Is the average pay for veterinarians really that bad?

[ithinkavet]

I'm a computer science major going to university right now and I'm debating making the switch to becoming a veterinarian, but I keep hearing people talk about how terrible the pay is. According to the bureau of labor statistics, vets make a pretty comfortable salary ($85k USD). Is this not an accurate depiction of the market? Is it really that hard out there for vets?

I really do think that I would be an amazing fit for veterinarian, but I don't want to be an indentured servant to my student loans. Is it really that infeasible to make enough money to live comfortably as a vet? I'm not talking about being rich, just reasonably comfortable. My wife is going to school to become a teacher and I don't want us to be broke for the rest of our lives because of my crippling student loans. But I also feel like being a vet is my calling. Anyways, your thoughts and perspectives are appreciated.

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[cowgirla]

Average for new grads is closer to 65K. Which by itself isn't terrible, definitely low for a doctor, but when you add in 100-300K in student debt.... Yeah, it's a little sucky. Even if you make it to 85K within 10 years of graduation it's still sucky with that kind of debt.

A lot also depends on benefits packages, etc and cost of living in your area. Some people might start out closer to 80K. But I also have friends who started out in the low 50s. 85K in parts of the Midwest would go a long way but might not get you very far in NYC.

Basically, it's a personal decision for you and your wife. Do your research into salaries (starting, general rate of increases) in your area, it will help a whole lot more. Also watch the job market because it seems like finding "a" job can be just as hard as finding "a good" job, and if job options are limited you might not be able to negotiate the salat you want.

 

[CalliopeDVM]

The issue isn't really a vet's salary as much it is the ratio of salary to debt.......Student debt for veterinary grads in the US is about $200,000, some $50K more or less depending on undergrad debt and where you go to school. That amount of student debt might be hanging over your head and affecting life choices for a long time.

 

[lei325]

Depends on where you live and what you will be doing. Small animal vets make a fairly good salary out of vet school. Also, if you do public service (work for government or at an educational institution), loans are forgiven after 10 years. But I agree with Calliope, it's mostly the ratio and not the actual salary.

 

[sumstorm]

I match the average you are talking about and I started with that just out of school (2013). My student loan payment is higher than my mortgage and both are 30 years. I pay over 1/3 of my income in student debt. For that average pay, I work really long hours. One thing I have learned about 'average' pay....a lot of vets who own practices count what the practice earns as their pay....not what they actually pay themselves out of the practice. That artificially increases average pay. And owners tend to have even longer hours. I do believe there are some vets who are doing well. My partner and I decided this year that we can't afford to have kids, because of my student debt. I would be deciding between saving for their college or paying for mine!

 

[WhtsThFrequency]

Depends on where you live and what you will be doing. Small animal vets make a fairly good salary out of vet school. Also, if you do public service (work for government or at an educational institution), loans are forgiven after 10 years. But I agree with Calliope, it's mostly the ratio and not the actual salary.

Mmmm... quick clarification in terms of educational institutions...public service loan forgiveness does not apply to the vast majority of major universities (aka most if not all vet schools) because they bring in too much research money. So yeah, you could go teach anatomy or biology or something at Poor Podunk State U and qualify for PSLF, but teaching at a major university likely will not qualify.

 

[Minnerbelle]

Mmmm... quick clarification in terms of educational institutions...public service loan forgiveness does not apply to the vast majority of major universities (aka most if not all vet schools) because they bring in too much research money. So yeah, you could go teach anatomy or biology or something at Poor Podunk State U and qualify for PSLF, but teaching at a major university likely will not qualify.

I've heard you say that a few times, but where exactly have you gotten that information? I ask because people over in VIN land seem to think otherwise, and actually keep recommending that people consider PSLF if going into residencies/staying in academia. They tend to do a lot of research into these things, so I would hope they're not missing something. I have no idea which of you are correct, but it would be great if you could share what you're basing your claim on. I'm personally super skeptical of PSLF either way and personally wouldn't count on it, but I haven't come across anything concrete to back up what you're saying. I definitely have not heard anything about too much research money, as I'm pretty sure you would qualify if you worked for a government agency doing research.

 

[WhtsThFrequency]

I've heard you say that a few times, but where exactly have you gotten that information? I ask because people over in VIN land seem to think otherwise, and actually keep recommending that people consider PSLF if going into residencies/staying in academia. They tend to do a lot of research into these things, so I would hope they're not missing something. I have no idea which of you are correct, but it would be great if you could share what you're basing your claim on. I'm personally super skeptical of PSLF either way and personally wouldn't count on it, but I haven't come across anything concrete to back up what you're saying. I definitely have not heard anything about too much research money, as I'm pretty sure you would qualify if you worked for a government agency doing research.

I was told by a former resident-mate of mine who had asked the PSLF people directly (we were at a conference together a week or so ago and I asked her specifically). I don't have an exact name but I can try to get one. Government I don't know about.

Are these people on VIN actually on PSLF? The reason I ask is that to be honest, I have never actually heard of any veterinary school professor/veterinarians in higher education on it - and you'd think those would be the people blowing its horn the loudest.

 

[Minnerbelle]

I was told by a former resident-mate of mine who had asked the PSLF people directly (we were at a conference together a week or so ago and I asked her specifically). I don't have an exact name but I can try to get one. Government I don't know about.

Are these people on VIN actually on PSLF? The reason I ask is that to be honest, I have never actually heard of any veterinary school professor/veterinarians in higher education on it - and you'd think those would be the people blowing its horn the loudest.

There are at least a couple of residents who have said that their employment qualifies. I'm guessing that means they've sent in their employment verification forms or whatever and have had it confirmed. I don't think too many people in higher education are tooting their horns about it because until that forgiveness comes, it really doesn't make much different from being on PAYE or IBR. It's just not a real thing yet.

Who knows, even after all this hoo haw about who qualifies or not, it might not even materialize.

 

[WhtsThFrequency]

There are at least a couple of residents who have said that their employment qualifies. I'm guessing that means they've sent in their employment verification forms or whatever and have had it confirmed. I don't think too many people in higher education are tooting their horns about it because until that forgiveness comes, it really doesn't make much different from being on PAYE or IBR. It's just not a real thing yet.

Who knows, even after all this hoo haw about who qualifies or not, it might not even materialize.

True that

 

[MassDVMMPH]

I heard there was a movement to limit PSLF to a maximum of $59,000. The people who came up with the idea never intended it to apply to professionals like lawyers and veterinarians. They were trying to help elementary school teachers and social workers (who only need a bachelors).

 

[eventualeventer]

I know a faculty member here at UCD who is on PSLF.

 

[irishkat]

I'm a computer science major going to university right now and I'm debating making the switch to becoming a veterinarian, but I keep hearing people talk about how terrible the pay is. According to the bureau of labor statistics, vets make a pretty comfortable salary ($85k USD). Is this not an accurate depiction of the market? Is it really that hard out there for vets?

I really do think that I would be an amazing fit for veterinarian, but I don't want to be an indentured servant to my student loans. Is it really that infeasible to make enough money to live comfortably as a vet? I'm not talking about being rich, just reasonably comfortable. My wife is going to school to become a teacher and I don't want us to be broke for the rest of our lives because of my crippling student loans. But I also feel like being a vet is my calling. Anyways, your thoughts and perspectives are appreciated.

I just read an article regarding the vet job forecast. The average starting salary is 60-65K for small animal. Average debt 200-250K with that part only getting higher. Vet schools are graduating more students and more schools are opening. There is a job shortage and with the number of students graduating, that number will get higher and salaries lower. Why? We need a job! Vet school presidents will dispute that as they want the enrollments. Go to conferences and talk to the number of unemployed/underemployed vets. That's the reality.