Financial Issues of Vet School; Advice/Opinions?

[Tco87]

I went to the loan calculator mentioned on one of these pages about debt mentioned, http://www.finaid.org/calculators/loanpayments.phtml. This is the response I got for a 10 year repayment, IS school, medium IS tuition, as far as that goes, and low living expenses:

[FONT=ARIAL, HELVETICA]Wow! You're borrowing a lot of money to pay for your college education. Maybe you should think about attending a less expensive college? A good rule of thumb is that your total education debt should be less than your expected starting salary. If you borrow more than twice your expected starting salary you will find it extremely difficult to repay the debt. Live like a student while you are in school so you don't have to live like a student after you graduate. .

Is anyone expecting to make more money the first year on the job than they borrow? There might be a few lucky people that need to borrow minimally, but I think it is safe to say that this is meant for undergrad students!

I don't even think that's true for a lot of undergrads. I admit, I go to a private university so it's more expensive, but if I tried to get a job right after graduating, my starting salary would be less than my total loan amount. Oy.

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[david594]

I don't even think that's true for a lot of undergrads. I admit, I go to a private university so it's more expensive, but if I tried to get a job right after graduating, my starting salary would be less than my total loan amount. Oy.

Thats because everyone goes to college now because its just what you do. Everyone gets told to just go to college and major in something they are interested in and it will work out.

Not enough students go in considering both the average starting salary for their field, and the rate of placement for new grads into that field.

 

[gracietiger]

The financial challenges of vet school cause me to have quite a bit of doubt about attending vet school. I am a non traditional student, so will be graduating in my early 30s (should I be accepted). I know that there are many other professional careers that I could pursue; I dropped an acceptance to one of the top 5 law schools in order to proceed with veterinary medicine. I constantly think about how, at this very time, I could be entering a six figure a year job, and wonder if I haven't made a huge mistake. But, on the other hand, I made the decision to pursue this field for a large variety of reasons, and am confident in those reasons.

One of my largest concerns is that I will have zero private financial support (ie, parents, spouse) when entering vet school. In fact, my boyfriend will be entering dental school, so we will have triple the debt. I have been told that most students entering vet school will have some level of financial assistance other than loans. Is this really the case? Does this make a significant difference?

 

[katydid628]

my largest concerns is that I will have zero private financial support (ie, parents, spouse) when entering vet school. In fact, my boyfriend will be entering dental school, so we will have triple the debt. I have been told that most students entering vet school will have some level of financial assistance other than loans. Is this really the case? Does this make a significant difference?

My rents MIGHT be giving me some money towards housing, but that would be it. Other then that it's loan city!! If people actually do get their parent's help then that's awesome, but if this is a common occurrence, then I haven't heard of it!

 

[DVMDream]

One of my largest concerns is that I will have zero private financial support (ie, parents, spouse) when entering vet school. In fact, my boyfriend will be entering dental school, so we will have triple the debt. I have been told that most students entering vet school will have some level of financial assistance other than loans. Is this really the case? Does this make a significant difference?

I will also be going into vet school with zero financial support from family (well, except maybe the occasional $20 from my grandma who likes to help with gas I my grandma.) Otherwise it will be all loans for me so I would not worry if you do not have financial assistance outside of loans; it seems there are a good number of people that manage to be able to do without it.

 

[Tobysgirl81]

The financial challenges of vet school cause me to have quite a bit of doubt about attending vet school. I am a non traditional student, so will be graduating in my early 30s (should I be accepted). I know that there are many other professional careers that I could pursue; I dropped an acceptance to one of the top 5 law schools in order to proceed with veterinary medicine. I constantly think about how, at this very time, I could be entering a six figure a year job, and wonder if I haven't made a huge mistake. But, on the other hand, I made the decision to pursue this field for a large variety of reasons, and am confident in those reasons.

One of my largest concerns is that I will have zero private financial support (ie, parents, spouse) when entering vet school. In fact, my boyfriend will be entering dental school, so we will have triple the debt. I have been told that most students entering vet school will have some level of financial assistance other than loans. Is this really the case? Does this make a significant difference?

I don't think most of the students I work with have outside financial help, though most schools DO offer a bunch of scholarships to students.

 

[Danae00]

.

 

[Minnerbelle]

So I've been to the point where I'm about to vomit just from thinking about the amount of debt I'll be in. I've thought about it some, and I think I've come to a couple of somewhat naive, yet comforting scenarios for how I will repay my loans. So, unless I've calculated this all wrong, it looks like I'll have a huge buttload of loans when I graduate, but thank goodness I think I might be able to do with just federal direct loans. I plan on paying interest on the unsubsidized portion while I'm in school:

scenario #1a: I graduate, and am still with the dream of my life. I will have to relocate back to MA and find a full time job at a non-profit to enter the 10 yr loan forgiveness program. Given that I pay back with IBR, and my starting salary is $55k, I will only have to pay between $600 - 800/month. After 10 yrs, my loans will be forgiven even though I don't ever pay a penny of my principal... talk about a good deal.

scenario #1b: I graduate, and am still with the dream of my life, but I can't find a full time job at a non-profit... My prince charming will have to support me for the first 2-3 years, but I will pay all of my earnings at a private clinic (maybe even emergency overnights???) to pay off a huge bulk of my loans. I'll be maybe 32 or so, but in pretty good financial condition to start a family?

scenario #2: I graduate, and the dream of my life has left me :cry:. I WILL find any full time job at a non-profit at any reasonable location throughout the nation and enter the 10 yrloan forgiveness program.

scenario #1c or #2b: I find a job at a non-profit but get laid off, unable to find another full time non-profit position... I'm totally f***ed...

I praying for scenario 1a. scenario 1b looks pretty good too... sigh... it's kind of depressing...

 

[lazyjayn]

minnerbelle- Make sure, if you're planning on something that should be eligible for loan forgiveness, that you only take loans that are also eligible. There are, I guess, a bunch of people who go to law school or whatever hoping to do loan forgiveness later, only to find out that most of their loans don't qualify.

-j.

 

[ColoradoDVM]

One of my largest concerns is that I will have zero private financial support (ie, parents, spouse) when entering vet school. In fact, my boyfriend will be entering dental school, so we will have triple the debt. I have been told that most students entering vet school will have some level of financial assistance other than loans. Is this really the case? Does this make a significant difference?

As a non-trad paying my way and helping to support our household, I find it amazing that loans are actually available for us to pursue vet med. Without those loans, many of us could not even consider a career as a DVM. I feel fortunate that some of the money is even available to us at no interest until after we graduate. 60k a year starting pay is not really that bad when you consider that it includes benefits such as health insurance. Anything worthwhile has a cost. IMO student loan debt is a small price to pay.

 

[Minnerbelle]

minnerbelle- Make sure, if you're planning on something that should be eligible for loan forgiveness, that you only take loans that are also eligible. There are, I guess, a bunch of people who go to law school or whatever hoping to do loan forgiveness later, only to find out that most of their loans don't qualify.

-j.

hmmm... i was under the impression that federal direct loans apply right (upto $8500 subsidized, $12,000 unsubsidized, and $20,000 supplemental unsubsidized)? otherwise... i think my dreams of becoming a shelter vet might be unless prince charming is there to take care of me for a couple of years (but obviously that's not something I'm counting on).

 

[sumstorm]

As a non-trad paying my way and helping to support our household, I find it amazing that loans are actually available for us to pursue vet med. Without those loans, many of us could not even consider a career as a DVM. I feel fortunate that some of the money is even available to us at no interest until after we graduate. 60k a year starting pay is not really that bad when you consider that it includes benefits such as health insurance. Anything worthwhile has a cost. IMO student loan debt is a small price to pay.

I don't think we have the benefit of health insurance w/tuition. We can join the insurance here, but it cost too much for many people (especially folks < 24 or folks w/families.) We do get free counseling & legal aid.

 

[Bill59]

As a non-trad paying my way and helping to support our household, I find it amazing that loans are actually available for us to pursue vet med.

At one time, veterinarians had the lowest default rate on student loans of all the health professions.

Chiropractic was the highest. (Don't know if that's still the case today.)

 

[HandD42]

Well I didn't expect to find myself in this position but I now have to choose between pursuing a DVM and accruing 220k in debt (this number may be conservative) or giving it up. Failed to get into my IS.

My brain is spinning and wont stop.

 

[ColoradoDVM]

I don't think we have the benefit of health insurance w/tuition. We can join the insurance here, but it cost too much for many people (especially folks < 24 or folks w/families.) We do get free counseling & legal aid.

I was referring to health insurance being included as part of first year vet's benefits. As a self-employed student and business owner, I buy our health insurance now. I think it will be wonderful when I earn $60k plus benefits like health insurance.

 

[BlacKAT33]

Well I didn't expect to find myself in this position but I now have to choose between pursuing a DVM and accruing 220k in debt (this number may be conservative) or giving it up. Failed to get into my IS.

My brain is spinning and wont stop.

i know it is a hard decision but could u honestly give up your dream just so you won't be in debt?? I was waitlisted at my IS but am going to a private school as OOS. sucks financially but i know i will LOVE it there! If you imagine yourself 10 years later...do you think you'd be so miserable with your life that you'd want to apply to vet school again? i know i would be. Why waste 10 more yrs of your life and then be paying your debt off when you're even older?! anyway, maybe you don't feel the same. but congrats on your acceptance this year and i hope you are happy in life no matter what you choose!

 

[reller]

Pursue it! I am in the same boat you are, if it takes you 30 years to pay off then it takes you 30 years to pay off. There is no point in getting this far, paying for all the application fees, interviews and what not to give it up if its really what you want to do...

 

[sumstorm]

I was referring to health insurance being included as part of first year vet's benefits. As a self-employed student and business owner, I buy our health insurance now. I think it will be wonderful when I earn $60k plus benefits like health insurance.

Won't that depend on where you are employed as a first year DVM?

 

[HandD42]

Pursue it! I am in the same boat you are, if it takes you 30 years to pay off then it takes you 30 years to pay off. There is no point in getting this far, paying for all the application fees, interviews and what not to give it up if its really what you want to do...

240k on a 30 year repayment is something like 600,000 total in repayment that is OVER HALF A MILLION DOLLARS! How is that not irresponsible with a yearly salary of (if you are lucky) 80k.

I have struggled financially since undergrad (mainly because of some piss poor decision making) and this one again seems to be like financial suicide.

I mean I love this field, this LITERALLY is my dream job. Hands down. If I could pick one job that I would do if I didn't need a salary it would be this one but come one, half a million dollars when you don't even make 100k a year. That is just beyond illogical.

Sorry to be so weird on you guys right now but I literally could not sleep last night thinking about all these $$$ scenarios. The hamster was running so hard in my head he had to get reinforcements...

 

[BlacKAT33]

240k on a 30 year repayment is something like 600,000 total in repayment that is OVER HALF A MILLION DOLLARS! How is that not irresponsible with a yearly salary of (if you are lucky) 80k.

yes this is true. but you only have one life to live..

Here is my plan. I'm going to be extremely active in looking for scholarships. i will try my best in school to get competitive grades. There are scholarships out there that are only for vet school and others that are just academic. If you're active about it and do the research yourself and write essays. There is a chance to get some relief. Yes it will be hard and I may have to put aside 2 days in the semester to cram all the research and essay writing in...but if you work it in your schedule it is possible.

I'm going to try to pay off a ton during my first 10 years. Assuming your salary will steadily increase after you first start...you will be making more than 80k after 5 years. Even if you're not, I'm willing to live in an apartment for a while and pay off as much as possible. I don't want to repay for 30 years, my goal is 20 years. Super hard I know. But its better to reach high, right?

Well, that's all i have so far. But ive only known that i'm goin to vet school for a month lol I'm sure my list will get longer after a year

Oya i have another one to add!! Get paid jobs during all of my breaks! I plan to look into lab/research jobs and even if I only get paid 12$ an hour..that is better than nothing!! It all adds up.

 

[StartingoverVet]

I am always unpopular when I try to inject a voice of reality into these financial debates but here I go again.

Financially vet school is not really a rational decision. It may be manageable but it is still mainly a large sacrifice financially to do a job you love. If the financial sacrifice is going to cause you angst, as it seems to be doing now, then you are right to question whether you should take the plunge. What is the point of doing so if you are just going to worry all the time about the financial situation?

Beware other's advice because you are the only one who knows how this is going to affect you emotionally. What is easy for one person to ignore can be nearly impossible for another to overcome?

There is a lot of advice on these posts but everyone's financial situation will be different and a lot of the actualities are hard to forecast. I would recommend you have a meeting with a financial aid advisor at the school you are considering and you can go over specifics. They will be able to give you better info about what vets at that school in your area of interest are likely to make and how the financial situation will likely look after you graduate. Even then, your situation may end up being much better or much worse. Who knows?

We all know that money can't buy 'happiness', it never does, but it certainly can cause misery for some.

It is a difficult situation for most everyone. Perhaps strenghthening your application and re-applying IS might be the most comfortable situation for you. One thing that is positive that is if you go to vet school, you will very many people around you who will be in the same situation and can provide moral support when the bills start coming in.

Good luck on your decision.

 

[ColoradoDVM]

Won't that depend on where you are employed as a first year DVM?

Not a given, but most offers I have seen involve at least partial health insurance

 

[parietal]

Breathe, HandD. Yes, the debt is scary and overwhelming, but ISU isn't that much worse than Minnesota.

First, Minnesota IS tuition with fees this year is $27,162. That will almost certainly go up by fall, and quite possibly by a lot given how much the University of Minnesota's finances have been cut. So ISU's $39,683 may end up being $10,000 a year more. Yes, that's a lot, but Ames's cost-of-living is WAY cheaper than the Twin Cities.

Second, look into the loan-repayment programs out there. I know you want to do equine, but if you broaden that to large animal and practice in a rural area, Minnesota has a fantastic debt-repayment plan available.

Finally, Minnesota does allow transfers. So even if you don't get in this year off the waitlist, you can always apply to transfer in next year. Elliepants and I will welcome you with open arms.

It'll be ok, I promise. Do I need to make another bet with you?

ETA: Startingovervet, I do agree that vet-school finances are insane and one needs to think very carefully before proceeding. But in my previous, well-paying career, I nearly destroyed my health because I was so miserable and I couldn't find a way out that wouldn't affect my standard of living. That was idiotic. Now I'm much poorer, but infinitely happier. And that's worth much more to me than money.

 

[dgm]

HandD42, taking on this kind of debt is a big undertaking. I expect to be about $250k in debt when I graduate (from my in-state school).

I didn't go read your old threads like a good internet stalker would, so I don't know if you've just recently graduated undergrad or are older, but vet med is a second career for me because I struggled for a long time with the financial repercussions of going to vet school. I think that IF you can find something else more financially rewarding that you think you will be genuinely happy doing, by all means, do it! I initially thought I could do a job I wasn't passionate about but that paid relatively well (engineering), but the money only kept me motivated for so long. Even during the last few years while I was working and taking a few prereqs part-time, I was still trying to think of other careers I'd be happy in, and couldn't. So here I am, almost done with my first year of vet school )!!!). It's still scary to think about what my financial reality will be when I graduate, and last summer I had a tough time sleeping because I was so busy worrying about the huge hole I was about to dig myself, but I've pretty much reached acceptance now. It's not ideal, and it's certainly not a logical financial decision, but I want to be a vet and this debt is necessary to make that happen. Lots of others are making it work even as we speak. It's going to be hard, but I am not going to starve. Besides, we'll probably be so busy working when we get out that we wouldn't even have time to spend the money we won't have, anyways! (Um, is that a pro or con? I can't decide).

Although I'm older than many of my classmates and consequently will have fewer years to work as a vet/pay off my loans, I don't really regret having taken longer to get here. Sometimes you have to make your own mistakes to know when you finally make the right decision. So mull it over, and do what feels right to you now. Good luck!!

 

[elliepants]

We will welcome the pants off of you, HandD!

 

[racccjlm]

HandD, don't forget that you do have the option of specializing after getting a DVM --- now I'm not entirely sure which loans compound interest during a residency - some other people on these forums might be able to help you out with that. However, making 100-200K a year would make the debt load a bit less scary. Good luck, I know it's a hard decision. I would LOVE to meet you at Iowa this year!!

 

[lazyjayn]

minner- I'm pretty sure you're right with the 28,500, but a lot of places cost more than that (all of them?), and I'm not sure if *any* plus loans are covered. Pretty sure private loans are also right out.

Something I haven't seen a lot of talk about, what about finding ways other than scholarships, grants, and loans to pay for school?

Why does no one seem to consider earning money while they're in school, or the summer before/ during? I'm not suggesting that everyone go out and get a job at McDonalds, or in an office, or even that anyone do it. There are plenty of opportunities out there, if you look, that don't require totally regular hours but still pay pretty well. Some of them don't even require you to take your clothes off.

People going overseas have fewer options, obviously, but with teh intarwebz you can make money from anywhere. Heck, I'd almost be willing to bet that you could all get online tutoring jobs in science. And people who'll be starting in fall? That's 6 months to build up a "war chest". Part time (or whatever) until school is out in a couple months, then two or three jobs all summer, and you've at least got rent and food for the school year.

ex.- Mcjob @ $8/hr, 20/wk for 8 weeks, 80/wk for 13 weeks = 9600, or just under $7000 @ 28% withheld. And I'm sure you could all do better than that money wise.

not fun, and I'm sure there are all sorts of reasons no one can do it, but it's a real option. I mean, honestly, if you want less debt and you aren't willing to spend less, you need to earn more. Sucks, but there it is.

 

[HandD42]

Something I haven't seen a lot of talk about, what about finding ways other than scholarships, grants, and loans to pay for school?

Why does no one seem to consider earning money while they're in school, or the summer before/ during? I'm not suggesting that everyone go out and get a job at McDonalds, or in an office, or even that anyone do it. There are plenty of opportunities out there, if you look, that don't require totally regular hours but still pay pretty well. Some of them don't even require you to take your clothes off.

Yeah I have considered this as well. I am employed full time right now but my pay is super low so there is nothing left over after bills to save.

Realistically I would feel much better about my debt if I only had to take out the cost of tuition and could pay my living expenses some other way (ie a job) but you are looking around $10k-20k/year you would need to cover in living expenses (and on the lower end that means super frugal living) and I am not sure you can work enough at a part time job during vet school to cover that.

When I was down at ISU the students made a BIG point of advising not working while in school or for sure not working more then one job because school is SO hard you don't have time to do anything else.

 

[dgm]

When I was down at ISU the students made a BIG point of advising not working while in school or for sure not working more then one job because school is SO hard you don't have time to do anything else.

Which is not totally true. You just have to pick a job that doesn't take up more time than you can give. I work two evenings a week and one weekend a month. I probably could work a bit more than that and still survive, but I don't think I'd be very happy doing so.

 

[GreennWhite]

Working summer jobs - I'm hoping to contribute 10K over 3 years (which is on the low end, assuming i don't work a full 40hrs/wk, winter, spring or t-giving break, or get a raise) - this will go towards rent, etc. so i don't have to pull that out in loans. It's not a lot - but every little bit helps.

Another thing to think about if you're interested in private practices:
Keep an eye on older vets - befriend them and show them that you mean business.
My boss isn't going to be around forever and he knows how hard of a worker I am and that I have a pretty good business mind - he's already planning on hiring me the minute i have my diploma in hand and has talked about letting me open an exotics side of the practice (it's just dogs and cats right now). He'll probably slowly retire in the next 10-20 years and i'm planning on slowly accumulating chunks of his practice - i'm sure he'll never fully sell the practice but still, i'll be increasing my salary at a decently fast rate.

Also, I'll begrudingly living at home for atleast 3 years out of vet school as housing is ridiculously expensive in my area. I'll have to pay for minimal bills and deal with my mom looming over my head still holding onto my teenager rules, BUT I will be paying off my debt super fast!

 

[lazyjayn]

Not just traditional part time jobs are around, though. Sure, a boss who lets you just work summers is cool, or two evenings a week. I think vet and pre-vet students spend so much time following rules, trying to fit into a little box, that they don't consider more outside the box ideas. Like reviewing or writing CV's/ resumes (up to $50 each through elance), reviewing reports and articles for readability, editing/ copyediting undergrad papers, data entry, selling eggs.

most of them pay pretty well, and you can take on more when you have the time, or cut back when you need more study time. Heck, you could build WoW accounts to 80 and sell them on craigslist for spare cash, if you really wanted to. There are options, ya just gotta look for them.

 

[DVMDream]

selling eggs.

Just my own preference but I would never do this. Or I would have to be at the point of homeless and dumpster diving before I would ever sell my eggs. Donating plasma works.

 

[BlacKAT33]

Just my own preference but I would never do this. Or I would have to be at the point of homeless and dumpster diving before I would ever sell my eggs. Donating plasma works.

yea i agree. i wish i had sperm to give though lol so easy

 

[lazyjayn]

I'd never do it either (needles, ick) but that doesn't make it less of an option. Like stripping, it's something to consider if you've got what pays. alternately, you could run a pr0n site, and pay trampy undergrads to webcam for you.

 

[HandD42]

Just my own preference but I would never do this. Or I would have to be at the point of homeless and dumpster diving before I would ever sell my eggs. Donating plasma works.

Ummm, half seriously thought about this option as I drove to class this morning.

But on a serious note does anyone know if 401k savings can be used for education somehow? I have a (small) amount saved in my companies 401k but I am not sure if there is anyway to access it with minimal penalties to use for school. It wont make much of a dent but maybe enough to pay living expenses for 1 year.

 

[dgm]

But on a serious note does anyone know if 401k savings can be used for education somehow? I have a (small) amount saved in my companies 401k but I am not sure if there is anyway to access it with minimal penalties to use for school. It wont make much of a dent but maybe enough to pay living expenses for 1 year.

I don't think you can, but even if you could, I think doing so would be a bad, short-sighted decision.

Edit: Oh that's right, I remember now. You *can* do it, but you lose so much in taxes (not to mention future compound interest) that I decided it was not an option for me at all. I'm sure Crazy Hippos must've had good reason, but in most cases I think it's a pretty bad idea. It appears there is at least a 10% penalty for early withdrawal, in addition to its being taxed as regular income. So you might get ~60% of the money you have in there.

 

[Crazy Hippos]

Ummm, half seriously thought about this option as I drove to class this morning.

But on a serious note does anyone know if 401k savings can be used for education somehow? I have a (small) amount saved in my companies 401k but I am not sure if there is anyway to access it with minimal penalties to use for school. It wont make much of a dent but maybe enough to pay living expenses for 1 year.

I cashed my 401k to pay for school. It was called a Hardship Withdrawal. I had to pay a lot in taxes, but I don't think the penalty was that much.

 

[Crazy Hippos]

Ummm, half seriously thought about this option as I drove to class this morning.

But on a serious note does anyone know if 401k savings can be used for education somehow? I have a (small) amount saved in my companies 401k but I am not sure if there is anyway to access it with minimal penalties to use for school. It wont make much of a dent but maybe enough to pay living expenses for 1 year.

I cashed my 401k to pay for school. It was called a Hardship Withdrawal. I had to pay a lot in taxes, but I don't think the penalty was that much.

 

[sumstorm]

I am always unpopular when I try to inject a voice of reality into these financial debates but here I go again.

Financially vet school is not really a rational decision. It may be manageable but it is still mainly a large sacrifice financially to do a job you love. If the financial sacrifice is going to cause you angst, as it seems to be doing now, then you are right to question whether you should take the plunge. What is the point of doing so if you are just going to worry all the time about the financial situation?

Beware other's advice because you are the only one who knows how this is going to affect you emotionally. What is easy for one person to ignore can be nearly impossible for another to overcome?

It isn't about popularity; you are making just as broad of generalizations as those saying the debt isn't anything to worry about, which is why I tried to add some other numbers to your previous post. The reality is that for some individuals it is not a financial sacrifice. It would cost me nearly as much to get my master's going down the street (literally) $101,500. My increase in wages for my field (marine bio/field bio) would be ~$20k/yr, maxing at an increase of $40k/yr. My increased for an additional ~$18k of cost is $40k/yr, maxing out at $120k/yr more. I don't understand what is irrational about that decision.

I do agree it is a very personal decision, and only we can, as individuals, make these decisions for ourselves.

It is a difficult situation for most everyone. Perhaps strenghthening your application and re-applying IS might be the most comfortable situation for you. One thing that is positive that is if you go to vet school, you will very many people around you who will be in the same situation and can provide moral support when the bills start coming in.

I must say that I think this may be problematic advice; there are several students, even on SDN, who have tried this tactic, and found that turning down an acceptance in hopes of getting in IS, or even OOS again, some with altruistic, vet related experiences that are exceptional during the additional time off. The belief seems to be, at least at many schools, that we are smart enough to only apply to schools we are willing to attend. I would think very hard about turning down a spot and decide if you will regret it if you don't gain admissions later (not to mention the cost of repeated applications including lost potential income.) I wouldn't blame anyone for not going down this path for lots of different reasons; I held off for 10 years, and I still describe myself as dragging my feet on my way here&#8230;if there was ANY other path that would have enabled me to pursue my passions in my field, I would have. There just wasn't much upward space to go. I get that folks with some BA/BS could earn a ton more than I could and maybe for them this is a horrible economic decisions&#8230;and some people will hate vet med a decade from now. And I am an example that it is possible to come back and be fine with that decision (though that isn't as easy as it sounds either) but I don't believe in doomsdaying either. The reality is somewhere in between leisure living and financial ruin for the majority of vets, and it will vary by individual.

 

[ColoradoDVM]

The reality is somewhere in between leisure living and financial ruin for the majority of vets, and it will vary by individual.

agree

 

[StartingoverVet]

. The reality is that for some individuals it is not a financial sacrifice. It would cost me nearly as much to get my master’s going down the street (literally) $101,500. My increase in wages for my field (marine bio/field bio) would be ~$20k/yr, maxing at an increase of $40k/yr. My increased for an additional ~$18k of cost is $40k/yr, maxing out at $120k/yr more. I don’t understand what is irrational about that decision.

You are really missing the point. No one can deny that there are situations where it might make sense especially so in a case like yours where you are only considering staying in your current field. But on average it is a sacrifice.

HandD has legitimate reservations and clearly isn't in your situation and has to make a difficult decision. Advice to look for a summer job, look at ways to keep debt low, look for other sources of income, etc are helpful.

Arguing that it might make sense financially (or at least does for you) is not really helpful. As much as you want to object, the majority of people are going to find the vet school demands a level of financial sacrifice. Most of us are willing to make it. I would rather people are aware of what they are getting themselves into. Not a disaster but certainly a sacrifice relative to many alternatives that exist.

Of course there are some for whom that won't be the case and I am happy for you that you are one of those people. Unfortunately, it is not a convincing argument for someone who doesn't view it the same way.

I don't mind being the bearer of bad news and personally

 

[Pandacinny]

On working: I'm sure working your way through vet school is easy for some people (or some person out there...it's probably happened at least once, right...?) but when they say you are REALLY busy, you are REALLY busy. You would need a pretty flexible job (or other form of income) to pull in money and not sacrifice grades/time in outside clubs or wetlabs/sanity. Also, not everyone is going to be able to work part time during vet school - even on editing papers and things of that nature. You really need to check out the workload first before deciding that your financial salvation will be a part time job or tutoring gig. Some people could commit to work (of a traditional sort or otherwise) easily and some people will need to focus all of their time on school. I'd wait until you see the workload before committing to any jobs, or at least go for jobs that start partway through the semester so your study schedule is set.

Another thing to remember is that not everyone is able to find paying summer work. If you're interested in some things, like research opportunities, you might be able to find a good fellowship or job over the summer. If you're interested in, say, wildlife or international work, you might end up having to pay to get that experience. Also, this will sound really obvious but it's worth pointing out: if you've signed a one year lease, you'll still have rent to pay over the summer not to mention utilities and other bills. If you travel in the summer, you could end up paying double rent unless you stay with a friend, get a housing stipend, or can sublet your place back home. Summer pay isn't all straight to pocket cash.

 

[dgm]

If you can't find a paying summer job you may not be looking all that hard. McDonald's and the like is an option. If you want to do something that gets you experience but that doesn't pay, you could probably also do something on the side that does. I don't want to work a crap job, but I suspect those who say they "can't" find a paying job for the summer really mean "I can't find a paying job that I want to take". There's nothing wrong with that, so long as they don't pretend they have no choice in the matter. It's just a matter of priorities.

 

[DVMDream]

I'd never do it either (needles, ick) but that doesn't make it less of an option. Like stripping, it's something to consider if you've got what pays. alternately, you could run a pr0n site, and pay trampy undergrads to webcam for you.

I would never consider stripping either. There is a certain point where I, personally, draw the line. Stripping: sorry I do not like to degrade myself or my body, the people who pay to see you are complete *******s and treat you like ****. Many woman who strip have severe self-esteem issues. Donating eggs: I just do not want to potentially have children out there who are a part of me that I do not know about, my own personal opinion. But I would work at a McDonald's to make extra money. I am not against donating plasma either I would do that as well and as soon as I get my social security card I probably will end up doing that.

Disclaimer: I have nothing against anyone who strips or sells their eggs to make money. It is just not for me.

 

[Pandacinny]

If you can't find a paying summer job you may not be looking all that hard. McDonald's and the like is an option. If you want to do something that gets you experience but that doesn't pay, you could probably also do something on the side that does. I don't want to work a crap job, but I suspect those who say they "can't" find a paying job for the summer really mean "I can't find a paying job that I want to take". There's nothing wrong with that, so long as they don't pretend they have no choice in the matter. It's just a matter of priorities.

I agree with you, for the most part, but I will say that it's pretty dependent on area. I have plenty of friends in the non-vet arena who are having trouble finding even part time work where they live, and that's without any snottiness about turning down jobs they're "too good" for. That doesn't apply to most people, though, and it's not like the majority of students will be overqualified for part time work while still in school.

Another thing is to start looking for summer work early - you'll find more opportunities that way and have more time to apply to other programs/places if something falls through in February vs if it falls through in the first week of May.

 

[sumstorm]

On working: I'm sure working your way through vet school is easy for some people (or some person out there...it's probably happened at least once, right...?) but when they say you are REALLY busy, you are REALLY busy. You would need a pretty flexible job (or other form of income) to pull in money and not sacrifice grades/time in outside clubs or wetlabs/sanity. Also, not everyone is going to be able to work part time during vet school - even on editing papers and things of that nature.

I worked a min of 50+hrs/wk all 4 years of undergrad, 60-140/wk as a professional, and I can't manage more than ~6 hrs/wk (avg) during school in my own training business. Part of it is the schedule, part EC's like research, scholarship apps, essay competitions, and study time. And I certainly couldn't deal with a stressful job now!

Another thing to remember is that not everyone is able to find paying summer work. If you're interested in some things, like research opportunities, you might be able to find a good fellowship or job over the summer. If you're interested in, say, wildlife or international work, you might end up having to pay to get that experience. Also, this will sound really obvious but it's worth pointing out: if you've signed a one year lease, you'll still have rent to pay over the summer not to mention utilities and other bills. If you travel in the summer, you could end up paying double rent unless you stay with a friend, get a housing stipend, or can sublet your place back home. Summer pay isn't all straight to pocket cash.

I was told over/under qualified for every summer position I put in for. Frustrating. Our summer research program had 5x applicants & less funds, so fewer positions.

 

[Minnerbelle]

minner- I'm pretty sure you're right with the 28,500, but a lot of places cost more than that (all of them?), and I'm not sure if *any* plus loans are covered. Pretty sure private loans are also right out.

Unless I read things wrong, I'm pretty sure that all federal direct loans apply. checkie out: http://www.studentloannetwork.com/repayment/public-service-loan-forgiveness.php

admittedly, I know my plans above are rather naive, but I do know how much my cost of attendance is, I know which loans I will most likely qualify for, and I know how much debt I will personally be in and what my repayment options are.

i guess I could also get paid to be a surrogate once a year, donate eggs (except I have a feeling I'm too short for anyone to want my eggs), illegally sell prescription meds, etc... to help cover my vet school costs, but I think I would feel much more comfortable relying on loans and figuring out repayment plans later. but that's just me i guess...

HandD, I commiserate. It's definitely daunting, and I'm totally with you on the working a piss poor job with a BA in Biology thing. Job searching during senior year in college was like a huge slap in the face. Somehow, my friends in finance and engineering (though I'm not sure how the finance peeps are doing now that the economy's gone down the crappers) were finding very lucrative jobs... and I had a hard time finding a job that would barely pay the bills! I mean it's rewarding in other ways... but definitely not financially. Do you have any ideas what you would like to do if you decide NOT to become an indentured servant to the veterinary profession?

 

[HandD42]

I was told over/under qualified for every summer position I put in for. Frustrating. Our summer research program had 5x applicants & less funds, so fewer positions.

So do you have any plans for the summer SS?

I am very interested to find out what people can get lined up over the summer. Especially since I do not have a 'home clinic' I can just come back to each summer to work at.

 

[sumstorm]

So do you have any plans for the summer SS?

I am very interested to find out what people can get lined up over the summer. Especially since I do not have a 'home clinic' I can just come back to each summer to work at.

I am waiting to hear about a couple of summer research grant I have applied for. Otherwise, I have an invite for Alaska fisheries work (good money, dangerous, body breaking work), a zoo camp manager job (ugh), or several unpaid experience jobs. I face the 'empty house' conundrum with Alaska & zoo work, + zoo is low pay/no housing. And it would be nice to see my spouse! I mean, the ~30 d I see him during school are nice, but...

 

[Ben and Me]

Easy $$ options for folks in vet school:

Drug/Food/Banfield Rep positions - Pay around $500/semester

Participate in research studies going on at your school. Example:
http://bhlab.wharton.upenn.edu/index.aspx

I made $50 this semester doing those dumb studies. Not a ton of money in the large scheme of things, but it is still $50! Even my tiny tiny undergrad had studies you could do for $10, so I'm sure all these large research universities have options - you may just have to do a bit of digging.

I personally am too stupid to get a job during vet school - I need to study as much as I can bear, and need to spend the rest of my time remembering why I am here (IE hanging out at New Bolton!).