Financial concerns

[skipper28]

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I applied to vet school this year after many years of considering it and finally deciding to take the leap. I was fortunate to get into a handful of schools, but not my IS. All of my options would have left me with 350k+ of debt, so I chose the school I most wanted to go to. But now I'm looking at potentially 400k of debt between my undergrad and vet school loans, and I am terrified. I'm single and in my late 20s, so I don't even know if I'll have a partner to share finances with later on. I've done my research and understand PAYE/IBR, saving for the tax bill, etc., but it still sounds scary - I'd have to invest my savings pretty aggressively to save up for that tax bill, which I understand comes with risks.

I don't know what to do. I'm considering withdrawing, moving to a state where I can establish residency, and applying again next cycle in the hopes of getting IS tuition. But of course I am worried about the possibility of not getting in a second time.

I know I love vet med, but I also know from experience how challenging it can be, given the physical and emotional demands, work-life-balance issues, and less-than-stellar salaries. I knew about all this before applying, but now that it's real, I'm second-guessing whether or not it's worth the price tag.

Anyone else feel this way? Or have advice? Thanks for reading.

 

[futuredrj00]

I'm in the same boat as you in terms of debt and I know how scary it can be. That being said, I don't let it deter me from my dreams. It's good that you've already looked into payment plans and understand the huge tax bomb at the end of it all.

There is truly no guarantee you'll get in a second time with how competitive each cycle is becoming. I personally wouldn't risk withdrawing and reapplying, but I also don't have an IS, so it might be worth it for you.

I would look into relief veterinary work once you're out and have about a years worth of experience under your belt. It's similar to travel nursing in that you pick up shifts at clinics in need and they typically pay almost double what a normal vet would get. That's my plan to nail down my debt ASAP.

Definitely think about it but keep your head up. Hundreds have done it before us and while stressful, I won't let it stop me from doing what I've always wanted. Good luck

 

[Ebd256]

I applied to vet school this year after many years of considering it and finally deciding to take the leap. I was fortunate to get into a handful of schools, but not my IS. All of my options would have left me with 350k+ of debt, so I chose the school I most wanted to go to. But now I'm looking at potentially 400k of debt between my undergrad and vet school loans, and I am terrified. I'm single and in my late 20s, so I don't even know if I'll have a partner to share finances with later on. I've done my research and understand PAYE/IBR, saving for the tax bill, etc., but it still sounds scary - I'd have to invest my savings pretty aggressively to save up for that tax bill, which I understand comes with risks.

I don't know what to do. I'm considering withdrawing, moving to a state where I can establish residency, and applying again next cycle in the hopes of getting IS tuition. But of course I am worried about the possibility of not getting in a second time.

I know I love vet med, but I also know from experience how challenging it can be, given the physical and emotional demands, work-life-balance issues, and less-than-stellar salaries. I knew about all this before applying, but now that it's real, I'm second-guessing whether or not it's worth the price tag.

Anyone else feel this way? Or have advice? Thanks for reading.

https://wapo.st/36QW1SO "

"May 1 is college decision day. It’s also the day that many families commit themselves to taking on student loans they may have trouble paying in the future."​

This article has to do with college debt but student debt is student debt. If you decide to take on $400k of debt, figure out what your monthly payments will be and for how long, calculate an average monthly salary, and then figure out how much you will have to live on. It comes down to the numbers not emotion.

If the numbers don't work out, consider reapplying. Get an exit interview first to see what you can do to make your application more favorable. How competitive is your instate school? I know Auburn and UGA are very competitive but others are not. You might want to move to a state with a less competitive instate school, get residency status, and then apply only where you can afford to go. No point in putting yourself in the exact same position where you have to decide between a huge loan and following your dream.

Scholarships: 7 top scholarships for veterinary students | finder.com

that is my 2 cents worth.