worth the wait to save some $$?

[gracietiger]

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My husband and I are planning to start professional school at the same time (if I am accepted to vet school first time). His education will cost him around 350k, and I expect veterinary school to be around 250k for me. Clearly, adding those two numbers up gives a really really big number. Not to mention that we are both older career-changers (he's early 30s and I'm in my late 20s). And, we both think that it would be possible that we would want to own our own practices in the future. So a really large combined educational debt + buying practices + being old = a big problem. Fortunately, he is going into a career that will earn him more money than veterinary medicine, but not nearly enough to make the above goals possible.

So my question is this to anyone who has dealt with his predicament: if you were in a relationship with a partner who would be making a decent salary in five years, and you were in your late 20s, would you put off vet school even longer so that you could receive some financial support from your partner to minimize your debt?

 

[Marsala]

I guess I would look at it this way:

1) you will be paying for it either way, whether it is now or later
2) if you wait it will cost more
3) even though it is not a possibility that you would want to consider, you may be divorced in 5 years
4) a lot of things can happen in 5 years (or whatever time frame) and my philosophy is to seize opportunity when it presents itself because it may not happen again

Bottom line: I would not put it off (but that's me)

 

[nohika]

My husband and I are planning to start professional school at the same time (if I am accepted to vet school first time). His education will cost him around 350k, and I expect veterinary school to be around 250k for me. Clearly, adding those two numbers up gives a really really big number. Not to mention that we are both older career-changers (he's early 30s and I'm in my late 20s). And, we both think that it would be possible that we would want to own our own practices in the future. So a really large combined educational debt + buying practices + being old = a big problem. Fortunately, he is going into a career that will earn him more money than veterinary medicine, but not nearly enough to make the above goals possible.

So my question is this to anyone who has dealt with his predicament: if you were in a relationship with a partner who would be making a decent salary in five years, and you were in your late 20s, would you put off vet school even longer so that you could receive some financial support from your partner to minimize your debt?

Well, just to comment...his debt is going to be larger than yours. Is he really going to provide more financial support once he has to start paying off /his/ student loans? 350k worth of loans (going to assume not counting interest, so add...lots more), even at a small payment, is going to be a huge amount of money.

So I'm not sure how much "support" that'd actually end up being.

 

[gracietiger]

Thanks guys. I am very much leaning toward attending vet school as soon as it is an available option to me, but I worry that as long as the debt is still intangible, it's too easy for me to say that I'll worry about it when I get there. But I hear and read so many horror stories about how suffocating the debt is (not just for vets, but really any recent health school graduate) and I wonder if those who are actually receiving the bills in the mail would, if having the opportunity to receive more financial support, put off schooling for several years. I, of course, feel an "urgency" to do this now, especially because I am older and have been working my ass off to get there, but at the same time, when I am 60, having gone to vet school at 29 or 33 might not be a big difference... but a chunk of debt might. I've watched my family be devastated financially by a very unexpected medical illness and have developed a lot of fear about not being able to take care of myself or my family down the road because of crushing debts.

And I totally hear you about the possibility of divorce or worse. But, as of now, we are very stable and I do plan on his support in the future. He is going into a field where his expected salary is about three times higher than mine, and we live extremely frugally, so it would seem possible for him to be able to minimize my debts by some amount.

I know there's no black or white/right or wrong answer to this question, I am just curious what gives everyone the confidence to take the financial plunge, or, if on the other hand, one would have opted to put off school for a few years to gain more financial support?

 

[Minnerbelle]

Personally, if I were you, I would be thinking about how much you'll be spending on education in your lifetime (which you already have) vs. how much money you two will be making in your lifetime. Minimize the former, and maximize the latter.

Unless your income now is the same as, or higher than it will be after you receive your DVM, it doesn't make any sense to defer applying IMO. And remember, tuition is only going to rise (unless the government takes pity on vet students and decides to do something about it, which is very unlikely), and a lot of times, it's at the rate of ~5%/year!

 

[BlacKAT33]

I think everyone else has made the same points that i would have brought up. I wouldn't delay it.

Besides, not trying to be mean, but you don't even know if you will be accepted into vet school. I can't imagine waiting 4 years, then applying, and getting rejected. Then applying again...or maybe never being accepted and then you've "wasted" __ years of your life when you could have moved onto a new career by then. Of course, I hope you get in when you apply!! 😀

 

[that redhead]

One thing that hasn't been addressed is your husband deferring his program of choice. Is this simply because you assume he will be making more than you? The fact is that his debt will be larger, since his schooling costs will be higher, and he may not really be able to help you make payments on your own debt. I would hate for you to defer on your dream and then later down the line have him say that it just isn't financially feasible to put you through vet school because of his debt/payments. Not to say your husband is an awful person, just a consideration. The other considerations are later divorce or you not getting in. Neither of these things are really pleasant to think about, but overall, my advice is to just apply and see what happens. If this is truly what you want to do, I'm sure you will find a way to make it work like so many of the other medical profession students out there😉

 

[sumstorm]

I have to agree with what others are saying. If you can financially manage it now, then do it now (even on debt) because costs are only going to increase (we are currently dealing with 15% tuition hikes annually and you will only increase the distance to your undergrad education/current coursework. If you can afford to live (even if the lifestyle is bare bones) with both of you in school, then embrace the oppurtunity. It is very unlikely that it will ever get easier.

While Marsala said 'divorce' I'll throw some other possibilities out there; cancer, disability, death. We have (including me) 3 widow/ers in our class, none of us is over 35. We have had 3 students battle cancer (all under 23) in the last 2 years. Another's spouse became disabled. There just isn't an ideal time and situation, so if you want this and feel you will be able to cover your student debts, then go for it. There are some other lifestyle reasons it may be good to both be in school at the same time (like not feeling neglected by the other's studying) but it will also mean that you can decide on things like where to live sooner (otherwise you will be tied at least partially to a school location.) The only reason I could see to delay is if vet med will be a signficant financial loss for you once you are working in the field. Then you might want to hesitate to get things in order (ie if you are making way more than you will as a vet.) If you are making less, it makes sense to get the costs out of the way so you can reap the benefits.