How are you paying OOS tuition?

[YearlingsEatPeople]

I've posted this elsewhere but I figure that it will get more responses as its own thread.

Despite the best efforts of the members of this forum, I'm sure at least a few of you are attending or plan to attend an OOS school. Stepping aside from your reason for this decision and the conversation of why this a bad idea, how are you paying or plan to pay for tuition and living expenses? Savings? Support from friends or family? Scholarships for which you applied or were nominated by your school? Any other sources of funding?

Is anyone relying primarily on loans? If so, what is your plan for paying them back?

I think we've all had the "attend the cheapest school no matter what" message banged into our heads enough, so let's try to stay on topic. Thanks for your input!

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[WildZoo]

Loans, loans, and more loans. Hoping to rely on my SO's income for living expenses. Also hoping to be able to switch to IS tuition when we get married.

 

[pinkpuppy9]

I've posted this elsewhere but I figure that it will get more responses as its own thread.

Despite the best efforts of the members of this forum, I'm sure at least a few of you are attending or plan to attend an OOS school. Stepping aside from your reason for this decision and the conversation of why this a bad idea, how are you paying or plan to pay for tuition and living expenses? Savings? Support from friends or family? Scholarships for which you applied or were nominated by your school? Any other sources of funding?

Is anyone relying primarily on loans? If so, what is your plan for paying them back?

I think we've all had the "attend the cheapest school no matter what" message banged into our heads enough, so let's try to stay on topic. Thanks for your input!

The vast majority of ALL veterinary students (IS and OOS) rely on 100% student loans to pay tuition (and living expenses for some). You can make applying for scholarships your full-time job, and it still doesn't guarantee you'll get any . That, and most that I've seen are under $1000. While every bit helps, $1000 is a small percentage of the $200,000 I'll have before interest.

I have a small 'life savings' I've built up over the last 10 years. It's about 1/3 gone and it's only my first year. I've used it for living expenses and school supplies. I'm receiving no support from my family. You can manage a part time job if you're comfortable with that, or work a lot during your summers.

Federal loans have several repayment options, and eventually a 'forgiveness' option (where you still have to pay tax, so it's not totally forgiveness). I suggest you do some reading and look into all of it. Some of the repayment options require you to basically make a 10 or 20 year plan for repayment, then apply for forgiveness if that's what you want to do.

You can also look into schools that allow you to change your residency while in school.

 

[Minnerbelle]

Most people rely primarily on loans.


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[battie]

Not to be crude, but my first year is relying on a dead great-grandfather. He died when I was 13 and left his assets only to his great-grandchildren. We can only use it for school tuition or medical emergencies. But otherwise, it'll be loans. I've saved a chunk of money from my current job, but half of that at least will be an emergency fund if my suburban dies or I have a medical emergency. So loans will still pay for my living expenses my first year.

Honestly, if I didn't have the dead relative stash, I'd probably only would have applied IS and OOS that let you change after one year.

 

[Cmmore15]

I will relying mainly on loans and my husband is going to be in charge of the day to day expenses


KSU c/o 2020 hopeful

 

[Posey]

I'm planning to take out loans for tuition and fees, but my hubby will pay the day-to-day So, pretty much what Cmmore15 said.
As far as paying off loans, we are already acclimated to living on my husband's income; so, my income after graduation will be dedicated to paying off debts (hubby still has student loans, too). Based on the loan repayment calculators, I expect it to take 10 years.
I realize most students are looking to repay loans on one income. That will be tough when you're facing OOS rates, and it will require sacrifice. There's a blog called whitecoatinvestor.com that talks about loan repayment strategies. It's written by a human doctor; so, they have higher income. But some of the strategies are applicable.


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[YearlingsEatPeople]

So people are actually taking out $200,000 to $300,000 in loans? It's common?

I have obsessively researched repayment and forgiveness programs. Which are you all planning to use? How do you predict loan repayment will affect your life choices? Dreams you are sacrificing? Specific types of medicine you wish you could pursue? Places you would like to live?

Thanks for the input!

 

[rockatiel]

So people are actually taking out $200,000 to $300,000 in loans? It's common?

I have obsessively researched repayment and forgiveness programs. Which are you all planning to use? How do you predict loan repayment will affect your life choices? Dreams you are sacrificing? Specific types of medicine you wish you could pursue? Places you would like to live?

Thanks for the input!

It's not just common... It's pretty much the only way. As for repayment I'm researching very, very carefully because the 10-yr, 20-yr forgiveness plans are not what they seem. honestly I had a dream of one day owning a convertible sports car that I probably won't be able to have now. I'm interested in shelter med right now but that's of course subject to change. Long range I see myself just being a good ole SA GP. Now that I have to go OOS, I've basically trapped myself into the south. I have ALWAYS wanted to leave and practice elsewhere, but I just can't do that with CoL being so cheap in both LA or MS. I may be able to manage Texas one day. Still the south though...

 

[DVMDream]

It's not just common... It's pretty much the only way. As for repayment I'm researching very, very carefully because the 10-yr, 20-yr forgiveness plans are not what they seem. honestly I had a dream of one day owning a convertible sports car that I probably won't be able to have now. I'm interested in shelter med right now but that's of course subject to change. Long range I see myself just being a good ole SA GP. Now that I have to go OOS, I've basically trapped myself into the south. I have ALWAYS wanted to leave and practice elsewhere, but I just can't do that with CoL being so cheap in both LA or MS. I may be able to manage Texas one day. Still the south though...

AZ.. nearly California pay without the CA cost of living.

 

[rockatiel]

AZ.. nearly California pay without the CA cost of living.

AND no daylight savings... might be something for me to look into

 

[wheelin2vetmed]

AZ.. nearly California pay without the CA cost of living.

...and without the CA weather, and with the constant swamp ass once the heat sets in, and with the beautiful dirt and new strange looking bugs you get to experience everyday.

I'm so ready to leave AZ, but I have to come back because I'm WICHE

 

[DVMDream]

...and without the CA weather, and with the constant swamp ass once the heat sets in, and with the beautiful dirt and new strange looking bugs you get to experience everyday.

I'm so ready to leave AZ, but I have to come back because I'm WICHE

Everyone is ready to leave AZ, until they leave, then they are ready to come back....

And I don't know what strange bugs you are experiencing everyday, but probably something you should get checked into fixing because that isn't an issue that I have experienced.

And to have "swamp ass" you need moisture, we don't have that. You want "swamp ass" you are too far west, head to south Texas or Florida.

And I hate, hate, hate how people focus "Arizona" on dirt and heat.... you miss the beauty of this state with Sedona, Flagstaff and the mountains. There are very few places you can go that have the diversity of landscape that Arizona has.

 

[rockatiel]

I don't mind heat, just as long as there's little humidity. Sounds perfect for me honestly. I definitely don't think W2VM has experience true swamp ass

Not sure how close in scenery AZ is to Nevada, but I remember the flowers that would pop up out there in the spring... Absolutely gorgeous.

 

[alohacat319]

I'm really sad to be leaving AZ. It's beautiful here and the heat really isn't THAT bad. You get used to it. Plus- nothing can beat an AZ sunset.

 

[WildAnimal]

I love Arizona! There are tons of beautiful places like mountains, lakes, Sedona, snow close by if you don't want to live in it, California and beaches not too far, Mexico trip is easy, tons to do, cheap to live.

For your question, OP, I'm staying in my state but it's a private school and one of the most expensive. I don't get the benefit of cheaper tuition for being a resident. It's all loans for me.

 

[wheelin2vetmed]

I definitely don't think W2VM has experience true swamp ass

All day sitting on a cushion in heat. Deeeeefinitely not a recipe for disaster .

Man, now I have to redeem and clarify myself. There are beautiful locations in AZ, that's for sure. I would have attended NAU in a heartbeat but they didn't offer my major; way more of my style of town and absolutely gorgeous. I did a skydive in Sedona and it was one of the most beautiful experiences of my life. The red rocks are breathtaking. When I lived on the dropzone the scenery was so vast and barren you could see the sun and moon in the same field of view during the perfect time of day and the night sky was the clearest I've seen.

There's cool spots in every state, but I just don't like Tucson. Small town > City every time for me.

 

[battie]

How do you predict loan repayment will affect your life choices?

Already has been before I was even accepted. I took my current job because it has a salary, health care, and I live at work, so I don't pay rent, utilities, repairs, etc. Depending on the month, I saved nearly 85% of my paycheck (though December was a bad month....). I figured I could use what I save to pay for living expenses during vet school for as long as possible. Your post made me go back and look and I might be able to squeeze through half of first year with these savings. But we'll see.

I decided to move away from home/SO/friends/family again because it was either $10/hour living at home and saving as much as I could, or this job with salary and double the savings. It was really a no brainer for me.

Dreams you are sacrificing?

Kids young. But that's the biggest one I had. Otherwise, I am a go with the flow person.

Specific types of medicine you wish you could pursue?

This is wide open for me. I don't know what I want to do. Since (at this point), I'm the only person I'm taking care of/thinking about, the loan amount isn't a huge influence on this just yet.

Places you would like to live?

Go with the flow. I'll move wherever I find a good job that I think I'll like (provided I am still single when I start looking at jobs in the future). I was looking at job boards for the boredom of it a few days ago and I saw Alaska doesn't look like a bad gig on the surface.

 

[pinkpuppy9]

@YearlingsEatPeople
So people are actually taking out $200,000 to $300,000 in loans? It's common?
....Yes. Like, it's how we're all able to do this. I don't know if there's a published statistic out there, but ignoring small scholarships, almost all veterinary students are on only loans. Probably near 90% or more, but that's my estimation and not a studied number. I will be taking out roughly $50k for each year of veterinary school, so $200k (but probably a little more) *just for tuition*. There are schools out there with both cheaper and more expensive OOS tuition, too.
I have obsessively researched repayment and forgiveness programs. Which are you all planning to use?
For me, it depends on if I get an internship/residency/zoo job. There is a forgiveness option if you spend 10 total years (not consecutive, either) working for a non-profit. So a teaching hospital based internship/residency followed by a job in a non-profit zoo would get me there. I would just be taxed on the remaining balance of my loan. If this doesn't work out for me, there is a 20 year forgiveness plan as well. If you plan properly, you can pay via IBR for 20 years, pay tax on the remaining balance, and come out significantly better than you would have if you didn't use these options. You just have to read everything carefully, know what you're doing if you end up deferring for post-DVM training, etc.
How do you predict loan repayment will affect your life choices?
Limitations on homes/locations of homes, future family vacations, choice of school for my children, being able to fix that noise my car makes, and so on.
Dreams you are sacrificing?
I'd say being a vet has always been my #1 dream, so this is kind of hard to answer. I'd say I'm sacrificing being with a man I truly love to reach it, that's for sure. I miss my best friends, too. More importantly, I may be asking my boyfriend/eventual fiance to sacrifice for me to reach my dreams. If I weren't in school right now, I think I'd be living a very different life. Probably engaged, there to help my best friend plan her wedding, there for my very pregnant sister.
Specific types of medicine you wish you could pursue?
I'm very passionate about zoo medicine and wildlife rehab. My ideal job is a mix of both. I also like equine and nutrition a lot, so I'm keeping my options open to those roads as well.
Places you would like to live?
I've always loved Florida. I spent a portion of my childhood there, and would love to end up back there someday. If not, my life is based in Michigan and I'm okay with being near my family and friends.

 

[Minnerbelle]

Pp that's wrong. You wouldn't get taxed on forgiven amount for PSLF (will it exist still when it's relevant for you is a whole nother question entirely)


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[pinkpuppy9]

Pp that's wrong. You wouldn't get taxed on forgiven amount for PSLF (will it exist still when it's relevant for you is a whole nother question entirely)


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Interesting, I'll have to look into that. Someone from VIN gave a talk at our school about all of our options, maybe he misspoke or I'm getting things mixed up. I did already find another aspect of repayment he was incorrect on, lol. Apparently you are not always allowed to waive your grace period in order to begin payments immediately.

 

[rockatiel]

All day sitting on a cushion in heat. Deeeeefinitely not a recipe for disaster .

Man, now I have to redeem and clarify myself. There are beautiful locations in AZ, that's for sure. I would have attended NAU in a heartbeat but they didn't offer my major; way more of my style of town and absolutely gorgeous. I did a skydive in Sedona and it was one of the most beautiful experiences of my life. The red rocks are breathtaking. When I lived on the dropzone the scenery was so vast and barren you could see the sun and moon in the same field of view during the perfect time of day and the night sky was the clearest I've seen.

There's cool spots in every state, but I just don't like Tucson. Small town > City every time for me.

Oh no, I'm not disagreeing with you. But there is swamp ass, and then there is swamp ass. Definitely be thankful you don't live in a crazy humid environment. It's pretty miserable. Think about having to drink the air around you. That's about what it's like.

 

[pinkpuppy9]

Oh no, I'm not disagreeing with you. But there is swamp ass, and then there is swamp ass. Definitely be thankful you don't live in a crazy humid environment. It's pretty miserable. Think about having to drink the air around you. That's about what it's like.

Although I will say I never missed itchy dry skin in Florida. I struggle with it a lot up here.

 

[rockatiel]

Although I will say I never missed itchy dry skin in Florida. I struggle with it a lot up here.

The farther north I've ever been is Missouri. I wasn't even there for that long and that was exactly my problem. That and nosebleeds!

 

[pinkpuppy9]

The farther north I've ever been is Missouri. I wasn't even there for that long and that was exactly my problem. That and nosebleeds!

My boyfriend gets nosebleeds allllll the time in the winter. I finally convinced him to invest in a humidifier (even his cats were getting dry, flaky noses). I also miss my eyelashes and nose NOT freezing in the winter.

 

[dyachei]

Pp that's wrong. You wouldn't get taxed on forgiven amount for PSLF (will it exist still when it's relevant for you is a whole nother question entirely)


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maybe this is recent, but when I graduated, you paid tax on the portion that was forgiven.

 

[Minnerbelle]

maybe this is recent, but when I graduated, you paid tax on the portion that was forgiven.

Yes for the usual loan forgiveness under IBR/PAYE, etc...

But for PSLF there was never a tax on the forgiven amount. 99% sure this not a recent thing because I've been following it closely since 2008 because I always thought I would become a shelter vet.

http://www.usnews.com/education/blo...ce-loan-forgiveness-common-questions-answered

Lol, just did a quick search, and As far as I knew this was the case at least back in Feb 2011 when I wrote this post (that was your class right?)

Even without the collapse of the entire system, there's a big caveat to that. Whatever amount is left over after 25 years is considered taxable income. With the astronomical debt that some people have, paying the minimum on the IBR plan makes it so that you don't even pay a penny on the principal each month... meaning your debt will stay stagnant, or in really bad cases, even balloon! At the end of 25 years, imagine having to pay like 1/3 of the debt you never paid off in income tax that year . (I dunno if you have to pay all of it that year, or it's spread out over a few years, but still!) Well... since you can't discharge your student loans through bankruptcy, perhaps you can go ahead and file bankruptcy after year 25... and then it'll truly be forgiven !

Only way to circumvent the income tax issue is to go into public service for 10 years... and that's what I would ideally like to do. But, I'm not sure I can actually stay employed for 120 months full time in the public sector. That contingency at least for me, makes it not worth risking.

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[Minnerbelle]

Interesting, I'll have to look into that. Someone from VIN gave a talk at our school about all of our options, maybe he misspoke or I'm getting things mixed up. I did already find another aspect of repayment he was incorrect on, lol. Apparently you are not always allowed to waive your grace period in order to begin payments immediately.

Wtf is that about? I'm not sure what you mean by "waiving" your grace period, but I've never heard of not being allowed to make payments on your federal student loans at any time. Can you post a source for exactly what you're talking about?

At least as far as I've been involved I could make payments at any time. I made payments during school AND during the grace period. I even took out some new federal loans to pay off some of my earlier year ones and interest while I was in school. I made enough payments during my grace period so that virtually all my interest was paid off so minimal amount of interest capitalized.


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[thelemonzest]

So people are actually taking out $200,000 to $300,000 in loans? It's common?

This is extremely common among the specialists I work with, in particular with those who have graduated in the last decade. They seem to be able to live comfortably but lose a huge amount of their pay checks to loans. That said, if they can stick it out at the non-profit hospital they work for for 10 years, their loans will be forgiven. Eyes on the prize.

 

[pinkpuppy9]

Wtf is that about? I'm not sure what you mean by "waiving" your grace period, but I've never heard of not being allowed to make payments on your federal student loans at any time. Can you post a source for exactly what you're talking about?

At least as far as I've been involved I could make payments at any time. I made payments during school AND during the grace period. I even took out some new federal loans to pay off some of my earlier year ones and interest while I was in school. I made enough payments during my grace period so that virtually all my interest was paid off so minimal amount of interest capitalized.


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You can make payments anytime you want. Your official '120 month' payment period to count towards your 10 years for PSLF cannot start until after a mandatory 6 month grace period that starts right after graduation. So if you have the money to start paying right out of school, that first month isn't going to get you one month closer to forgiveness.

It's explained in the Q+A pdf they have here https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service . Maybe I'm interpreting it incorrectly so by all means check me on it if you have time. It's question 22 specifically. It also only refers to Direct loans, but I think that's the most common type anyways.

Not that 6 months is the end of the world, but it would be 6 months closer to freedom. I guess the strategy there would to not pay at all during your grace period so that 'extra' 6 months cancels out, basically.

Edit: I realize the confusion is because I didn't specify I was referring to 'qualifying' payments, sorry Min

 

[katashark]

I love AZ!!

 

[Minnerbelle]

Edit: I realize the confusion is because I didn't specify I was referring to 'qualifying' payments, sorry Min

Yeah, that.

But I mean, assuming PSLF actually works as it's written now, who cares?

If you have money during the first 6 months after graduation, you can save it to use for later. Put it in a retirement account with compound interest or whatever (the earlier you put in more money, the more you get in the end).

The total amount you pay over the course of your repayment will not change regardless of when you start paying. Doubt that it'll make much difference to your life whether you're done with your loans at 120 months vs 126 months. You won't be any poorer.


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[Minnerbelle]

During my search came across this gem of a post (actually relevant).

This was my post in 2010 a few months prior to starting vet school on how I planned to pay my student loans.

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...

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[rockatiel]

I think some of the SDN veterans need to get together and write a book on loans, how to manage them, the different repayment plans, etc. especially for OOS tuition. I learn more on here than I learn from any of the places you're actually supposed to look for this stuff.

 

[YearlingsEatPeople]

I always naively assumed that I would get in to a fully funded dual degree. I never seriously considered actually paying for vet school. Things didn't work out the way I planned and I'm facing $340,000 in total debt by the time I'm through. Now I find myself reevaluating my decision to go to vet school with that amount of debt in mind. I hope to be a professor some day in order to combine my love of research, teaching, and clinical work. But I could still do two of those things without taking on any more debt. How can I put a monetary value on the fulfillment I would gain from having a clinical aspect of my career? And how do I make that decision in 12 days? Quarter life crisis...

 

[WildZoo]

I always naively assumed that I would get in to a fully funded dual degree. I never seriously considered actually paying for vet school. Things didn't work out the way I planned and I'm facing $340,000 in total debt by the time I'm through. Now I find myself reevaluating my decision to go to vet school with that amount of debt in mind. I hope to be a professor some day in order to combine my love of research, teaching, and clinical work. But I could still do two of those things without taking on any more debt. How can I put a monetary value on the fulfillment I would gain from having a clinical aspect of my career? And how do I make that decision in 12 days? Quarter life crisis...

Maybe consider re-applying for the dual degree?

 

[missdarjeeling]

I'm relying on loans. My husband is progressing in his career, so barring bad luck or a catastrophe, he should be making more by the time I graduate, and we're essentially living off of his income right now, so we're used to it. Nothing's ever certain, though, so I still feel nauseous and anxious whenever I think about the money. I'm hoping I'll have the energy and desire to specialize, which would help in the long run after a bout of low-pay pain, but if I don't, the plan is mostly the same. We're currently in an area with pretty decent starting salaries for SA GP, but in any case, I'll essentially be using all of my income to pay down my loans as fast as possible.

Back up plan: escape to South America, disappear, and charm/bribe my way into practicing vet med in my country of birth.

Just kidding. Sort of.

As for the effect of this much debt, my biggest concern is obviously the stress and strain of dealing with such a heavy weight. It'll affect our lives, for sure. We'll never have the lifestyle of friends who are investment bankers or tax lawyers or whatever, but that's okay with me. Living a more modest lifestyle is something I'm willing to do in exchange for being able to do this kind of work. When it comes to places to live, I prefer the more metro/big city areas, which helps, and I've always wanted to do small animal, which also helps. If I wanted to live in more remote areas, practice a different kind of medicine with lower average salaries, have more material success, etc., then it'd be much harder to accept the debt and the sacrifices. So, yes, there's definitely a price tag on fulfillment, but no one can really help you decide what the limit should be. It may or may not be worth it to you, and it's okay to think it's not worth it.

Is it possible to reapply to a dual-degree program once you're in? There's never a guarantee, but you may be able to apply and get accepted during your first year. As for the 12 days, if you're able/willing to part with $500, you can also put down a deposit but back out before tuition is due and before you get going on your program. That'd give you a little bit more time to really think about it.

 

[cdo96]

With my tears, hopes, and dreams..

And then student loans.


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[deleted498041]

With my tears, hopes, and dreams..

And then student loans.


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Honestly, same.

 

[PrincessButterCup]

I always naively assumed that I would get in to a fully funded dual degree. I never seriously considered actually paying for vet school. Things didn't work out the way I planned and I'm facing $340,000 in total debt by the time I'm through. Now I find myself reevaluating my decision to go to vet school with that amount of debt in mind. I hope to be a professor some day in order to combine my love of research, teaching, and clinical work. But I could still do two of those things without taking on any more debt. How can I put a monetary value on the fulfillment I would gain from having a clinical aspect of my career? And how do I make that decision in 12 days? Quarter life crisis...

Don't most dual degrees only fund the graduate part of your schooling?

 

[Filly Bay]

Mostly loans, esp 1st year when I was switching my residency to Ohio and needed to be independent. Worked during the summers which helped a tiny bit. I've had a little help from my Grandpa and my husband covers my living expenses now but still mostly loans.

 

[YearlingsEatPeople]

I would definitely reapply for a dual degree again, but vet school grades would be considered and I would have to ace first year, and it certainly wouldn't be a sure thing. Cornell and UC Davis reimburse your vet school tuition after you complete the PhD. UPenn covers all your tuition and pays you a stipend all 7-8 years, so you are actually getting paid to go to vet school. Those are the three fully funded. UMN either reimburses two years of vet school or pays you a higher stipend during PhD depending on what route you take.

And I would drop my deposit in but I also haven't decided where I'm going

 

[SummerTheLynx]

@YearlingsEatPeople
So people are actually taking out $200,000 to $300,000 in loans? It's common?
....Yes. Like, it's how we're all able to do this. I don't know if there's a published statistic out there, but ignoring small scholarships, almost all veterinary students are on only loans. Probably near 90% or more, but that's my estimation and not a studied number. I will be taking out roughly $50k for each year of veterinary school, so $200k (but probably a little more) *just for tuition*. There are schools out there with both cheaper and more expensive OOS tuition, too.
I have obsessively researched repayment and forgiveness programs. Which are you all planning to use?
For me, it depends on if I get an internship/residency/zoo job. There is a forgiveness option if you spend 10 total years (not consecutive, either) working for a non-profit. So a teaching hospital based internship/residency followed by a job in a non-profit zoo would get me there. I would just be taxed on the remaining balance of my loan. If this doesn't work out for me, there is a 20 year forgiveness plan as well. If you plan properly, you can pay via IBR for 20 years, pay tax on the remaining balance, and come out significantly better than you would have if you didn't use these options. You just have to read everything carefully, know what you're doing if you end up deferring for post-DVM training, etc.
How do you predict loan repayment will affect your life choices?
Limitations on homes/locations of homes, future family vacations, choice of school for my children, being able to fix that noise my car makes, and so on.
Dreams you are sacrificing?
I'd say being a vet has always been my #1 dream, so this is kind of hard to answer. I'd say I'm sacrificing being with a man I truly love to reach it, that's for sure. I miss my best friends, too. More importantly, I may be asking my boyfriend/eventual fiance to sacrifice for me to reach my dreams. If I weren't in school right now, I think I'd be living a very different life. Probably engaged, there to help my best friend plan her wedding, there for my very pregnant sister.
Specific types of medicine you wish you could pursue?
I'm very passionate about zoo medicine and wildlife rehab. My ideal job is a mix of both. I also like equine and nutrition a lot, so I'm keeping my options open to those roads as well.
Places you would like to live?
I've always loved Florida. I spent a portion of my childhood there, and would love to end up back there someday. If not, my life is based in Michigan and I'm okay with being near my family and friends.

Also another thing off of this, not all residencies count towards this and I am not sure about any internships counting towards it... They have to classify their workers in a very specific way to make them eligible for pslf as a resident...

PSLF is how I want to go too, but it's very up in the air if it will be around, and if it is around, if it will be capped at the 57k amount Obama is proposing (and whether that cap will only be instituted for new borrowers, for people that haven't started their payments, or anyone regardless of payments)...

 

[pinkpuppy9]

Also another thing off of this, not all residencies count towards this and I am not sure about any internships counting towards it... They have to classify their workers in a very specific way to make them eligible for pslf as a resident...

PSLF is how I want to go too, but it's very up in the air if it will be around, and if it is around, if it will be capped at the 57k amount Obama is proposing (and whether that cap will only be instituted for new borrowers, for people that haven't started their payments, or anyone regardless of payments)...

It's all federal/state/local governments (including all public schools and the military) and "many" non-profits and even some for-profits. So all 501(c)(3)'s and some that aren't 501(c)(3)'s but meet certain requirements I guess. I was told that any residents/interns who are employed by any of the above qualify for PSLF repayments, and I know both an intern and a resident who are making qualifying payments now (and they're working at the school). As far as I know, the only 'classification' one needs is full time employment/30 hours a week. At least that's what's outlined in the PSLF documents. Let me know if you find any info stating otherwise, though, it'd be good to know (hopefully it's around when I need it...).

 

[Minnerbelle]

(hopefully it's around when I need it...).

Honestly it may very well be a nonissue for anyone graduating after 2017. I highly doubt it'll stick around the way it is beyond that.


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[Coopah]

I would definitely reapply for a dual degree again, but vet school grades would be considered and I would have to ace first year, and it certainly wouldn't be a sure thing. Cornell and UC Davis reimburse your vet school tuition after you complete the PhD. UPenn covers all your tuition and pays you a stipend all 7-8 years, so you are actually getting paid to go to vet school. Those are the three fully funded. UMN either reimburses two years of vet school or pays you a higher stipend during PhD depending on what route you take.

And I would drop my deposit in but I also haven't decided where I'm going

My husband will be paying for living expenses if I get in. Also, I'm mainly focused on schools which offer IS tuition after the first year, so I'm looking around $125k - $145k IF I can get accepted to those. UC Davis allows IS tuition after the first year so if you can't get the funding you wanted I would probably go with them. Tuition alone considering IS tuition after the first year is 140k which is significantly less then you were quoting, so it might be worth while to look at. Another useful tool is the VIN foundation. http://vinfoundation.org/

You can look at what your student loan payments would be, when you'd like to have kids, ect. It will show you all the options right now for paying back debt. I have to say the best by far that I'm considering is PAYE. It has a twenty year repayment plan, which kind of stinks but it's only a few hundred a month, and based on what you're making. You have to be very careful though, because there's a 30% tax at the end which for me would equate to $60k or something ridiculous. The end total is still way cheaper than anything else, so you just have to manage your money well and save for that tax at the end. Hope that helped .

 

[pinkpuppy9]

Honestly it may very well be a nonissue for anyone graduating after 2017. I highly doubt it'll stick around the way it is beyond that.


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I wish these repayment plans would stop changing/disappearing. I guess there have been big changes every 2-3 years, does that sound right? It makes it really hard to attempt to form some sort of plan for the future.

 

[Minnerbelle]

I wish these repayment plans would stop changing/disappearing. I guess there have been big changes every 2-3 years, does that sound right? It makes it really hard to attempt to form some sort of plan for the future.

None (repayment plans that is) has disappeared yet. New repayment plans and changes to existing ones have been popping up every 1-2 years or so since 2007, and each one has been better and better for borrowers. I don't think any have been more restrictive. But all of these repayment plans hinge on some sort of forgiveness years later, most with tax implications (that I doubt many people are seriously saving towards).

And as for forgiveness, the first one to go into effect is the PSLF and that is the one with no tax implications. That will happen in 2017. People in Capitol Hill have already started trying to limit it or squash it entirely. No one knows exactly what will happen once the first cohort of people have their loans forgiven. Many speculate it will definitely change for the worse. Many speculate that at least people who have entered repayment will be grandfathered in when the changes occur (hopefully). So it's dodgy as it is for people graduating before 2017. I absolutely wouldn't count on it and make decisions based on it for those after that.


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[Doktor Timo]

Paying taxes on the forgiven amount seems like a major negative. But the fact is, even so you're still paying much less than if you paid the full value of the loan. And you have 15-20 years to plan ahead for that big tax bill, which you know is coming. If you choose not to save ahead of time for that, that's on you.

 

[pinkpuppy9]

Paying taxes on the forgiven amount seems like a major negative. But the fact is, even so you're still paying much less than if you paid the full value of the loan. And you have 15-20 years to plan ahead for that big tax bill, which you know is coming. If you choose not to save ahead of time for that, that's on you.

This is exactly what was recommended to us by the VIN speaker. The only way forgiveness would be beneficial to you is if you planned and saved. If you don't you'd need a loan to pay off the tax and then you have to deal with that. So the problem is that if IBR is the only way you can make any sort of payment and make ends meet, you may not be able to do any saving at all.