There is a huge problem with the debt ratio to salary in the veterinary world. I am partially lucky because I had a college fund that paid for all but $40,000 in vet school loans. My monthly school debt payment is $300. Unlike with a car or a house, I cannot go bankrupt and lose that debt. It will follow me until I die or pay it off. And in some states, if you default on it, you lose your license, so you lose your ability to make money.
When I got out of school, there were about 7 jobs offers for every student. Now, students send out 40 plus resumes and are lucky to find a job that they can tolerate. And there are bad jobs out there: jobs that will burn you out, jobs where bosses and staff belittle you, and jobs that have practices where you could lose your license due to the level of medicine practiced (has anyone seen Dr. Pol???). Most of the places that do practice good medicine will either not be hiring because the doctors there know the problem with jobs and they are holding onto theirs with freakish strength.
And with so many resumes coming across clinic owner's desks, you better believe that they will try to find the cheapest person that will fit the bill. Because with that many people asking about a job, there are plenty of people that could do the job or fit in...the biggest difference will be in what pay people are willing to take.
The other hidden gem that is cropping up in vet med is similar to what the lawyers are experiencing. Many of the jobs are not full time. So, kiss that benefits package goodbye! So lets break it down:
$50,000 gross:
When you take out about 30% for taxes, that leaves you:
$35,000 "take home"
Minus AVMA dues: $300
Minus PLIT dues: $394
Minus state/city association dues: $200-300
DEA: $200/yr
State license: mine is $200
State Professional Privilege Tax: $400/yr
CE: $1500
That leaves about $30,303 if your job doesn't pay benefits.
So, that means you have $2525 per month to spend on living.
Now, imagine that this income is made up of two part time jobs: this means that you have to pay for insurance, AFTER taxes are taken out.
$2525- $500 insurance- $2025 per month.
No, I take out my cost of loan payment:$300
$1725 a month. That $50,000 a year salary was just cut down to less than $21,000 per year. What happens if your student loan is $140,000 instead of $40,000? What happens when it is $240,000?
I have worked at practices where I made $38,000 and I was on call and covered emergency there. I have worked at a large referral institute and made between $15,000 and $25,000 per month but I often worked 90 plus hours a week.
Honestly, if I was facing the debt load that current students face and expected to either live alone or be the primary breadwinner in the family, I would find something else to do. And that is not to say that I don't enjoy being a vet. I love the work. But if I was facing the same costs of med students, I would go to med school and do med corp. My friend did that and after her residency, she spent 5 years in a large city, making $125,000 per year and her student loan was erased.
Vet school itself can cause PTSD in some people. I would say that doubting based on how you feel about the class load itself is completely normal, no matter where you are in class rank. However, it would be a serious mistake to think that "Oh, I won't think about this massive debt... I will just get a job and be able to pay for it because I went to vet school." Practicality has to be at the forefront of your minds. Especially once the newly accredited by the AVMA schools start pumping out the grads. Even the Banfield jobs will dry up then. Especially when they can hire a vet from UNAM, where the students don't have to pay for school.
Sorry to be such a downer, but reality can be harsh. And when established vets are talking about having to go bankrupt because they cannot find a good job (based on the practice, not just on the pay), you need to be concerned.
Thinking about this is a good idea. If you don't think about it now, the surprise later may be your downfall.
