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I feel you on that.
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OT: Thread of not-so-awesome
- Thread starter Marsala
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I feel you on that.
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SNAP!
Just kidding. We all need to get along guys. We are all in this ****-storm of a ride together 🙂
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Ha.
I've got two long days off in the Northeastern snow hellscape.
I get bored, but there's no hard feelings.
If you want to see brutal, check out the med school side of SDN.
Those people are animals.
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Something about a pre-vet referring to pre-meds "animals" strikes me as incredibly funny. I just had a mental image of a pre-med sitting on an exam table while a pre-vet uses a pill gun to medicate him. : )
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Go read a few of those threads.
You can't medicate those people with a pill gun.
You need to use catch poles and Hannibal Lector muzzles.
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Oh my gosh, I know!!! I always scan the page to see if anything looks interesting and the folks over there are INTENSE. If you think anything over here gets ugly, check out the pre-med forums. Ooof.
Also, Allentown? My family lives about an hour south of there - I went to PSU for undergrad!
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This is my plan. Post 9-11 updated version pays full cost of tuition for state school, plus books, and about $1K for housing. Going to need loans to cover the rest of the cost of living, especially if gas keeps climbing. Need to sell the house and get closer to Raleigh, if I get in. Going to be some belt tightening. Didn't quite realize what my annual pay actually was. Hopefully the Army still has loan repayment going when I graduate. Really wish they'd let me stay active and go to school. Post exam beers would be on me.
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Amen to that, awaring1!
LivestockDoc, best wishes. Sincerely. I know how hard this whole "game" of professional school is and seeing non-trads from a trad POV, I seriously admire non-trads. I feel fortunate to know this is what I want to do at my ripe young age of 22 (vet med) and I know you share the same dream. I'm not positive of your age (and I'm too polite to ask-seriously, don't feel any obligation or any remote feeling to say!) but I support you. And I respect the fact that you still want to go med no matter the field of interest. What is your current occupation/why change to vet med? (If you want to post or PM me, I'd be more than happy to hear either way!)
I only laugh cause I've experienced "good" & "bad" pre-meds and they are, unfortunately, somewhat intense (some more than others!). But, I think intense how all of us pre-vet/vet people are in pursuing a dream. My guts do twist when people are like "Oh, a vet not a doctor" and all that spiel. Anymore I kindly reply: "And vet school is more difficult to get into IMO and I'll keep trying for as long as I can to achieve my dream!" At least I'm not going for my PhD in philo(Plan...D?)
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The numbers you're using are a complete fabrication.
The page you linked in your own post lists the tax share of a person making $34,000 - $82,400 at around $12,000.
Not $20,000.
And 1600 multiplied by 12 (the actual number of months in a year) is $19200.
Add that number to $20,000 (which is wrong,) and subtract it from 67,000.
This equals $27,800, not $21,000.
The real number is $35,800 after loan payments and after taxes.
Your margin of error, using your own numbers, is almost double the actual figure.
Congrats.
Are you seriously going to defend against the accusation that you're making up numbers and situations to scare people by making up more numbers and situations to scare people?
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Disregarding the cost of our homebirths that weren't covered by insurance, we didn't spend nearly that much either. We didn't buy any furniture for quite a while. We had a small apartment when my oldest was born, and there wasn't really any room for additional furniture. The play pen with a bassinet in the top (that was given to us) took up most of our free floor space. 🙂 We used stacked crates in the closet as shelves for baby clothes. I breastfed and then pumped while I was at school (we had to start supplementing with formula after a while because I couldn't pump enough while I was gone). We co-slept, family sent us hand-me-down clothes, I shopped clearance racks, dollar store clothes, yardsales, and resale shops. We have continued to spend a pretty small amount on the kids, although the cost has increased as they have gotten older.
I assume that people spend that much money by buying formula, tons of furniture and bedding, decorating a room, lots of toys, lots of new clothes, unnecessary baby shoes...I don't know... Additionally, most people sell or give away all of their baby stuff after a child outgrows it. When they have subsequent children, they have to replace everything. Babies really shouldn't cost much at all. As they get older, you have to prioritize your spending on them and decide what's most important...but even then, you can be frugal.
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1. Click your own link. Click the header inside your own link that says "Taxes." The number listed, even accounting for a 150,000 dollar home and a 20,000 dollar car you entered, as well as your loan, was just under 11,000 dollars. Now go back and recalculate all of the numbers you cited in your previous post as 'fact' with the correct values.
2. This issue upsets me because your math is broken and your argument is bankrupt. Yet you continue to respond as though both were beyond question, even when I point out no less than five mathematical and data errors in one of your posts.
I have no problem with legitimate concerns about dept/income ratios based on real data. I have those concerns myself. But using misleading or entirely false numbers to justify your own personal fears about the profession is not intellectually honest, and it doesn't benefit anyone reading it.
What happens when a young undergrad comes here to explore options in the profession and runs into your fake numbers and 'chicken little' nonsense about how an adult in America can't live on the starting salary a vet makes?
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I think there's a vet (last-year vet student?) on here, FrozenCanadian? Something similar? Who posted about how they were going to have to live out of their car at this rate because their loans were too much.
And also, consider...a lot of the 2014, 2015 grads will be graduating with over 200k + debt. Plus the interest that just keeps accumulating.
Regardless, I think the numbers mentioned on another thread were that about 40% ish of vet students did an internship after school. Interns make far less than 67k, heck, they may not even hit 30k for the whole year in salary. And the loans just keep accumulating.
Regardless, DsMoody, Jochebed happens to y'know, actually be in vet school. And is dealing with this stuff. Especially with her young one, it makes sense that she's thought this out. (And also, even with "35k" or whatever, that's still not enough to support a family. Barely.)
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They'll be smart and apply to med school?
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When the heck and why the heck did becoming a vet get sooo expensive?
D
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'decent standard of living, raise kids, or buy a house' <-- What that requires is ENTIRELY subjective. You selected a statistic and used that to declare vets could do that. What I'm saying is, your statistic is not relevant. I'm not even saying I disagree with your conclusion (that vets can have a decent standard of living).
The average household income in the US is an arbitrary line you've decided to use for an amount of money that makes a decent standard of living possible. What is considered a decent standard of living varies dramatically from country to country as well as location to location within the US.
Singapore has a median household income that is 1/2 of the US. Are you suggesting that they don't have enough to raise a family and have a place to live? http://en.wikipedia.org/wiki/Median_household_income
Even in the US - we see dramatic differences from state to state. The median income in Mississippi is *literally one half* of what it is in New Hampshire (http://www.census.gov/hhes/www/income/statemedfaminc.html).
It varies even more wildly within a given state (6x!). Compare:
Kenilworth, IL - median income 228k.
Decatur, IL - median income 37k.
http://www.city-data.com/city/Kenilworth-Illinois.html
http://www.city-data.com/city/Decatur-Illinois.html
Median income statistics vary way too much to use them without additional information. Your own criteria, (decent standard of living, or raise kids, or buy a house) is entirely subjective. You could have just as easily used the poverty line as determined by the US Government as the line in the sand (http://aspe.hhs.gov/poverty/09computations.shtml). More than that amount, and the US government thinks you have a decent standard of living. Or, you could have taken the median income in some other country and said, 'Hey - they have a decent life earning X, you only need X'.
Beyond that, vets who are facing student loans/income concerns are a very specific subset of the population. Right or wrong, currently, there are things that hold true for this subset that make the median household income even less of a worthy statistic (and that's saying a lot, after all of the above).
There is a strong correlation between a given students level of academic success and the academic success of their parents. Vets are very successful academically (top 4% of the US population).
http://www.guardian.co.uk/education/2010/apr/26/university-school-grades-child-background
As whole, their parents have significantly more academic success than the general population. And again, without trying to debate whether this is good or bad, right or wrong, education is VERY strongly tied to income.
The more educated your parents are (again, as a whole) the more income they have. http://usgovinfo.about.com/od/moneymatters/a/edandearnings.htm
Even standardized testing is strongly correlated with your parents income.
http://hypertextbook.com/eworld/sat.shtml#income
Bottom line on this is two fold....
First, the majority of vets are raised in houses with above median household incomes (and that largely influences how you define a 'decent standard of living').
Second, all vets, have shown a commitment/ability far beyond that of the average American (the majority of Americans do not complete an undergraduate degree. http://en.wikipedia.org/wiki/Education_in_the_United_States). Certainly, it is comparable to doctors and lawyers. I have friends who are both, and none of them feel like they have too much money. They would say they have a decent standard of living. Compared to *that* definition of decent, a vets salary is not going to provide it.
http://blog.mdmep.com/2010/01/04/the-problem-with-veterinary-salaries/
So yes, vets either can or cannot have a decent standard of living, depending on what your definition of 'decent' is. But the median household income in the US really doesn't have more merit than any other number.
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Ok. Let's boil it down to this:
If you are not used to living an extravagant lifestyle, and you're able to budget and responsibly manage your finances, you will be able to do the things you want/need to do on that starting salary.
I'm sorry I forgot to factor in Singapore.
If you are not used to living an extravagant lifestyle, and you're able to budget and responsibly manage your finances, you will be able to do the things you want/need to do on that starting salary.
I'm sorry I forgot to factor in Singapore.
You are using undefined, subjective values to support your claim. 'Extravagant' is incredibly subjective. 'Things you want/need to do' is equally subjective.
I know doctors who, in their spare time/as a hobby, own, pilot and travel across the country in small airplanes. They don't consider it extravagant, it's just an enjoyable hobby. To me? That's crazy-insane-rich levels of extravagant.
I know there are people on this forum who own horses. Is that extravagant? They probably don't think so. But a lot of people would.
My Grandfather firmly believes any house with more than three bedrooms is extravagant (one for the boys, one for the girls, one for the parents). On the other side of the coin, I have a guest room, an office, and a home gym and don't consider it extravagant at all (and, my house is well below the median price for my area).
I just think we should be hesitant to dismiss other people's concerns about their potential debt/income ratios as a veterinarian based on our own subjective feels on what is enough money, what is a decent lifestyle and what is extravagant.
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And that's how you use semantics to derail an argument.
I concede.
Unless you have a trust fund and a generous stock portfolio, you will be destitute by any but the lowest possible standard of living.
The title of this thread is now:
Change your major and withdraw your applications, because you will always be poor.
That's not even *remotely* close the point I was trying to make.
I've never been much of a writer, so I'll just go ahead an apologize for not being more clear. I wouldn't be here if I didn't think becoming a vet was a good choice (I'm not a med student trolling in the vet forums or anything).
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I'm starting to wonder if I am! 😛 I think the debt's going to be too much for me...sigh.
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Hey! You can't change the title of my thread! If it is going to be changed, the title will be:
"Hey, I have $86k in undergraduate debt that makes me want to vomit, but I'm trying to do what I want and am happy!"
(I like that the song "Little Boxes" is coming from the tv as I type this)
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anyone who thinks that $130K in loans on a $70k salary SHOULDN'T make a pre-vet reconsider their career options is...well... i don't even have a word for it. if there is a career out there that would make you just as happy without this phenomenal debt to income ratio (and all the extra years of schooling), why not take it?
most vets especially nowadays decided that they wanted to become vets in early childhood, because they "love animals." that's before they knew about all the ugly sides of the job, including the debt to income ratio. just as shadowing/volunteering/working in the field should make pre-vets reevaluate their career aspirations every time they find out something ugly about it... i don't see why money shouldn't either.
it shouldn't be about "the average american." i mean, the average american has $10k in credit card debt that they can't seem to pay off. not everyone aspires to live like that. just like it's not a good consolation for a kid who bombed his SAT to tell him "it's ok, the average american gets a 1000." i'm not trying to be judgmental of average people. no one is above average at EVERYTHING in life, but everyone has a few traits that they want to have higher than average. Someone who loves sports wants to be more athletic than the average american. Someone who has intellectual aspirations wants to be smarter than the average american. 'Cause let's face it, if everyone was average at every trait in america, it would not be a pretty place. anyway, enough of that.
instead, it should be about how you personally envision your future (realistically), and how much money you need to meet that lifestyle vs. what lifestyle a vet salary will afford you. for some people, making a few sacrifices here and there (renting until age 40, driving an old putt putt car, no vacations, no cable, etc...) can help shrink that differential between vision and reality. but there comes a point for some people, where they don't want to sacrifice any more of their future lifestyle, and instead opt to find a different career.
this is a very serious thought process that EVERY pre-vet should have, because once you enroll in vet school, there's no turning back (unless you drop out with debt and nothing to show for it). You put down that first semester tuition, and you're never going to get it back. So before you enroll, you BETTER KNOW that this profession and the lifestyle it will afford you, is worth the investment.
most vets especially nowadays decided that they wanted to become vets in early childhood, because they "love animals." that's before they knew about all the ugly sides of the job, including the debt to income ratio. just as shadowing/volunteering/working in the field should make pre-vets reevaluate their career aspirations every time they find out something ugly about it... i don't see why money shouldn't either.
it shouldn't be about "the average american." i mean, the average american has $10k in credit card debt that they can't seem to pay off. not everyone aspires to live like that. just like it's not a good consolation for a kid who bombed his SAT to tell him "it's ok, the average american gets a 1000." i'm not trying to be judgmental of average people. no one is above average at EVERYTHING in life, but everyone has a few traits that they want to have higher than average. Someone who loves sports wants to be more athletic than the average american. Someone who has intellectual aspirations wants to be smarter than the average american. 'Cause let's face it, if everyone was average at every trait in america, it would not be a pretty place. anyway, enough of that.
instead, it should be about how you personally envision your future (realistically), and how much money you need to meet that lifestyle vs. what lifestyle a vet salary will afford you. for some people, making a few sacrifices here and there (renting until age 40, driving an old putt putt car, no vacations, no cable, etc...) can help shrink that differential between vision and reality. but there comes a point for some people, where they don't want to sacrifice any more of their future lifestyle, and instead opt to find a different career.
this is a very serious thought process that EVERY pre-vet should have, because once you enroll in vet school, there's no turning back (unless you drop out with debt and nothing to show for it). You put down that first semester tuition, and you're never going to get it back. So before you enroll, you BETTER KNOW that this profession and the lifestyle it will afford you, is worth the investment.
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This thread has turned into a gagglef**k.
People live on less than 50k a year. Many of those people are happy.
Now can we get 3 or 4 amateur philosophers and linguists to parse that statement for the subjective nature of 'happiness'?
Or the relative existential merits of what it means to 'live'?
Or maybe a wall of text about what a witch doctor makes in Tongo?
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I'm starting to wonder why you're here. And why you are so combative/defensive toward people who are concerned about their finances.
Right on, Minnerbelle! I am having more serious misgivings about my career path the closer I get to April 15th. Those of you who know that vet med is your dream, and you want it more than anything else have an easier time I think. The debt is still real, of course, but you know it's worth it and you're willing to make the necessary sacrifices. Being younger helps too because, barring a catastrophe, you'll have more time to get out from under the debt.
I, on the other hand, would likely reach my deathbed still in debt. I haven't written a deposit check to hold a spot in vet school yet. I dread the decision. And yes, dsmoody, "terrified" is a very apt description of how I feel right about now.
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Do I need to go up there and take you out to lunch again?😉 And by the way, CSU doesn't require a deposit check... (at least I don't think they do!).
I'm not even going to touch this thread with a ten foot pole... makes my head hurt on so many levels! So, carry on... (or not!)
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I am at $51,000.... 38,5 is for tuition from the government, and the rest is a private loan for living. I have come into a situation where I won't be having to take out anymore private loans in the coming years, so me debt will just get tuition.... and it will be roughly around $156,000 for all 4 years of vet school :/
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My parents are really supporting me through this whole process, and they've said they'll help me out as much as possible. I realize that is a different situation than most people, and I am thankful for the help, but it is not something I am relying on. I'm OOS everywhere, so costs will be high most everywhere I am applying to.
However, I also like to think about it this way. I could be in debt and doing something that allows me to wake up in the morning excited to go to work and go to bed at night satisfied knowing that I made a difference, or I could have a 9-5 job that gives me no personal satisfaction. I would rather be in debt while doing something that I love than something that I dislike that may be a bit more lucrative (ie, human med).
However, I also like to think about it this way. I could be in debt and doing something that allows me to wake up in the morning excited to go to work and go to bed at night satisfied knowing that I made a difference, or I could have a 9-5 job that gives me no personal satisfaction. I would rather be in debt while doing something that I love than something that I dislike that may be a bit more lucrative (ie, human med).
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LsD: I don't fully understand what you must be going through right now, being a trad student. But, I know what it's like to not be sure of what to do with debt (mine keeps accumulating while I am in school...) Best of luck with whatever you decide!! I'm behind you all the way!😀
Yeah, I avoided this thread for awhile...
Yeah, I avoided this thread for awhile...
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[/insertminirant]
I wish there was more encouragement for how to go about OOS debt repayment... obviously its been done before by others who have since came and went and got on with their lives. I'm not the first out-of-stater to take on this massive debt, and I won't be the last. What bothers me is that the attitude toward OOS debt is almost one of, "Ummm, well, I'm not really sure what I would do in the case of that much debt.... err, good luck with that." It's even more encouraging when I hear things like "Well, I don't think vet school would be worth it if I had to be OOS." (yea, someone told me that recently). I was also told by a teacher that the only way to repay these debts (the ones of OOS magnitude) was to either own my own practice 4 years out of school or specialize... as that was the only real way to get rid of a debt of that amount. Really? Surely this profession can't be exclusive to just those lucky enough to be chosen for Resident tuition (or perhaps born to kings?).
I have listened to several lectures on debt management, mostly just talking, giving projections for salaries 5 years ahead and theoretical monthly debt payments according to a certain salary, but they all seem to be based on Resident tuition numbers. I would kill to only have to pay $14,000/year.... even with that still massive amount, it seems like all my financial debt repayment worries would be solved. So, hopefully, there will be more direction given to OOS people in the future.
[/endminirant]
I wish there was more encouragement for how to go about OOS debt repayment... obviously its been done before by others who have since came and went and got on with their lives. I'm not the first out-of-stater to take on this massive debt, and I won't be the last. What bothers me is that the attitude toward OOS debt is almost one of, "Ummm, well, I'm not really sure what I would do in the case of that much debt.... err, good luck with that." It's even more encouraging when I hear things like "Well, I don't think vet school would be worth it if I had to be OOS." (yea, someone told me that recently). I was also told by a teacher that the only way to repay these debts (the ones of OOS magnitude) was to either own my own practice 4 years out of school or specialize... as that was the only real way to get rid of a debt of that amount. Really? Surely this profession can't be exclusive to just those lucky enough to be chosen for Resident tuition (or perhaps born to kings?).
I have listened to several lectures on debt management, mostly just talking, giving projections for salaries 5 years ahead and theoretical monthly debt payments according to a certain salary, but they all seem to be based on Resident tuition numbers. I would kill to only have to pay $14,000/year.... even with that still massive amount, it seems like all my financial debt repayment worries would be solved. So, hopefully, there will be more direction given to OOS people in the future.
[/endminirant]
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My heart goes out to you LivestockDoc. I was a traditional vet student, in a country with very cheap tuition (Canada). To be perfectly honest, if I were in your situation I would not apply to vet school. The stress, debt, declining respect from the public, etc are all real. I'm in a good situation (job, financial, etc) as compared to most of my former classmates, and I still regret the decision to go to vet school some days. Just throwing it out there. As a society, we have to get away from the 'you can do anything you want' mantra and add some realism to life. The debt is real. The salaries are real and stagnant. Just adding my view from the other side of the vet school mountain FWIW.😳
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not sure why I'm chiming in with my 2 cents, but I just wanted to add that, yes, STARTING salaries are going to be low for recent grads, but it's not going to be that way for the rest of your career. You WILL earn more over time, especially if you decide to specialize. It may take some time, but you will not be living out of your car for the rest of your life. Even if you do not end up owning your own practice, you will most likely make a relatively comfortable salary as your experience grows and you become more marketable to employers.
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I don't know if this has been mentioned yet (no way in hell am I reading all that) but remember that you always have the option for an income-based repayment method, which pays back any student loans you have based on your current income. After 25 years, all student loans are forgiven (well until they introduce legislation that says otherwise), so even if you don't pay it off, well, you're still off the hook.
It may in fact be better NOT to pay off the loan, since it would be forgiven any how (but again, this is banking on the status quo). The question is what the outstanding loan would do to your credit score (help it, I would think, if you make all your payments on time) and whether, at the end, having it dissolve would adversely impact it as well.
Oh and then there's that whole collapse of the entire system 25 years from now when the first wave of students have their loans magically disappear and the government is left scrambling for the money.
It may in fact be better NOT to pay off the loan, since it would be forgiven any how (but again, this is banking on the status quo). The question is what the outstanding loan would do to your credit score (help it, I would think, if you make all your payments on time) and whether, at the end, having it dissolve would adversely impact it as well.
Oh and then there's that whole collapse of the entire system 25 years from now when the first wave of students have their loans magically disappear and the government is left scrambling for the money.
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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.
My $64k (and climbing) cost of attendance is scaring the **** out of me. I wish I could feel super happy and giddy about it, but I dunno how high I would have to get in order to get there. A drug charge would most definitely make it difficult for me to gain licensure (sp?), and without a license I will most def not be able to pay off that debt! So scared and neurotic I will remain. But in case you were wondering, yes, becoming a vet is still my dream. Doesn't change the fact that it's scary though. I guess I'll just have to live with it.
And Libster, I totally agree with you. Every person I've talked to (admissions, financial aid, vets, etc...) has pretty much said "yep you're in deep ****. i hope you have people helping you out."
I don't know if this will be helpful to any of you traditional students who haven't started paying any loans/haven't had a full-time job....but I thought I'd share. I finished my undergraduate degree with (almost exactly) 20k in debt. My monthly payment is (almost exactly) $150 (scheduled for 30 years).
*Very* Rough Estimate Of Debt To Monthly Payments
20k - $150
40k - $300
60k - $450
80k - $600
100k - $750
120k - $900
Everyone talks about salary - but I'm also sure everyone knows the amount you actually take home is much smaller. I know, from my own experiences, a salary of 67k translates to something like $4k per month in your bank account. That might be a lot less than you are expecting; but, of course, it will vary a lot on your tax situation.
Again, just very loose hypothetical numbers, but it might help you get a sense of what you'd be looking at. Even with 120-130k of student debt, as a starting vet earning 67k, you'd have something like $3,000 per month to live on (but don't forget to plan for retirement!).
Depending on your location and lifestyle, that is either a lot of money or not nearly enough.
Are you going to have children? Lots of children? They are expensive!
Are you going to get married? To someone who makes a lot of money....or are you going to be the primary earner?
Are you both going to work? Is one of you going to stay at home and raise the children?
Are you going to live in a small town with very cheap housing, or do you want to live in the expensive suburbs of some big city?
Just some thoughts.
*Very* Rough Estimate Of Debt To Monthly Payments
20k - $150
40k - $300
60k - $450
80k - $600
100k - $750
120k - $900
Everyone talks about salary - but I'm also sure everyone knows the amount you actually take home is much smaller. I know, from my own experiences, a salary of 67k translates to something like $4k per month in your bank account. That might be a lot less than you are expecting; but, of course, it will vary a lot on your tax situation.
Again, just very loose hypothetical numbers, but it might help you get a sense of what you'd be looking at. Even with 120-130k of student debt, as a starting vet earning 67k, you'd have something like $3,000 per month to live on (but don't forget to plan for retirement!).
Depending on your location and lifestyle, that is either a lot of money or not nearly enough.
Are you going to have children? Lots of children? They are expensive!
Are you going to get married? To someone who makes a lot of money....or are you going to be the primary earner?
Are you both going to work? Is one of you going to stay at home and raise the children?
Are you going to live in a small town with very cheap housing, or do you want to live in the expensive suburbs of some big city?
Just some thoughts.
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One thing to remember, though - there are a lot of vet students (several on this site) that will have twice that amount in debt. Especially if you live in a high-cost of living area, that will slaughter your salary.
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Also, there is some amount of student loan interest that is paid that is considered tax-deductible. I think it has been about $2500 recently. It's not much, but it helps.
Everything is what you make of it. I plan on continuing to live like a student and paying off my loans for as long as it takes. Hopefully, it will take less time for me than some students.
Everything is what you make of it. I plan on continuing to live like a student and paying off my loans for as long as it takes. Hopefully, it will take less time for me than some students.
Yup - your mileage will vary.
I used 120-130k because that's what I've seen listed as the average. Same with starting salary, depending on the source I normally see between 65k and 70k.
Generally speaking, higher cost areas will pay higher salaries compared to lower cost areas; so, if you know where you want to live, your best bet is to look up salaries in that area and look at housing costs.
I had a tiny 2 bedroom/1 bath condo (1000 sq. ft.) in a suburb of Chicago that cost me the same each month as a 3 bedroom/2 bath (1600 sq. ft.) in Fort Collins (Go Rams!)
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I'm a numbers cruncher and an excel spreadsheet junkie. According to my calculations I will graduate vet school with ~$275K in debt (including undergrad, interest, etc.), If I make $65K right off the bat and never get a raise I should be able to pay off my debt in less than 10 years. This is factoring in rent (in an expensive area), car payment (for a brand new realistic dream car), health and car insurance, food, utilities, pet costs, gasoline, putting away money in savings, and having a bit leftover for misc. I would still be living mightily comfortable.
10 years...to me, ain't so bad!
I think the debt load is a lot, but doable if you have the mindset to make it a positive outcome.
10 years...to me, ain't so bad!
I think the debt load is a lot, but doable if you have the mindset to make it a positive outcome.
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Yeah, I was about to mention this too.
Taxes are a real pain in the butt...
Depending on your salary you might not qualify for the deduction at all (more than 70k is the cut-off). And, according to this site, it's supposed to all change in 2012.
http://www.getreadyforcollege.org/gpg.cfm?pageid=115
