Estimated Costs of Veterinary School

[rockatiel]

Man, $54K for COA still seems really high. Then again, I know nothing about Baton Rogue and cost of living there...plus, if the numbers reported are like A&M's, then it's likely an overshoot.

It may be an overshoot, but it's pretty expensive to live there. Maybe not $50k expensive, but it's pretty high!

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[WildZoo]

A paying-for-school related thing, apparently some FAFSA things are changing this year
https://www.yahoo.com/news/fafsa-changing-174819557.html?ref=gs

 

[Ashley*76]

For those of you who are kind of money tight like myself, how did you decide what to apply to? I have three solid options, possibly four....but I can't easily pay for that many applications. two are in state (KY-AU/TU program) and the other is LMU. did you save your money over a certain time and just apply to as many as you could within reason? 300+ just to apply to my most likely options seems insane...

 

[SummerTheLynx]

For those of you who are kind of money tight like myself, how did you decide what to apply to? I have three solid options, possibly four....but I can't easily pay for that many applications. two are in state (KY-AU/TU program) and the other is LMU. did you save your money over a certain time and just apply to as many as you could within reason? 300+ just to apply to my most likely options seems insane...

I decided based on cost of school only. Applied to my four cheapest options: my IS (VMR), NC-state (IS after first year), Mizzou (IS after first year), Wisconsin (was cheapest OOS option then prior to tuition increase), and my legacy school k-state.

I had worked about 3-4K hours at a vet clinic so I saved up money that way.

 

[DVMDream]

For those of you who are kind of money tight like myself, how did you decide what to apply to? I have three solid options, possibly four....but I can't easily pay for that many applications. two are in state (KY-AU/TU program) and the other is LMU. did you save your money over a certain time and just apply to as many as you could within reason? 300+ just to apply to my most likely options seems insane...

The cost of vet school is even more insane. Apply to schools with cheaper tuition.

 

[rockatiel]

For those of you who are kind of money tight like myself, how did you decide what to apply to? I have three solid options, possibly four....but I can't easily pay for that many applications. two are in state (KY-AU/TU program) and the other is LMU. did you save your money over a certain time and just apply to as many as you could within reason? 300+ just to apply to my most likely options seems insane...

If you have two chances to get an in state, I say only do those for your first time.

 

[deleted676737]

For those of you who are kind of money tight like myself, how did you decide what to apply to? I have three solid options, possibly four....but I can't easily pay for that many applications. two are in state (KY-AU/TU program) and the other is LMU. did you save your money over a certain time and just apply to as many as you could within reason? 300+ just to apply to my most likely options seems insane...

If money is tight, I would preferentially apply to any IS options. Yes, applying to vet school is expensive. Attending vet school, especially if you're not paying IS tuition, is much more expensive.

I personally applied to 4 schools; that was about the limit of what I could actually afford.

 

[KCgophervet]

Look at the cost of the schools, not just IS vs OOS. I know most people mean go IS because it's cheaper, but that is not always the case. There were cheaper OOS school options for me than my IS in Minnesota, and some other schools are as or more expensive "IS" than others would be "OOS". Do the research, figure out which schools you have the pre-reqs for and the stats they're looking for (like high cGPA vs last-45 GPA; high GRE vs vet hours; etc).

 

[sheltermed]

Look at the cost of the schools, not just IS vs OOS. I know most people mean go IS because it's cheaper, but that is not always the case. There were cheaper OOS school options for me than my IS in Minnesota, and some other schools are as or more expensive "IS" than others would be "OOS". Do the research, figure out which schools you have the pre-reqs for and the stats they're looking for (like high cGPA vs last-45 GPA; high GRE vs vet hours; etc).

More along these lines, I found a neat interactive map that ranks schools by their cost of attendance. This helped me realize that there were 4 schools cheaper than my IS!

http://vinfoundation.org/apputil/project/defaultadv1.aspx?id=5327182&said=-1

 

[WildZoo]

For those of you who are kind of money tight like myself, how did you decide what to apply to? I have three solid options, possibly four....but I can't easily pay for that many applications. two are in state (KY-AU/TU program) and the other is LMU. did you save your money over a certain time and just apply to as many as you could within reason? 300+ just to apply to my most likely options seems insane...

LMU doesn't distinguish between in state and out of state students as far as I know (not to mention you can't be a resident of two states, so unsure how you would be a KY resident and a TN resident at the same time), though it looks like tuition ends up being about the same as Tuskegee. The Auburn program is definitely your best bet as far as tuition goes, and also a greater chance of admission since there are more seats reserved for Kentucky students.

 

[WildZoo]

Look at the cost of the schools, not just IS vs OOS. I know most people mean go IS because it's cheaper, but that is not always the case. There were cheaper OOS school options for me than my IS in Minnesota, and some other schools are as or more expensive "IS" than others would be "OOS". Do the research, figure out which schools you have the pre-reqs for and the stats they're looking for (like high cGPA vs last-45 GPA; high GRE vs vet hours; etc).

Yup there were 3 schools - NCSU, Mizzou, and WSU - that would have been cheaper for me than my IS (FL). Of course I ended up at a school that was ranked 30th for me in terms of COA but we won't talk about that...

 

[mmmdreamerz]

More along these lines, I found a neat interactive map that ranks schools by their cost of attendance. This helped me realize that there were 4 schools cheaper than my IS!

http://vinfoundation.org/apputil/project/defaultadv1.aspx?id=5327182&said=-1

This is cool...er...scary...lol Thanks!

 

[WildZoo]

More along these lines, I found a neat interactive map that ranks schools by their cost of attendance. This helped me realize that there were 4 schools cheaper than my IS!

http://vinfoundation.org/apputil/project/defaultadv1.aspx?id=5327182&said=-1

Apparently Penn is still the least financially favorable school even if you're in state. But also they have LSU's living expenses for in-state students set to $0 so that's odd.

 

[epivetlove]

I like that the living costs listed for LSU are $0. Maybe I should have claimed my Louisianan roots and applied there.

 

[sheltermed]

Apparently Penn is still the least financially favorable school even if you're in state. But also they have LSU's living expenses for in-state students set to $0 so that's odd.

Maybe they just don't know what it is right now? Not sure. There are options to rank by tuition only, not including cost of living. Penn is pretty crazy expensive--living there sure isn't cheap either ;_;

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[deleted676737]

And here I am feeling so incredibly lucky that I was able to get IS tuition at one of the cheapest schools for IS. But I do have a good amount of undergrad debt on top, so that kinda makes up for it.

No, but for real. I feel badly for those who have no inexpensive options, either because they're OOS everywhere or have a costly IS school. I guess if you're really serious about saving the loan money, you could move and establish residency in a state with cheaper tuition, but that's way easier said than done.

 

[mmmdreamerz]

Maybe they just don't know what it is right now? Not sure. There are options to rank by tuition only, not including cost of living. Penn is pretty crazy expensive--living there sure isn't cheap either ;_;

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There's some inaccuracies (like when I selected my state, it told me I don't have an IS (duh) and that I also don't have any contract options (last time I checked, I have two!). But still a really cool that this exists!

 

[WildZoo]

There's some inaccuracies (like when I selected my state, it told me I don't have an IS (duh) and that I also don't have any contract options (last time I checked, I have two!). But still a really cool that this exists!

I think they have a little pop up that asks you to contact them if you find any errors, you should do that!

 

[hygebeorht]

This tool is less well-known than the VIN tool, but it provides more data and it is official:

http://aavmc.org/Students-Applicants-and-Advisors/Funding-Education.aspx

NC State is top-ranked, the cheapest option, and the odds of in-state admission are very good. It would not be unreasonable to move to the state to establish residency prior to applying. Most OOS admission rates are in the single digits, with IS admissions more favorable. The cost of a veterinary education is so expensive that moving for a cheaper option is actually a good plan IMO.

I applied to 7 schools based on reputation and cheapness. I am attending the cheapest school I got into, and with each passing year I only become happier with my decision.

 

[WildZoo]

This tool is less well-known than the VIN tool, but it provides more data and it is official:

http://aavmc.org/Students-Applicants-and-Advisors/Funding-Education.aspx

NC State is top-ranked, the cheapest option, and the odds of in-state admission are very good. It would not be unreasonable to move to the state to establish residency prior to applying. Most OOS admission rates are in the single digits, with IS admissions more favorable. The cost of a veterinary education is so expensive that moving for a cheaper option is actually a good plan IMO.

I applied to 7 schools based on reputation and cheapness. I am attending the cheapest school I got into, and with each passing year I only become happier with my decision.

The only issue I see with this one is it doesn't include cost of living data, which can be important for making comparisons between schools that have similar tuition rates

 

[hygebeorht]

The only issue I see with this one is it doesn't include cost of living data, which can be important for making comparisons between schools that have similar tuition rates

True, but that data is not 100% reliable, either. It's based on school's estimates of what a student's cost of living should be, not necessarily what they really are. Some schools assume you'll live on your own, some assume you'll have five roommates. A cost of living calculator would be a good tool to use to get a more equitable comparison. The data used by VIN does have merit, but there's definitely a range wherever you go.

One of the more non-negotiable aspects is housing...Iowa students live dirt cheap easily, for example. In my area, I know students paying 1500 for an apartment and 800 for a house, so there's definitely wiggle room there. I'd recommend checking out housing listings in the areas of your top choice schools to get a feel for the range, because it can vary a lot.

Lastly, things can change rapidly. I moved from CO to NC - at the time the cost of living was pretty comparable. However, CO legalized weed and the cost of living went up pretty fast, so now it's 15% cheaper to live in Raleigh than Denver. It may be unlikely, but you never know.

EDIT: I forgot to say some of the more valuable data on the tool I shared is average scholarship/aid awards. That info can be very hard to come by! Of course, that money is not guaranteed, but it gives you an idea of the possibility of offsetting costs with aid via the school.

 

[Baer]

If you have two chances to get an in state, I say only do those for your first time.

That's what I ended up doing this cycle (my first). I applied to only the schools my state (WV) had contracts with for IS tuition. I ended up getting interviews at both , so now just waiting to see.

More along these lines, I found a neat interactive map that ranks schools by their cost of attendance. This helped me realize that there were 4 schools cheaper than my IS!

http://vinfoundation.org/apputil/project/defaultadv1.aspx?id=5327182&said=-1

Neat map but I can't get it to work on either firefox or internet explorer. Also says WV doesn't have any contract schools but it has 2. Maybe I'll send them a message when I get home and get on my desktop.

This tool is less well-known than the VIN tool, but it provides more data and it is official:

http://aavmc.org/Students-Applicants-and-Advisors/Funding-Education.aspx

Their tuition for IS Mississippi is off by about $3k per year. So just be aware, their data isn't accurate (most likely just out of date).

 

[TrashPanda]

That's what I ended up doing this cycle (my first). I applied to only the schools my state (WV) had contracts with for IS tuition. I ended up getting interviews at both , so now just waiting to see.



Neat map but I can't get it to work on either firefox or internet explorer. Also says WV doesn't have any contract schools but it has 2. Maybe I'll send them a message when I get home and get on my desktop.



Their tuition for IS Mississippi is off by about $3k per year. So just be aware, their data isn't accurate (most likely just out of date).

Updating Adobe Flash might help. I've had issues on some browsers too.

They're off for Missouri too, but that's not really VIN's fault- Mizzou's tuition info on their website hasn't been updated since fall 2015.

The map also makes some assumptions about rate of tuition increase that aren't accurate for all schools. But it's a very, very useful tool! It was my main resource in deciding where to apply.

 

[TrashPanda]

http://www.aavmc.org/Students-Applicants-and-Advisors/Funding-Education.aspx

I found this to be the most helpful!

It's a nice tool, but be careful with that one! The out of state cost of attendance for Minnesota is off by $90,000! I think they're calculating it as if you can get IS tuition after the first year, but that's no longer the case.

It looks like there might be some other mistakes with it, and some of the information is definitely old. No matter what you use, make sure you double check with the school!

 

[Emmy Senpai]

I just read a blog written by a veterinarian who graduated 20 years ago. He stated that the future of the profession was bleak due to the low income to high debt ration and if he were pre-vet now, he would switch to another career. Luckily, I was accepted to my IS school so the debt will be less, but I will still have $170k just from tuition alone without interest. I haven't found any scholarships to offset living expenses or even just gas and groceries. I love vet med and I'm excited that I was offered a spot to become a veterinarian, however I'm worried that I will be living in a one bedroom apartment for the rest of my life, living off of ramen noodles. Are there any strategies to pay off these loans as fast as possible, aka within 5-10 years, or is that impossible? I'm not saying that I need to live in a mansion and drive a sports car, but I would eventually like to have a nice home and possibly a family. At this point I can hardly see how I will support myself much less a family. Is there anything I can do to have less debt when I graduate aside from working in underrepresented areas?

 

[Teepster87]

I just read a blog written by a veterinarian who graduated 20 years ago. He stated that the future of the profession was bleak due to the low income to high debt ration and if he were pre-vet now, he would switch to another career. Luckily, I was accepted to my IS school so the debt will be less, but I will still have $170k just from tuition alone without interest. I haven't found any scholarships to offset living expenses or even just gas and groceries. I love vet med and I'm excited that I was offered a spot to become a veterinarian, however I'm worried that I will be living in a one bedroom apartment for the rest of my life, living off of ramen noodles. Are there any strategies to pay off these loans as fast as possible, aka within 5-10 years, or is that impossible? I'm not saying that I need to live in a mansion and drive a sports car, but I would eventually like to have a nice home and possibly a family. At this point I can hardly see how I will support myself much less a family. Is there anything I can do to have less debt when I graduate aside from working in underrepresented areas?

Check out Student Debt Center - VIN

With repayment plans, and planning/saving for the tax on the forgiven portion the monthly payments on 170k don't seem too terrible. Placing trust that the government will keep these repayment options around once people's loans start being forgiven is the shaky area.

Budget and stick to it the best you can. Have a roommate to decrease monthly rent/utilities. You've got 120 days after loans disperse (so I think every semester) to return any money you don't need to financial aid, and it's treated like you never took that money out in the first place and the interest that has accrued on that amount disappears. I'm not sure how Auburn works, but about 50% of our student population gets some sort of scholarship from the school each year. Apply to anything else you can find, everything helps!

 

[JaynaAli]

I just read a blog written by a veterinarian who graduated 20 years ago. He stated that the future of the profession was bleak due to the low income to high debt ration and if he were pre-vet now, he would switch to another career. Luckily, I was accepted to my IS school so the debt will be less, but I will still have $170k just from tuition alone without interest. I haven't found any scholarships to offset living expenses or even just gas and groceries. I love vet med and I'm excited that I was offered a spot to become a veterinarian, however I'm worried that I will be living in a one bedroom apartment for the rest of my life, living off of ramen noodles. Are there any strategies to pay off these loans as fast as possible, aka within 5-10 years, or is that impossible? I'm not saying that I need to live in a mansion and drive a sports car, but I would eventually like to have a nice home and possibly a family. At this point I can hardly see how I will support myself much less a family. Is there anything I can do to have less debt when I graduate aside from working in underrepresented areas?

If your tuition is that high, I suspect that your final loan balance will be such that you will have to consider income based repayment. For many veterinarians, the income-based plans allow you to pay a set amount of your income towards loans each month (10-15% usually), and at the end of a many-year period (usually 20-25 years), any remaining balance is forgiven. Downside is that the year forgiveness occurs, the amount forgiven is counted as income so you have to pay taxes on it. To combat this, most of the vet loan gurus recommend setting money aside each month specifically for these eventual taxes. It's a whole different way of approaching loan repayment than the traditional pay-off-in-a-few-years strategy, but it is how many vets can get by with a modest living and manage finances despite huge loan debt. With a significant other's income in the mix, it is often easier to pay down loans faster, but then even more factors come into play in regards to financial planning.

 

[Emmy Senpai]

Check out Student Debt Center - VIN

With repayment plans, and planning/saving for the tax on the forgiven portion the monthly payments on 170k don't seem too terrible. Placing trust that the government will keep these repayment options around once people's loans start being forgiven is the shaky area.

Budget and stick to it the best you can. Have a roommate to decrease monthly rent/utilities. You've got 120 days after loans disperse (so I think every semester) to return any money you don't need to financial aid, and it's treated like you never took that money out in the first place and the interest that has accrued on that amount disappears. I'm not sure how Auburn works, but about 50% of our student population gets some sort of scholarship from the school each year. Apply to anything else you can find, everything helps!

I didn't realize that I could return any unused money, so thank you for that info!! Are there any scholarships that you have found outside of your university? I've been looking around but they are all broad scholarships that basically anyone can apply for, so my chances of getting one of those is slim. I also have found 2 roommates to decrease rent so I'm on the right track there

If your tuition is that high, I suspect that your final loan balance will be such that you will have to consider income based repayment. For many veterinarians, the income-based plans allow you to pay a set amount of your income towards loans each month (10-15% usually), and at the end of a many-year period (usually 20-25 years), any remaining balance is forgiven. Downside is that the year forgiveness occurs, the amount forgiven is counted as income so you have to pay taxes on it. To combat this, most of the vet loan gurus recommend setting money aside each month specifically for these eventual taxes. It's a whole different way of approaching loan repayment than the traditional pay-off-in-a-few-years strategy, but it is how many vets can get by with a modest living and manage finances despite huge loan debt. With a significant other's income in the mix, it is often easier to pay down loans faster, but then even more factors come into play in regards to financial planning.

I overestimated the amount of debt that I would have, so in reality I would be paying about $80k solely for tuition w/o interest by going to my IS school. Much better than what I thought, but still over the average income amount of veterinarians first starting out. Is there a better option instead of an income-based plan so that I wouldn't have to pay taxes once my loan is forgiven? Maybe this would change your repayment advice since my debt will be lower than what I originally calculated last night. I was also wondering, is there an option to pay more than the set monthly amount? Would I be able to pour extra cash into the loan payment on certain months if I was able?

 

[Coopah]

I didn't realize that I could return any unused money, so thank you for that info!! Are there any scholarships that you have found outside of your university? I've been looking around but they are all broad scholarships that basically anyone can apply for, so my chances of getting one of those is slim. I also have found 2 roommates to decrease rent so I'm on the right track there



I overestimated the amount of debt that I would have, so in reality I would be paying about $80k solely for tuition w/o interest by going to my IS school. Much better than what I thought, but still over the average income amount of veterinarians first starting out. Is there a better option instead of an income-based plan so that I wouldn't have to pay taxes once my loan is forgiven? Maybe this would change your repayment advice since my debt will be lower than what I originally calculated last night. I was also wondering, is there an option to pay more than the set monthly amount? Would I be able to pour extra cash into the loan payment on certain months if I was able?

That's a great start. Keeping your costs down each year will significantly reduce your debt! Do you know what your school says for cost of living each year? Keep in mind they only allow for the 9 month school period not the summer months because presumably you should be able to work and pay for it yourself. Using the VIN tool is a great way to see estimated payments. And yes you can absolutely pay more than your designated amount each month! Depending on your loan provider it can be a pain, but is entirely doable.

 

[Teepster87]

I didn't realize that I could return any unused money, so thank you for that info!! Are there any scholarships that you have found outside of your university? I've been looking around but they are all broad scholarships that basically anyone can apply for, so my chances of getting one of those is slim. I also have found 2 roommates to decrease rent so I'm on the right track there

I got a $500 scholarship from the larger university, not from the CVM by applying to some veteran only scholarships. And then gotten another from an organization that I used to be associated with.
If your parents work for any decent sized companies, look into scholarships for dependents. During my undergrad I also found a scholarship through PG&E (pacific gas and electric) which was totally random and available to anyone in their area of service. There's random scholarships everywhere, good luck and good hunting!

 

[JaynaAli]

I overestimated the amount of debt that I would have, so in reality I would be paying about $80k solely for tuition w/o interest by going to my IS school. Much better than what I thought, but still over the average income amount of veterinarians first starting out. Is there a better option instead of an income-based plan so that I wouldn't have to pay taxes once my loan is forgiven? Maybe this would change your repayment advice since my debt will be lower than what I originally calculated last night. I was also wondering, is there an option to pay more than the set monthly amount? Would I be able to pour extra cash into the loan payment on certain months if I was able?

The general advice I have seen is that if your debt-to-income ratio is 1 or less, you will be able to pay your loans off fairly quickly. Debt:Income >2.5-3 or more will almost certainly be better to do the income based repayment and plan for forgiveness. D:I 1-2.5 is a grey zone and depends on a lot of people's financial goals. In general, if you have debt high enough that you are doing income based repayment, you want to pay as little as possible to the loan servicers. If you have extra money around, it is better to put that into your 'forgiveness' savings account rather than pay 'extra' on your loans. It's a whole different way to go about your loan management, but the VIN resources are wonderful.

Edit: Also don't underestimate the amount of interest. It really, truly does add up and usually surprises people with how much it is over four years.

 

[Emmy Senpai]

Thank you all for the info! It makes me feel better about tackling this debt. I would really like to avoid income-based payment just because of the tax reasons... but I can research this on my own time as well. I have also read an article written by a veterinarian couple stating they paid off BOTH loans in 5 years by dedicating one person's entire salary to paying the loan and then the other person's salary going towards their living budget, with any left over money going towards the loan. Is this an extreme way to pay off loans?
@Coopah , to answer your question, Auburn sets their personal expenses at about $20k for rent, transportation, and other personal needs combined. Thankfully my roommates and I found a place really close to school and on a bus route, and our minimum rent (excluding utilities/water) is about $300 each! So my cost of living will be different than the maximum set by the vet school. When I visited Auburn, gas was about 1.94 which is really nice too. I also pay about $40 every 2 weeks for groceries in my hometown, but I'd like to cut that down when I move to Auburn. Do you have any advice as far as budgeting goes?

 

[Coopah]

Thank you all for the info! It makes me feel better about tackling this debt. I would really like to avoid income-based payment just because of the tax reasons... but I can research this on my own time as well. I have also read an article written by a veterinarian couple stating they paid off BOTH loans in 5 years by dedicating one person's entire salary to paying the loan and then the other person's salary going towards their living budget, with any left over money going towards the loan. Is this an extreme way to pay off loans?
@Coopah , to answer your question, Auburn sets their personal expenses at about $20k for rent, transportation, and other personal needs combined. Thankfully my roommates and I found a place really close to school and on a bus route, and our minimum rent (excluding utilities/water) is about $300 each! So my cost of living will be different than the maximum set by the vet school. When I visited Auburn, gas was about 1.94 which is really nice too. I also pay about $40 every 2 weeks for groceries in my hometown, but I'd like to cut that down when I move to Auburn. Do you have any advice as far as budgeting goes?

So there are some categories you should definitely budget for.

Rent x 12 - it seems you already know this number, that's good.
Utilities x 12 - I doubt it'll be more than $40 if you're living with roommates and not getting super premium cable or anything
Transportation x 12 - Will you have a car? Will you need Gas? Registration? Maintenance? Bus Tickets? Flights home?
Food x 12 - Groceries & eating out. Will these costs change when you move? For instance Florida food is super expensive compared to where I am now. What about eating out? Will you do so often? Regularly? Only sometimes? Restaurants or fast food? What about special occasions? Holidays? Ect.
Cell Phone x 12 - Will you being paying for this or your parents? Will you want to upgrade your phone? Don't forget the taxes.
Household Goods x 12 - Toilet Paper, paper towels, soap, shampoo, new clothes, ect.
Do you have any current loan payments? x 12 I have undergrad loans that are private which I will continure to pay in Vet School because the interest rate is higher than the new loans I'll be taking out.
Occasional Spending x 12- Christmas gifts, random trinkets, treat yourself days
Will you have pets? - Vet expenses and pet food/medications still cost money in vet school.
Insurance x 12 - If not car insurance you will need at least renters insurance, what about health insurance? If you get a cavity, who will pay for that? If you get sick, what will that cost? Budget in a significant amount for medical every year. Just in case.
Finally emergency fund - if bad things happen you will need a backup. Car breakdown, unexpected medical issues, anything really.

Hope that helps, feel free to ask any questions I love this stuff!

 

[Emmy Senpai]

So there are some categories you should definitely budget for.

Rent x 12 - it seems you already know this number, that's good.
Utilities x 12 - I doubt it'll be more than $40 if you're living with roommates and not getting super premium cable or anything
Transportation x 12 - Will you have a car? Will you need Gas? Registration? Maintenance? Bus Tickets? Flights home?
Food x 12 - Groceries & eating out. Will these costs change when you move? For instance Florida food is super expensive compared to where I am now. What about eating out? Will you do so often? Regularly? Only sometimes? Restaurants or fast food? What about special occasions? Holidays? Ect.
Cell Phone x 12 - Will you being paying for this or your parents? Will you want to upgrade your phone? Don't forget the taxes.
Household Goods x 12 - Toilet Paper, paper towels, soap, shampoo, new clothes, ect.
Do you have any current loan payments? x 12 I have undergrad loans that are private which I will continure to pay in Vet School because the interest rate is higher than the new loans I'll be taking out.
Occasional Spending x 12- Christmas gifts, random trinkets, treat yourself days
Will you have pets? - Vet expenses and pet food/medications still cost money in vet school.
Insurance x 12 - If not car insurance you will need at least renters insurance, what about health insurance? If you get a cavity, who will pay for that? If you get sick, what will that cost? Budget in a significant amount for medical every year. Just in case.
Finally emergency fund - if bad things happen you will need a backup. Car breakdown, unexpected medical issues, anything really.

Hope that helps, feel free to ask any questions I love this stuff!

This is great, thank you so much!!! Some stuff I didn't even think about needing, such as car maintenance... my dad is a mechanic and I've never needed to pay for repairs at all so I'll definitely need to add this to my budget. Do you use any budget-planning websites to keep track, or do you just lay everything out on a spreadsheet?

 

[Coopah]

This is great, thank you so much!!! Some stuff I didn't even think about needing, such as car maintenance... my dad is a mechanic and I've never needed to pay for repairs at all so I'll definitely need to add this to my budget. Do you use any budget-planning websites to keep track, or do you just lay everything out on a spreadsheet?

Mint is a good resource but I still use a spreadsheet too because it isn't perfect. It's a good place to start though. It''l track you're spending for you without much input so you can see where you're wasting money (for instance Starbucks when you can brew coffee at home). Good Luck!

 

[JaynaAli]

Thank you all for the info! It makes me feel better about tackling this debt. I would really like to avoid income-based payment just because of the tax reasons... but I can research this on my own time as well. I have also read an article written by a veterinarian couple stating they paid off BOTH loans in 5 years by dedicating one person's entire salary to paying the loan and then the other person's salary going towards their living budget, with any left over money going towards the loan. Is this an extreme way to pay off loans?

I quickly put Auburn's stated cost of attendance into the VIN simulator for you. Total debt if you take out the max they allow will be $168,000 (admittedly yours may be less from what you've said above). To pay your loans off in ten years, you're going to pay $2,053 every month for ten years. Which might be just under half of your take home pay when you're first starting out. Total cost of the loan if you pay it back that way is ~$246k.

To contrast that, if you were to use an IBR plan (PAYE specifically) and start a job at $75k, you'd pay a slowly increasing amount (because hopefully your job gives you raises each year) that starts at $450 per month and maxes out around $900. In addition to the $450 per month on PAYE in the beginning, you'd need to save $250-300/month in an account with a good interest rate for taxes in the end. So total monthly costs are closer to $700-800 the first couple years and max out around $1200 at the end of your 20 year period. Total repayment costs, including the estimated taxes at the end is similar to the ten year value but slightly less at ~218k. Yes, you pay longer and there is a little more unknown, overall repayment costs are similar, but you'd have an extra $1,000 per month or more to use for living life, buying a house, having kids, etc if you needed it. That's where IBR plans, even though it's scary, helps vets have a life. It's not for everyone though. Some people can aggressively pay off their loans even with huge balances thanks to a significant other...it's not a crazy thing to do. Others aren't in that position.

 

[Emmy Senpai]

I quickly put Auburn's stated cost of attendance into the VIN simulator for you. Total debt if you take out the max they allow will be $168,000 (admittedly yours may be less from what you've said above). To pay your loans off in ten years, you're going to pay $2,053 every month for ten years. Which might be just under half of your take home pay when you're first starting out. Total cost of the loan if you pay it back that way is ~$246k.

To contrast that, if you were to use an IBR plan (PAYE specifically), you'd pay a slowly increasing amount (because hopefully your job gives you raises each year) that starts at $450 per month and maxes out around $900. In addition to the $450 per month on PAYE in the beginning, you'd need to save $250-300/month in an account with a good interest rate for taxes in the end. So total monthly costs are closer to $700-800 the first couple years and max out around $1200 at the end of your 20 year period. Total repayment costs, including the estimated taxes at the end is similar to the ten year value but slightly less at ~218k. Yes, you pay longer and there is a little more unknown, overall repayment costs are similar, but you'd have an extra $1,000 per month or more to use for living life, buying a house, having kids, etc if you needed it. That's where IBR plans, even though it's scary, helps vets have a life. It's not for everyone though. Some people can aggressively pay off their loans even with huge balances thanks to a significant other...it's not a crazy thing to do. Others aren't in that position.

So if I paid off the loan faster and without an IBR plan, it would cost me more?? Argh... can they just lower the cost of vet school?

 

[JaynaAli]

So if I paid off the loan faster and without an IBR plan, it would cost me more?? Argh... can they just lower the cost of vet school?

Maybe, maybe not. There's lots of variables, including tax rates, your income, which plan you choose, etc...we/I can't say for sure what your like will be like moving forward. I ran that like you were single with no children, which are obviously going to change things if you go that route. That's why we preach the VIN simulator so much...it lets you run those numbers again and again to see what could happen. Try it yourself a few times with different scenarios and see what might work for you. Maybe it's worth it to you to pay an extra few thousand to be debt free ten years sooner. Maybe you need more flexibility in monthly cash flow. Who knows. It's good you're at least considering it now.

 

[Emmy Senpai]

Maybe, maybe not. There's lots of variables, including tax rates, your income, which plan you choose, etc...we/I can't say for sure what your like will be like moving forward. I ran that like you were single with no children, which are obviously going to change things if you go that route. That's why we preach the VIN simulator so much...it lets you run those numbers again and again to see what could happen. Try it yourself a few times with different scenarios and see what might work for you. Maybe it's worth it to you to pay an extra few thousand to be debt free ten years sooner. Maybe you need more flexibility in monthly cash flow. Who knows. It's good you're at least considering it now.

Thank you so much for all your help!

 

[ziggyandjazzy]

Not sure where to post this, but I have been having difficulty finding the type of loans vet students get. My EFC has been low throughout undergrad and I qualify for pell grants. Can anyone point me to links about types of loans (with their interest, etc)? I think my IS might not have HPSL

 

[twelvetigers]

You will just get normal old Stafford subsidized loans up to full cost of attendance and living. You can also get private loans, but no one will ever suggest that. HPSL is possible if you qualify, but will overall be a very small part of the total loan amount.

The interest varies by semester - mine range 5.4% to 6.8%.

No grants for vet school. Scholarships are possible, but usually not for first year - you generally sign up for those 2nd semester based on your interests, your needs, and of course your GPA in vet school so far at that point.

 

[ziggyandjazzy]

You will just get normal old Stafford subsidized loans up to full cost of attendance and living. You can also get private loans, but no one will ever suggest that. HPSL is possible if you qualify, but will overall be a very small part of the total loan amount.

The interest varies by semester - mine range 5.4% to 6.8%.

No grants for vet school. Scholarships are possible, but usually not for first year - you generally sign up for those 2nd semester based on your interests, your needs, and of course your GPA in vet school so far at that point.

Ok, so they are subsidized? I was reading they were only doing unsubsidized. What about perkins?

 

[JaynaAli]

They're not subsidized anymore. Interest accrues during school. I've only heard of vet students being offered Stafford, GradPLUS, and the health professions student loans. A whole lot of the nice things like subsidized loans and pell grants go away once you make the decision to do professional school.

 

[ziggyandjazzy]

They're not subsidized anymore. Interest accrues during school. I've only heard of vet students being offered Stafford, GradPLUS, and the health professions student loans. A whole lot of the nice things like subsidized loans and pell grants go away once you make the decision to do professional school.

How much per year could you take out in Stafford? It looks like that is a better loan than GradPLUS and that HPSL can't be counted on. And you don't think Perkins are available?

 

[JaynaAli]

I never took out anywhere near the max (I went to a cheap in-state) but I think you're allowed like $40,000 per year in Staffords and if your school's total cost of attendance is higher than that you're allowed the rest of the COA as gradplus? I looked on the AVMA website and it looks there like technically you might be able to get a Perkins loan for vet school but there's an $8,000/year limit so you'll have to take out other kinds too even if you do get that one.

 

[TrashPanda]

I never took out anywhere near the max (I went to a cheap in-state) but I think you're allowed like $40,000 per year in Staffords and if your school's total cost of attendance is higher than that you're allowed the rest of the COA as gradplus? I looked on the AVMA website and it looks there like technically you might be able to get a Perkins loan for vet school but there's an $8,000/year limit so you'll have to take out other kinds too even if you do get that one.

@ziggyandjazzy Yup. You can get unsubsidized federal Direct loans for up to $40,500 per year. After that, Grad PLUS loans can be taken out up to the cost of attendance (based on your school's estimate of tuition + fees + housing + food + books + other expenses). New interest rates will be announced in July, but currently, Direct loans have a 5.31% fixed interest rate and PLUS loans are at 6.31%. They are both unsubsidized so you accrue interest while you're in school. Direct loans have a fee (taken from what you borrow when you borrow it) of 1.069% and PLUS loans have a fee of 4.276%. In other words, you should really try to avoid PLUS loans! (Well, try to avoid all loans as much as possible.)

Perkins loans require "exceptional financial need" and HPSL loans are also need-based. They're both subsidized (don't accrue interest while you're in school) and have a 5% interest rate after. Funds are limited so you can have need but still not receive them.

As for what TwelveTigers said above about grants and scholarships, it really depends on the school. I'm getting a bunch of grants for next year (all vet students at my school get them), but that seems to be uncommon. Some schools give out lots of scholarships (including for your first year), and some don't. There are also outside scholarships you can apply to.

The official Federal Student Aid site is surprisingly clear and helpful: Loans

One thing to note is that it says graduate students can only get $20,500/year, but health professions students (including vet students) can actually get $40,500/year.

 

[ziggyandjazzy]

@ziggyandjazzy Yup. You can get unsubsidized federal Direct loans for up to $40,500 per year. After that, Grad PLUS loans can be taken out up to the cost of attendance (based on your school's estimate of tuition + fees + housing + food + books + other expenses). New interest rates will be announced in July, but currently, Direct loans have a 5.31% fixed interest rate and PLUS loans are at 6.31%. They are both unsubsidized so you accrue interest while you're in school. Direct loans have a fee (taken from what you borrow when you borrow it) of 1.069% and PLUS loans have a fee of 4.276%. In other words, you should really try to avoid PLUS loans! (Well, try to avoid all loans as much as possible.)

Perkins loans require "exceptional financial need" and HPSL loans are also need-based. They're both subsidized (don't accrue interest while you're in school) and have a 5% interest rate after. Funds are limited so you can have need but still not receive them.

As for what TwelveTigers said above about grants and scholarships, it really depends on the school. I'm getting a bunch of grants for next year (all vet students at my school get them), but that seems to be uncommon. Some schools give out lots of scholarships (including for your first year), and some don't. There are also outside scholarships you can apply to.

The official Federal Student Aid site is surprisingly clear and helpful: Loans

One thing to note is that it says graduate students can only get $20,500/year, but health professions students (including vet students) can actually get $40,500/year.

I have financial need. I qualify for pell grants. But I'm not sure how they choose for perkins in graduate school. I basically have a full ride for undergrad so I haven't taken out any loans, hence all the questions! If I got in and went to my IS, I wouldn't have to take out anything besides unsubsidized federal. I was hoping not to take out PLUS but I was confused because I did see the 20,500 a year figure. It's good vet students can get the higher amount!

 

[deleted676737]

I have financial need. I qualify for pell grants.

I also had financial need and received a substantial amount of Pell grants throughout undergrad. Unfortunately, that doesn't mean that you will necessarily qualify for Perkins (I don't even know if it's possible to receive Perkins loans in vet school---no one in our financial aid presentations during orientation mentioned it, anyway) or HPSL. I know of one classmate who actually managed to get HPSL our first year; I applied for it but didn't receive anything. Just the standard $40.5k unsubsidized Stafford, of which I only actually needed $38k to cover everything for the year.

Everyone else has given you some great advice regarding taking out loans as a whole in vet school, so I won't be a broken record.

 

[twelvetigers]

How much per year could you take out in Stafford? It looks like that is a better loan than GradPLUS and that HPSL can't be counted on. And you don't think Perkins are available?

I'm sorry, I meant to say unsubsidized. My bad.

The Stafford amount is full cost of attendance plus the calculated cost of living and will vary by school. It should be enough to live on during school.

No Perkins.

 

[TrashPanda]

I'm sorry, I meant to say unsubsidized. My bad.

The Stafford amount is full cost of attendance plus the calculated cost of living and will vary by school. It should be enough to live on during school.

No Perkins.

The Stafford loans "only" go up to $40,500 regardless of the total cost of attendance. A lot of OOS students and some IS ones will need more than that. It is possible for vet students to get Perkins loans, but there are limitations such as how much funding the school has and how much money you borrowed in Perkins loans as an undergrad. It's definitely not common for vets students to get Perkins loans, and the total amount you can get is pretty small.

While I'm nitpicking (sorry!) cost of attendance includes cost of living.