Wow! That’s a lot of money!
Wow! That’s a lot of money. Veterinarians must have very high salaries to pay back those loans.
Most new graduate veterinarians in full-time positions earned between $59,900 and $93,500 in 2017. Over the last decade increases in the cost of education have far outpaced starting salaries for veterinarians.
Veterinary graduates should expect to be repaying their student loans over a 10 to 25 year period depending on their repayment plan, income, and family situation. Borrowing from private lenders is not advised for those needing to finance the majority of their cost of attendance.
Although the options and rules can seem complex, federal student loans offer income-driven repayment (IDR) options 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 IDR options (IBR, PAYE, REPAYE), other government student loan and forgiveness (PSLF) options can be found at studentaid.ed.gov and the VIN Foundation Student Debt Center.