- Joined
- Nov 20, 2013
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I know this is probably the last thing anyone wants to think about while we are anxiously awaiting admissions decisions, but I've been in a bit of funk today dwelling on the issue of student loans.
From what I've been reading, it seems that the hope of paying back students loans while earning enough income to make a decent living is pretty bleak. I'm not looking to live a wealthy lifestyle, or even own a house, but I would like to know that investing my energy in veterinary school for four years while accumulating $200,000 in debt is going to be worth it. I love veterinary medicine, and I couldn't see myself doing anything else. But is this career choice going to put me in a position to be struggling too much to potentially start a family some day? I just don't see how paying back all that money is possible with the low income of veterinarians.
I know there are IBR (income based repayment) plans that allow you to pay 10% of your income for 10 or 25 years, and then the rest is forgiven. However, if you don't work a public service job, the forgiven amount is still taxable, so there's a huge tax bill with your name on it 25 years down the road (which could be well around $100,000).
Again, I'm not looking to make bank, nor do I think anyone choosing to be a veterinarian for the money is remotely a good idea. Hell, I'd be fine making minimum wage as a veterinarian, but I'm just wrestling with the fear that even a minimum wage paying job may be more financially comfortable.
Anyone else feel the same way? Or am I being too pessimistic?
From what I've been reading, it seems that the hope of paying back students loans while earning enough income to make a decent living is pretty bleak. I'm not looking to live a wealthy lifestyle, or even own a house, but I would like to know that investing my energy in veterinary school for four years while accumulating $200,000 in debt is going to be worth it. I love veterinary medicine, and I couldn't see myself doing anything else. But is this career choice going to put me in a position to be struggling too much to potentially start a family some day? I just don't see how paying back all that money is possible with the low income of veterinarians.
I know there are IBR (income based repayment) plans that allow you to pay 10% of your income for 10 or 25 years, and then the rest is forgiven. However, if you don't work a public service job, the forgiven amount is still taxable, so there's a huge tax bill with your name on it 25 years down the road (which could be well around $100,000).
Again, I'm not looking to make bank, nor do I think anyone choosing to be a veterinarian for the money is remotely a good idea. Hell, I'd be fine making minimum wage as a veterinarian, but I'm just wrestling with the fear that even a minimum wage paying job may be more financially comfortable.
Anyone else feel the same way? Or am I being too pessimistic?