say that you can't physically work while in vet school. I'm assuming this means that you take out more loans and have more offered to utilize because of this - is this true? If so, can someone give an example. I applied to Michigan state, Lincoln Memorial, and A&M so I'm specifically curious for those.

For example, If I accept Michigan state, which is very expensive, is it something like this?:

Online MSU says: (https://finaid.msu.edu/read/budcvm18.pdf?t=1507886148)
Y1 OOS = ~$76,000
Y2 OOS = ~$76,500
Y3 OOS = ~$99,000 (because of summer)
Y4 OOS = ~$72,700
GRAND TOTAL: ~$324,200.
1. Tuition/Fees OOS is listed here as $56,500
2. Now, this "Living Expenses" are $19,993:
-Rent ($8000/yr)
-Food ($3100/yr)
-Random ($2500/yr)
-Health ($2600/yr - is this insurance??)
-Transportation ($1700/yr)
-Books/Equip ($1700/yr)

So, my question is, if you "receive" $20,000/year after tuition is that realistic to cover costs or do you "save" by living with others and eating less? Realistically, $8000/year isn't a lot for housing unless you are living with someone. I'm sorry if this is confusing - I know LMU and A&M cost less, so I guess I'm curious about people's experience thus far when you don't have parents who can contribute. Are you struggling and really can't do anything, are you conservative and okay, etc.? I know I won't have the same lifestyle and that is fine, I just worry that these numbers mean I can't afford my car, insurance, and basics - not extravagant stuff, entertainment, etc.

Obviously if you look at my stats, my math game is weak. Help?

Great questions, thank you for asking

 

[Vombatidae]

@Elkhart - thank you for such a thorough response. That is truly very valuable and adds a lot. I appreciate it.

 

[DVMDream]

Thanks for the tag, @MixedAnimals77.

Disclaimer: I'm no longer in vet school; I left during my second year at Iowa State. I don't remember the exact numbers for everything, so I'm estimating here.

The above is correct about the FAFSA---as professional students, everyone is considered independent for financial aid purposes regardless of age, so everyone is eligible to take out loans to the school's calculated CoA. If you're attending a particularly expensive IS school or an OOS school, then you may have to take out Grad PLUS loans to have everything covered (the Federal Stafford loans can only be borrowed to a maximum of $40.5k/year, which is more than enough for most schools if you're paying IS rates). If the school you're attending has a total CoA that is less than $40.5k/year, then you can only take out that full amount. For instance, at Iowa State, IS CoA was ~$38k/year, so that's the maximum amount that we were allowed to take out.

In regards to being able to afford everything.... it really, really depends upon the school and how much they offer you, what you're going to be responsible for paying, and the location. In my case, at Iowa State, we were allotted ~$6k/semester for living costs---tuition and fees were deducted from the full loan automatically and we received the leftovers via direct deposit. Most of my classmates seemed to do fine on, but not everyone. I know of at least 3-4 people who ended up having to move because they could not afford their rent on that, and those who had to pay for everything (car payment, cell phone, health insurance, etc.) tended to struggle, especially if they were single. Those with spouses who worked or family support to help cover some of those living costs did fine. I know that one of my friends tried to appeal to financial aid to let her take out an additional $1k-2k loan to help afford her rent and they wouldn't allow her to. Supposedly they're more lenient with loaning you additional money if you've got children.

In my case, dividing the total ~$12k/year living cost allotment left me at about $1k/month. My apartment's rent was ~$600/month, though that did cover all utilities, electricity, internet, and amenities such as pool and gym membership. There were some places in Ames that are $300-500 in rent, but it's a bit of a wash as to whether or not it actually would have been any cheaper because I'd be on the hook for covering everything that was included in rent where I was at. I often wired my parents some money because they were struggling, so I'd say that, on an average month, I'd have ~$300 to cover everything else. This doesn't include the money that I made at work (which wasn't much, but hey... an extra pizza or round of takeout every few weeks is nice). That said, I was more of a traditional student and didn't really have much in extra bills to cover as my car is paid off, I walked to class or took the bus if the weather was bad so gas was rarely an issue, I was still on my parent's health insurance, and I didn't do a lot of discretionary spending outside of textbooks, food, and occasionally eating/hanging out with friends.

Of course, this was just my one experience at one school.

It's definitely not impossible to work as a vet student, but it does make things harder. I worked 2-3 jobs during my time in vet school and honestly I think that my grades (and, by extension, confidence and mental health) would have been a lot better if I hadn't and instead only focused on school. If you decide to work during vet school, I would suggest that 1) you wait until you're at least a semester in so that you have a better idea of the demands of vet school and can evaluate whether or not you can realistically add a job to that, and 2) try your damnedest to get a job at the school itself or in the teaching hospital, because they're used to employing students and subsequently are often far more understanding of the time constraints that you have and bad test weeks and the like than a "regular" job elsewhere. I will caution that you shouldn't expect to be able to work more than maybe 10 hours/week, and you almost certainly won't be able to work during your clinical year, but most schools will allow you to take out additional loans during that year since you'll be enrolled during the summer so it evens out.

So, really, I suppose what it comes down to is this: the CoA estimates at most schools will be enough for the vast majority of students. Some schools are dead-on in their estimates, some overestimate, some underestimate. If you know any current students at the schools that you're considering, I would politely ask them if they can share their budget with you or at least give you an idea of how they do on the amount of loans that they receive. And try to get as many perspectives as possible, since everyone is in different situations and has different expectations. If in doubt, I would shoot an email to financial aid and explain your concerns and see if they can better detail the breakdown or even perhaps offer you additional loans if you can show that it won't be enough to cover your needs (who knows, maybe some schools are more willing to do this?).

I was given an alert that you mentioned me in this post....but I don't see that anywhere... is SDN just going crazy??

 

[britzen]

I was given an alert that you mentioned me in this post....but I don't see that anywhere... is SDN just going crazy??

It's just auto-adding you to every conversation about loans now... It knows you have opinions

 

[JaynaAli]

I was given an alert that you mentioned me in this post....but I don't see that anywhere... is SDN just going crazy??

She may have edited it because I definitely saw you mentioned earlier.

 

[DVMDream]

Yeah, I originally tagged you in the post but then edited the tag out. Sorry for the confusion, haha.

No worries. Just making sure I am not missing something.

 

[DVMDream]

It knows you have opinions

Lol. I definitely have opinions, about a many things. I could get into a very long rant/diatribe about loans and how society should view needed professionals, but you likely don't want to hear it.

 

[Aqua_girl87]

Hey everyone! I was just accepted into Michigan State as an OOS and, knowing how expensive a veterinary education is (especially OOS!), I'm already thinking about the financial aspect of it and trying to come up with the best plan to manage it. I've already completed my FASFA, but am a little unsure of what to do next in regards of financing my veterinary education. Michigan State automatically allots some scholarships in late summer/early fall (based on what they told me when I asked), so I was wondering if there were other resources that I can look into for scholarships and/or grants that anyone knows of in the meantime. Any insight would be greatly appreciated!

 

[pinkpuppy9]

Hey everyone! I was just accepted into Michigan State as an OOS and, knowing how expensive a veterinary education is (especially OOS!), I'm already thinking about the financial aspect of it and trying to come up with the best plan to manage it. I've already completed my FASFA, but am a little unsure of what to do next in regards of financing my veterinary education. Michigan State automatically allots some scholarships in late summer/early fall (based on what they told me when I asked), so I was wondering if there were other resources that I can look into for scholarships and/or grants that anyone knows of in the meantime. Any insight would be greatly appreciated!

Google for scholarships, that's really all you can do in the meantime. At least at my school, our admin emails us external scholarship opportunities occasionally too but they aren't anything we couldn't find ourselves. Most of this years scholarships have had their deadlines passed by now, but you can get an idea of what's out there.

MSU probably has a database of internal scholarships too, idk about the process for those though. Paging @Teepster87

You can also start figuring out a monthly budget to help control spending/keeping track of where your money goes. A lot will depend on your housing choice.

 

[Teepster87]

So I'm gonna try and reply to both @Vombatidae and @Aqua_girl87 , since my schools mentioned in both.

So Finn hit on this earlier, but the budget calculations are only accounting for 9 months of the year, they leave you to fend for yourself during the summer. They expect you to work, or find some other means to contribute for your summer living. (We do alot of summer programs here: a pretty big summer research program, equine fellows program, food systems fellowship, and a relatively new program for veterinary entrepreneurship. Most of these things pay around $5000 of stipend for the summer.) Most of my classmates that I know of have roommates, or a SO that they live with. It definitely helps to reduce the cost of housing especially on the East Lansing/Okemos side of town. You can find a 3bed/1bath house for around 750-900 if you look in Lansing. I'm not a great resource for this type of question, I live with my wife and kids, and I don't really budget.
The health category is for the school's insurance program, I opted out of it and get whatever the medicare equivalent program that Michigan has. Being a household with kids helps in this aspect, I don't know if a single student would qualify. The insurance does cover the rabies series now, so you don't have to pay out of pocket if you haven't had your series yet. I think I have bought 3 books so far in 2 years, and 2 of those were only for my use/benefit because I was struggling in their corresponding classes. Even if you do like to have texts, we've got a school wide **** sale group on facebook you can get secondhand copies from, or we've got a pretty good "underground" library of ebooks, and alot of professors will provide pdfs of book chapters currently for supplemental reading.
The dean has been really trying hard to get a tuition freeze put in place, but has only been slightly successful. We've had our tuition rise at a slower rate than other colleges within MSU. OOS students have been given scholarships of $1000/semester to keep their rate of increase in line with the IS students. I think the big reason things are so expensive here is that we(higher education) don't get alot of support from the state anymore. The admissions or student services (whatever department is in charge of scholarships) really does try to give scholarships to as many people as possible. I think they say that around 65% of all students receive some sort of scholarship. They just opened a new scholarship system last year that removes the requirements to apply individually for most MSU CVM offered scholarships. They take your application information, letter of rec from VMCAS, and FAFSA so try to find what things you qualify for. There are also scholarships that you can apply to from greater MSU, that are open to most undergrad and grad students if you meet whatever criteria they are looking for. We get a few emails a year about outside scholarships to apply for. Financial aid also has a childcare grant for students with kids, its really helped me out with childcare expenses.
MSU also has a program that lets you get refunded the difference between OOS and IS tuition if you work for a year in Michigan post graduation. It's not as great as schools that let you switch residency while you're in school, but it's at least something. I've got alot of OOS classmates thinking about hanging around for an extra year to get that "rebate"

And Dr. Harris is a great resource for working out budgets, and planning for repayment. Our debt is very important to her, and keeps her up at night.


I've lost my train of thought, and this is the longest group of words I've strung together in a long time. Please let me know if anyones got any questions.

 

[Skimble]

You can find a 3bed/1bath house for around 750-900 if you look in Lansing.

Like, total?! You can't find an efficiency around here for that price!

 

[Teepster87]

Like, total?! You can't find an efficiency around here for that price!

Well, they're older houses, in a somewhat cramped neighborhood, but its not a terrible place. They'll probably have higher heating costs and such. COL in a big city is wild.

 

[LyraGardenia]

MSU also has a program that lets you get refunded the difference between OOS and IS tuition if you work for a year in Michigan post graduation. It's not as great as schools that let you switch residency while you're in school, but it's at least something. I've got alot of OOS classmates thinking about hanging around for an extra year to get that "rebate"

Woah, that's a nice deal! If Kansas had something like that I'd definitely consider it.