Got into Vet School but can't afford it...

[Prkitkat]

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Hi there!

I failed out of Ross University School of Veterinary Medicine in my 4th semester in 2022. I realized what I did wrong and went on to get a Masters and a ton of vet med experience, graduating with a 3.9 GPA. I am also part of post-class in BD right now.

This cycle I applied and GOT IN to LSU Vet School, which is probably some of the best news I have received in a long time. However, since I am not a resident (and did not get one of the Arkansas seats), I would have to pay out-of-state tuition... which is $200,000 + and I already have $188,000 loans from Ross.

I was wondering what the trajectory would look like if I pursued LSU and got $400k in loans?

I am afraid I will regret not going to vet school when the opportunity has presented itself to me. And I am considering doing research/teaching so that I can use PSLF- but I am not even sure if it will still be around in 5 years... Anyway, any and all advice would be appreciated! I am passionate about helping animals and have sacrificed a lot to get this far. Also, if you guys have any ideas about saving money or making money in only a few months, that would be very helpful!

Thank you so much.

 

[pp9]

Hi there!

I failed out of Ross University School of Veterinary Medicine in my 4th semester in 2022. I realized what I did wrong and went on to get a Masters and a ton of vet med experience, graduating with a 3.9 GPA. I am also part of post-class in BD right now.

This cycle I applied and GOT IN to LSU Vet School, which is probably some of the best news I have received in a long time. However, since I am not a resident (and did not get one of the Arkansas seats), I would have to pay out-of-state tuition... which is $200,000 + and I already have $188,000 loans from Ross.

I was wondering what the trajectory would look like if I pursued LSU and got $400k in loans?

I am afraid I will regret not going to vet school when the opportunity has presented itself to me. And I am considering doing research/teaching so that I can use PSLF- but I am not even sure if it will still be around in 5 years... Anyway, any and all advice would be appreciated! I am passionate about helping animals and have sacrificed a lot to get this far. Also, if you guys have any ideas about saving money or making money in only a few months, that would be very helpful!

Thank you so much.

Take a look at this thread: Paying off high debt without IBR, it touches on everything you've asked here.

 

[JaynaAli]

Have you played around with the VIN loan repayment simulator at all? It’s a little hard to know what repayment would actually look like because, like the post pp9 shares discusses, cost of living where you end up living and whether you’re single, married, or have children have such a huge impact on ability to pay, but the VIN tool can show you what your estimated payments would be on standard 10 and 25 year plans vs the income based plans. Of course there’s uncertainty about what income based plans may be available in the coming years, but at the very least I think we expect IBR to remain an option since that one was voted in by congress. But the simulator let you put in debt and salary projections and let’s you know what your estimated payments would be, total repayment costs, and if on an income driven plan, how much would be forgiven and how much you’d need to save to cover the tax bomb at forgiveness time. I’d run some simulations and consider your eventual life budget and see if you can make it work or not. I personally wouldn’t want to borrow that much, but I do understand that it would be hard to give up the dream. It’s just hard for us to say whether it’s financially doable for you (or smart to do so even if technically doable). At the end of the day though, vet med is just a job.

 

[Prkitkat]

Take a look at this thread: Paying off high debt without IBR, it touches on everything you've asked here.

Thank you so much!! I found the information to be very helpful and helped me understand other things I need to consider in the future. I really appreciate your time and help!

 

[Prkitkat]

Have you played around with the VIN loan repayment simulator at all? It’s a little hard to know what repayment would actually look like because, like the post pp9 shares discusses, cost of living where you end up living and whether you’re single, married, or have children have such a huge impact on ability to pay, but the VIN tool can show you what your estimated payments would be on standard 10 and 25 year plans vs the income based plans. Of course there’s uncertainty about what income based plans may be available in the coming years, but at the very least I think we expect IBR to remain an option since that one was voted in by congress. But the simulator let you put in debt and salary projections and let’s you know what your estimated payments would be, total repayment costs, and if on an income driven plan, how much would be forgiven and how much you’d need to save to cover the tax bomb at forgiveness time. I’d run some simulations and consider your eventual life budget and see if you can make it work or not. I personally wouldn’t want to borrow that much, but I do understand that it would be hard to give up the dream. It’s just hard for us to say whether it’s financially doable for you (or smart to do so even if technically doable). At the end of the day though, vet med is just a job.

Thank you so much for your thoughts! I just tried the VIN loan repayment simulator and it has helped me get the bigger picture of what I would be paying per month. Like you said, I will probably have to do a lot more research but at least its a start! I really appreciate your time and help!