Wow! That’s a lot of money. Veterinarians must have very high salaries to pay back those loans.
New graduate veterinarians in full-time private practice positions earn between $95,000 and $140,000 depending on species focus. Those choosing internships earn between $40,000 and $80,000, depending on the type (academic vs. private practice, respectively). Over the last decade, increases in the cost of education have far outpaced starting salaries for veterinarians.
The more you have to borrow, the more complicated and costly repayment will be in your future. Veterinary graduates should expect to be repaying their student loans over 10 to 30 years. Although the options and rules can seem complex, federal student loans offer income-driven repayment (IDR) options and Public Student Loan Forgiveness (PSLF) enabling veterinary graduates to live a reasonable lifestyle while meeting their repayment obligations.
These programs are evolving and do not apply to private loans. Information about federal repayment programs and private loans can be found at studentaid.gov, and the VIN Foundation Student Debt Center.
