If you’re an animal lover, a career as a veterinarian can be deeply rewarding. However, you may end up with significant student loan debt after earning your Doctor of Veterinary Medicine (DVM). According to the American Veterinary Medical Association (AVMA), veterinary school borrowers owe an average of $179,505 upon graduation.
Debt of this magnitude can take a long time to pay off, but there are programs to help make repayment more manageable. Here’s a closer look at the average vet school debt and costs, plus tips on how to manage your veterinary student loan debt.
Key Points
• Veterinary school graduates face significant student loan debt, averaging $179,505.
• The cost of veterinary school can exceed $200,000 for in-state students and $275,000 for out-of-state students.
• Strategies to manage veterinary student loan debt include income-driven repayment plans, loan forgiveness opportunities, and refinancing.
• Loan repayment programs are available for vets, such as the USDA’s Veterinary Medicine Loan Repayment Program.
• Veterinary graduates have good prospects for employment after graduation and earn an average starting salary of $124,295.
Overview of Veterinary Education Costs
Veterinary school typically spans four years after an individual earns an undergraduate degree and costs an average of more than $200,000 for in-state residents and $275,000 for out-of-state students, according to the Veterinary Information Network Foundation.
The American Association of Veterinary Medical Colleges (AAVMA) found that resident four-year tuition ranges from $78,588 to $259,720. While these figures reflect tuition rates, there are additional costs involved with paying for vet school. These include room, board, transportation, books, and other living expenses.
Non-resident total cost can range anywhere from $235,345 to $480,571, according to the AAVMA.
Current Average Student Loan Debt for Veterinarians
Given the high cost of veterinary school tuition, it’s not surprising that vet school debt reaches well into six-figure territory.
National Average Student Debt Figures
The national average student debt among all veterinary school graduates is $147,258. Among veterinary school graduates who took out student loans, the average veterinary student debt is higher at $179,505.
For some of these graduates, student loan refinancing might be an option worth considering to help make repaying your vet school debt more manageable, especially if you can qualify for lower interest rates and better loan terms.
Comparison to Other Medical Professions
While the average veterinary student debt is high, it’s not the highest among medical professions. Here’s how veterinary debt compares to the average debt of a bachelor’s degree and other medical programs.
| Program | Average Debt |
|---|---|
| Bachelor’s | $29,400 |
| Pharmacy school | $170,444 |
| Veterinary school | $179,505 |
| Medical school | $206,924 |
| Dental school | $296,500 |
Recommended: Student Debt by Major
Factors Influencing Veterinary Student Loan Debt
The main factors influencing the average student debt for veterinarians are the high cost of veterinary school, the price of room and board, and in-state vs. out-of-state tuition rates.
Cost of Veterinary School
Four years of veterinary school can cost more than $200,000 for in-state residents and over $275,000 for out-of-state residents. The majority of veterinary students (about 82%) borrow student loans to cover costs.
Some factors that can influence how much you’ll pay to become a veterinarian include:
• In-state vs. out-of-state tuition rates: Tuition rates are lower at public veterinary schools for in-state residents and higher for out-of-state residents. The highest costs are generally at private veterinary schools.
• Cost of living in your location: Along with tuition and fees, you’ll have to factor in living expenses. These expenses could be a lot higher in an urban area than a rural one and can vary widely depending on where your school is located.
• Room and board: Costs for housing and food are another major expense. You might save money by commuting or sharing an apartment with roommates, as well as by buying your own groceries over a university meal plan.
• Grant and scholarship availability: Grants and scholarships can help defray the costs of veterinary school and don’t have to be repaid, but they can be competitive. Apply to as many opportunities as you can to try to access this gift aid for school. Don’t forget to submit the Free Application for Federal Student Aid (FAFSA), which gives you access to federal financial aid.
• Personal savings: If you have savings you can put toward veterinary school, such as money in a 529 college savings plan, you may not have to borrow as much in student loans.
Trends in Veterinary Student Loan Debt
Although veterinary school debt is high, it’s lower than it was a few years ago. The average student debt for all graduates is down by more than 6% from 2020. Among student loan borrowers, it’s down 5% from 2020.
Debt-to-income (DTI) ratios have also improved somewhat, meaning that veterinary graduates are slightly better able now to pay off their student loans. The average debt-to-income ratio was 1.44 for 2022 graduates who started working full-time, a more manageable DTI than the 1.7 ratio among the 2021 cohort.
Impact of Student Loan Debt on Veterinarians
Although student loan debt can be a major financial burden for veterinarians, it’s not their top motivating factor when choosing an offer of employment. According to an AVMA survey, most new graduates (85%) said they chose the job they did for its mentorship opportunities.
After that, the top reasons for selecting an employment offer were location, people, and compensation.
Career Choices and Specializations
Veterinarians have good prospects for employment after graduation, with 95.7% receiving an offer for a job or position in advanced education after leaving school. Most graduates go into private practice, followed by internships and then public practice.
• Private practice: 68.9%
• Internships: 24.6%
• Public practice: 2.4%
Among private practice veterinarians, most chose to work with companion animals (56%), followed by mixed animal practice (9%), food animal practice (2%), and equine practice (1%).
The average starting compensation was $124,295 among veterinary graduates who got a full-time job.
This is how much a veterinarian makes on average, broken down by job type:
• Private practice: $125,416
• Public practice: $87,417
• Residencies: $46,186
• Internships: $53,266
Some veterinarians also scored additional compensation in the form of signing bonuses and other benefits:
| Benefit | Percentage that received benefit | Average benefit amount |
|---|---|---|
| Signing bonus | 64% | $19,777 |
| Moving allowance | 37% | $5,688 |
| Student loan repayment | 16% | $15,628 |
| Housing allowance | 3% | $11,464 |
Strategies for Managing Veterinary Student Loan Debt
If you owe veterinary student loans, here are some techniques to make it easier to repay your debt.
• Explore loan forgiveness and repayment assistance programs: You may qualify for student loan assistance from a federal or state program, depending on where you work. For instance, the Public Service Loan Forgiveness program is available to vets working at shelters, zoos, aquariums, as military vets, or in other public service jobs. The USDA’s Veterinary Medicine Loan Repayment Program offers up to $25,000 in student loan help each year for three years to vets working in shortage areas. This student loan forgiveness guide can help you discover other forgiveness opportunities that may be available to you.
Some states also have student loan repayment assistance programs (LRAPs) for veterinarians who work in a high-need area. Unlike federal programs, state LRAPs may offer assistance toward both federal and private student loans.
• Compare repayment plan options: If you owe federal student loans, you have several repayment plans to choose from, including the standard 10-year plan, the extended 25-year plan, and income-driven repayment plans. Income-driven plans can be helpful if you need to adjust your monthly payments in accordance with your income. They can also end in loan forgiveness if you still owe a balance after 20 or 25 years.
• Make extra loan payments to get out of debt faster: If you can afford it, making extra payments on your veterinary student loan debt can speed up repayment. It can also save you money on interest, which can be especially helpful now because federal student loan interest rates have increased over the past four years. The rates are higher for the 2024-2025 school year than they have been in previous years.
• Look into student loan refinancing: Refinancing your student loans may help you get a better interest rate if you qualify, which could save you a significant amount of money on your loans. You’ll also get the chance to combine multiple loans into one loan and select new repayment terms. Keep in mind, though, that refinancing federal loans turns them private, meaning you’ll forfeit access to federal benefits and programs.
The Takeaway
Working as a veterinarian is an exciting career choice with solid employment prospects, but earning your degree comes with costly tuition and potentially high student loan debt. If you end up borrowing student loans, consider strategies for managing your debt, such as income-driven repayment, student loan assistance programs, or refinancing student loans for better rates or terms if you qualify for them.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
FAQ
What is the current average student loan debt for veterinarians?
The current average student debt for veterinarians is $147,258 among all graduates and $179,505 among graduates who took out student loans.
How long does it typically take to repay student loans for veterinary school?
It can take a decade or longer to repay student loans for veterinary school. The standard repayment plan spans 10 years, and alternative repayment options may last 20 or 25 years. You can look into loan forgiveness programs and loan repayment programs for help repaying your loans if you’re eligible.
Are there loan forgiveness or repayment programs specifically for veterinarians?
There are loan repayment programs specifically for veterinarians. The USDA’s Veterinary Medicine Loan Repayment Program is a national program that offers up to $25,000 in student loan repayment each year to vets who work in a shortage area for at least three years. Some states also offer student loan repayment assistance programs to qualifying veterinarians. Check with your state to see what’s available.
Photo credit: iStock/Mr Vito
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