The average student loan debt for veterinarians is $183,302, according to the American Veterinary Medical Association. That average is based on data from class of 2019 vet school graduates surveyed by the AVMA and does not include undergraduate loans.
A veterinarian who owed $183,302 would have monthly payments of more than $2,058 on a standard, 10-year repayment term, assuming a 6.25% interest rate. The total amount repaid would be $246,974.
How much veterinarians owe on average
The cost of vet school typically exceeds $200,000 on average. Eighty-three percent of the class of 2019 took out student loans to help pay for those costs, according to the AVMA.
The average they borrowed — $183,302 — increased only slightly from the class of 2018. Those veterinarians graduated owing $183,014 on average. That marked an increase of almost 10% compared to the class of 2017.
Average Student Loan Amounts by Debt Type
| |
|---|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
1. 2022 College Board2. 2019-20 National Center for Education Statistics3. Q4 2023, Federal Student Aid Portfolio4. 2019-20 National Center for Education Statistics5. 2019-20 National Center for Education Statistics6. 2023 Association of American Medical Colleges7. 2022 American Dental Education Association8. 2023 American Association of Colleges of Pharmacy9. 2017 American Association of Colleges of Nursing10. 2022 American Veterinary Medical Association |
Managing veterinary school loan debt
Most health professionals borrow student loans, but managing debt can be especially difficult for vets because they make less money than those in other medical fields.
For example, pharmacists take on less debt than veterinarians on average. But the median pharmacist salary in 2019 was $128,090, according to the Bureau of Labor Statistics — about $32,600 more than the median pay for veterinarians of $95,460.
Look for loan forgiveness programs. Because vet hospitals are usually privately owned, most veterinarians can’t qualify for Public Service Loan Forgiveness. But those who work for a nonprofit or government entity, such as the USDA, can have their loans forgiven tax-free after 10 years of qualifying payments. Some states offer forgiveness programs as well. For example, Minnesota veterinarians can receive up to $15,000 forgiven annually by working with large animals in rural areas.
Enroll in an income-driven repayment plan. Federal loans are typically the best vet school student loan because you can make payments based on your income. For example, under the Revised Pay As You Earn, or REPAYE, income-driven plan, a vet with the average starting salary of $76,633 could expect to pay less than $500 a month. These plans will forgive any remaining debt after 20 or 25 years, but that amount is taxable.
If you feel comfortable with your loan payment — or just want to get rid of vet school debt — you can look for ways to pay off loans faster. For example, depending on your salary structure, you could work more hours or perform additional procedures and put that extra money toward your debt.
If your debt-to-income ratio is manageable, and you don’t need federal loan benefits, refinancing vet school loans could make sense and save you money as well. Generally, refinance lenders look for borrowers with a DTI below 50%.
FAQs
When paying off vet school loans, many vets may need the income-driven repayment plans that only federal student loans offer. Consider this: The average vet school debt of $183,014 would come with monthly payments of more than $2,100 on a standard, 10-year repayment plan, assuming current interest rates.
What is the average student loan debt for veterinarians? ›
According to the AVMA, the average student debt for the entire graduating veterinary class of 2022 (including veterinary students without debt) was $147,258. Among the vet students who graduated with some amount of debt (~82% of students), the average debt balance was actually $179,505.
How much debt do vets have in college? ›
Financing Your Veterinary Medical Education
The average for only those 2016 veterinary school graduates with debt is $167,534.89 and over 20% has at least $200,000 in debt. There are factors beyond your control, such as rising tuition, that contribute to the increasing debt load.
What is the average student loan debt? ›
43.2 million borrowers have federal student loan debt. The average federal student loan debt balance is $37,088, while the total average balance (including private loan debt) may be as high as $39,981. Less than 2% of private student loans enter default as of 2021's fourth financial quarter (2021 Q4).
What is the average student loan debt for a doctor? ›
The average medical school debt in is over $200,000, according to the Association of American Medical Colleges (AAMC) latest data. However, graduates often pay over $300,000 over the life of their loans due to interest charges.
Are student loans forgiven for 100% disabled vets? ›
If you're a veteran, you can qualify for a TPD discharge by providing documentation from the VA that shows you have received a VA disability determination because you (1) have a service-connected disability that is 100 percent disabling; or (2) are totally disabled based on an individual unemployability rating.
Do veterinarians have a lot of debt? ›
“The average veterinary student probably graduates with somewhere in the range of about $120,000 to $130,000 of student debt,” Foster says. “The majority of the clients that I work with have student loans that range [from] $200,000 to $300,000.
Is being a vet financially worth it? ›
While the cost of veterinary school can feel daunting, the long-term financial benefits can make it worthwhile. Not only can you expect a good salary and job stability, but vets also have the opportunity to diversify their income by offering additional services like grooming or specialized treatments.
How many people fail out of vet school? ›
Of 1,098 admitted students, 930 (84.7%) completed veterinary school within four years in the top 90% of their class. Among students with academic difficulty, 94 (8.6%) completed veterinary school in four years in the 10th percentile, 44 (4%) experienced academic delay, and 30 (2.7%) were dismissed.
What is the average GPA for a vet student? ›
Applicant Scores
| Average Overall GPA | 3.23 |
|---|
| Average Prerequisite GPA | 3.42 |
If you're a recent college graduate with a mountain of student loan debt — say $100,000 or more — paying off such a large amount could be a major struggle. For example, if you're making payments on federal student loans under the standard 10-year repayment plan, your minimum monthly payment might be quite daunting.
Is $50,000 in student loans bad? ›
With $50,000 in student loan debt, your monthly payments could be quite expensive. Depending on how much debt you have and your interest rate, your payments will likely be about $500 per month or more. Your potential savings from refinancing will vary based on your loan terms.
Is 100000 student debt normal? ›
Only a small percentage—about 6% of borrowers—owe $100,000 or more. Nationally, the average student loan balance per borrower is $39,032, so if you have $100,000 in student loan debt, you have about 2.5 times the national average balance. But your loan principal is just one part of the problem.
How much debt do veterinarians have? ›
And the average vet school debt is around $150,000, according to the American Veterinary Medical Association (AVMA). Some vet students reported debt loads over $400,000. We've seen this high average vet school debt here at Student Loan Planner®.
What GPA do you need for med school? ›
Most medical schools require candidates to have a 3.0 or higher GPA to even apply, and many require 3.5 or higher. But beyond the minimum requirements, each school gives its own particular weight to GPA and MCAT scores when reviewing applications.
What is the cheapest medical school in the US? ›
What Is the Cheapest Med School in the US? According to U.S News, the cheapest medical school in the US is the University of Texas Health Science Center, followed by: Texas A&M University. Texas Tech University Health Sciences Center.
What profession has the highest student loan debt? ›
Oral surgeons have the highest average amount of student loan debt, according to a 2023 report from personal banking and finance company SoFi. SoFi identified the 16 professional specialties with the highest average student loan debt, with 14 of the careers being in healthcare.
Is vet school financially worth it? ›
While the cost of veterinary school can feel daunting, the long-term financial benefits can make it worthwhile. Not only can you expect a good salary and job stability, but vets also have the opportunity to diversify their income by offering additional services like grooming or specialized treatments.
What percentage of veterinarians are in debt? ›
Nineteen percent of veterinary students graduated with a debt-to-income ratio of zero, but 20% graduated with a ratio of 4:1. The mean debt-to-income ratio was 2:1. Women graduated with a higher debt-to-income ratio, on average, than men.
