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Who else is feeling nauseous about student loans?
Started by TomTheK9Fixr
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Yeah... ever since I completed my FAFSA stuff, the reality that I'll be spending the next four years racking up a quarter million dollars of debt has been hitting hard.
I'm definitely starting to get cold feet about it, especially since I got rejected from my in-state school and am now forced to go out of state. I always knew that vet school was going to cost a fortune, but reality is definitely hitting me... I'm from Florida, so in addition to books and tuition and stuff I'm also going to have to buy a whole new wardrobe. Hopefully winning the lottery will pan out 😉
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I think it's safe to say that we all are nervous about this issue. 🙂
I'm very much a "show me the numbers" type of person, and one thing I do that makes me feel better about taking out the loans is making excel sheets that show what my monthly payments are going to be for the different types of loans (sub, unsub) for the the different payment plan options based on the amount I anticipate taking out for school (which will most likely be the full amount offered). I also like to make extensive budget sheets that show what all of my monthly expenses are versus my monthly income. If you're feeling particularly adventurous, you can even estimate what your future monthly expenses will be, and then you will have a rough idea of how much you will be spending each month, and how much you'll need to be bringing in each month to cover that.
Once you have some concrete data in front of you, you might feel better because you know what your financial obligations will be and you can create a plan to meet those obligations. Having the numbers in front of you can reduce the scary feeling of taking out massive amounts of loans into a more manageable concern.
And TomTheK9Fixr, I applaud you for getting all the way to a master's with no debt! I unfortunately have loans from undergrad, and while it still makes me feel
, I have been paying them back consistently (and even paying back twice the monthly payment), and am happy with the lifestyle that I'm living, and am confident that I will continue to pay back my loans regularly after vet school, even if it does take a while.
I'm very much a "show me the numbers" type of person, and one thing I do that makes me feel better about taking out the loans is making excel sheets that show what my monthly payments are going to be for the different types of loans (sub, unsub) for the the different payment plan options based on the amount I anticipate taking out for school (which will most likely be the full amount offered). I also like to make extensive budget sheets that show what all of my monthly expenses are versus my monthly income. If you're feeling particularly adventurous, you can even estimate what your future monthly expenses will be, and then you will have a rough idea of how much you will be spending each month, and how much you'll need to be bringing in each month to cover that.
Once you have some concrete data in front of you, you might feel better because you know what your financial obligations will be and you can create a plan to meet those obligations. Having the numbers in front of you can reduce the scary feeling of taking out massive amounts of loans into a more manageable concern.
And TomTheK9Fixr, I applaud you for getting all the way to a master's with no debt! I unfortunately have loans from undergrad, and while it still makes me feel
, I have been paying them back consistently (and even paying back twice the monthly payment), and am happy with the lifestyle that I'm living, and am confident that I will continue to pay back my loans regularly after vet school, even if it does take a while.
Yesterday, I was ecstatic to start. Today, I not so much. I have a pretty good job, phenomenal schedule, good pay, very good retirement package... All of those are going down the toilet... Ugh, I never anticipated this much hesitation but, with all of the negative economic variables coming into play (e.g., likelihood of tuition going up, people's disposable income going down, loan rates keep going up, on and on)... Deep breaths....
After buying a house, vet school debt really doesn't seem all that scary. Maybe it's just me. Trying to stay optimistic 🙂 I've already got my neck on the line for $120k..... what's another $120k, right?
Try not to freak out too much-- there are other, more ulcer-worthy items that will be happening in the future. Like, say, the academic rigor of vet school itself....
Try not to freak out too much-- there are other, more ulcer-worthy items that will be happening in the future. Like, say, the academic rigor of vet school itself....
And TomTheK9Fixr, I applaud you for getting all the way to a master's with no debt! I unfortunately have loans from undergrad, and while it still makes me feel
Thanks, I work in the rehab field right now, I paid for undergrad by working 2-3 jobs and my masters tuition was waived (selective program funded by state)... I literally feel nauseous right now, I know I am being dramatic but, I think reality is setting in...
After buying a house, vet school debt really doesn't seem all that scary. Maybe it's just me. Trying to stay optimistic 🙂 I've already got my neck on the line for $120k..... what's another $120k, right?
Try not to freak out too much-- there are other, more ulcer-worthy items that will be happening in the future. Like, say, the academic rigor of vet school itself....
LOL. I bought my first home a decade ago, and the debt is still more than I want to swallow. I do wish I could figure out how to get my total bill down to $120k. I can't figure out how to manage to get it under $129k and that's without the tuition increases. care to share your secret?
This is possible at OSU only if you pay in-state tuition all four years, and take out almost NO loans for living expenses. Which is what I am doing, but this isn't realistic for most students. I think pennyonthefloor might just be underestimating her total debt upon graduation.
$120 was an arbitrary number.... I know it costs more than that (tuition alone is $107k at OSU). I'm just thinking that realistically I'm living within my means now and can handle it on a piss poor salary (and have well over $150k in all combined debts- all of which I'm making monthly payments on....) so when I'm out of school and making a quasi-decent income, I'm not too fearful.
I'm going to be hit with 180k in student loans. And that's the best case scenario. That's tuition only!
Keep in mind, pretty much *every* school (US and international) is hurting for money. And raising tuition is an easy way to do that. Once you've spend $70k on vet school, if they raise the next year's tuition by 20% - what are you going to do? Drop out and work as a vet tech while repaying the 70k you already owe, or suck it up, and pay them whatever they ask to get the degree and be a vet?
Just the price we pay to work with cute and cuddly animals. My plan is to marry someone rich who hates their job but earns fat cash 🙂
Keep in mind, pretty much *every* school (US and international) is hurting for money. And raising tuition is an easy way to do that. Once you've spend $70k on vet school, if they raise the next year's tuition by 20% - what are you going to do? Drop out and work as a vet tech while repaying the 70k you already owe, or suck it up, and pay them whatever they ask to get the degree and be a vet?
Just the price we pay to work with cute and cuddly animals. My plan is to marry someone rich who hates their job but earns fat cash 🙂
Here we go again. 🙄
On a related note, I have never taken out loans before and am pretty clueless about this whole process. I know that I need to fill out a FAFSA. I have a little money in savings and am wondering whether to spend it right away or spread it out over the 4 years. Who do I speak to about this? Do I just call the financial aid office? Do I have to go all the way to the school to speak to financial aid? Or do you speak to a financial planner or something of that sort?
I'm sure the debt will start freaking me out once I know more about the loan process!
I'm sure the debt will start freaking me out once I know more about the loan process!
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I was thinking the exact same thing.
I wonder how many posts will get made until an argument starts up. Wanna take bets? I can use the money to pay off me loan.
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The loan process is terrifying and everything about it scares me so badly that I am rethinking my career choice and veterinary aspirations. I will never be able to maintain a sustainable standard of living with so much debt. The only thing to do is weep.
(and I'm not excluding myself here.) We all seem to worry too much. And we seem to like to plan things out... I know vet school has affected my life for a long, long time and veterinary medicine will continue to require future sacrifices... yet, if you've spent as many years thinking about it as I have, then you have had time to consider alternate plans, and for some reason we're all still here.
The loans will suck, but after all the other life sacrifices I have already made, what's another ton of money?
The loans will suck, but after all the other life sacrifices I have already made, what's another ton of money?
I hear you on that. I'm trying to unload my place this summer and looking for a place to rent that is comparable and won't break the bank. When do we get the loan figures? My FA is going to be all kinds of fun - Congress and the VA are involved, so you know something will get screwed up.
This post is a good test of who has been reading SDN too much.
Those who laugh (myself included) should stop procrastinating and get back to work.
Those who fail to see any humor should forget they ever heard of this site before they too see hours of studying disappear into a whirlpool of nothingness.
This site solves my "I get bored at work" problem....
It's only money, right? 🙂
It's only money, right? 🙂
My understanding is that you will get the total COA offer from direct. depending on other stuff, there might be some subsidized. then the rest of it is figured out, and you opt on how much of the direct you get.
I might get back to that sense when this semester is done, and I only have 1 year of classes to go. getting our tax refund will help; I'll get to pay off last years student loans.
Welp, I am fine now. Subjected myself to a rather long and intense workout to reduce stress, and talked with my inner circle. It's all good.
Carry on
Carry on
Does anybody know if there are any scholarship funds for vet students? I'd love to donate to one. I can't give much ($100 is pushing it.) But if it's going to make a vet students life a tiny bit better, how can I refuse?
After brainstorming ideas for hours upon hours. I mean, I was thinking about working here and working there, doing this and doin that... The most logical solution? Marry money baby lol!!!!! I'll be making frequent visits to the UM medical school library hehe
A friend and I were just joking around about this the other day when I mentioned how broke I'm going to be for the rest of my life after vet school...or to have some long lost rich relative die. Otherwise, I plan on doing the best that I can to minimize the loans and work my butt off once I graduate to pay it off before I retire!
I seem to keep getting this advice from every single person I talk to about my future debt. I'm beginning to think it must be the only solution
What's it worth to you for me to introduce you to my young, single, brilliant, attractive oncologist friend?
Cover for me in class for a week? ;-)
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Deal!
Is that also including the super high expense of living there and the fact that the $45k/tuition could easily rise and our dollar could easily take a dive?
*le sigh*
