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If I get a student loan and go to college for 6 years to to get a scholar to become a vet, how long would it take to pay off the dept as soon as I get a job as a vet?

I'm Mea, The college I want to go to is IU in Kokomo, Indiana if that helps to answer the question :) #college #graduate #veterinarian #masters #with #administrator

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Ken’s Answer

Hi Mea!


The best way to get an answer is to talk to a vet who attended IU. The best way to do that is to talk to the head of alumni relations at IU to arrange to talk to and meet vets who graduated from there and are working in the field. The head of alumni relations is a person who has assembled a community of graduates who are very happy to speak with people interested in following their career. From graduates' personal experiences, you will learn much.


Also, you might consider going to a community college first to keep costs down, and lessen the debt. Classes are smaller and the costs are very reasonable and they have great intern and coop programs so that you can earn and learn and get good experience along the way. Too many people are paying way too much money for an education. Talk to the head of alumni relations at your local community to arrange to talk to graduates of that school who became vets.


Here some good tips on keeping costs down.
http://www.educationplanner.org/students/paying-for-school/ways-to-pay/reduce-college-costs.shtml


Let me know if any how this might be of help. Please keep me informed. I would like to follow your progress. Best of luck!
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Tyghe’s Answer

Hi Mea,

You can also figure out how long it might take you to pay of the debt using a couple of calculators and some assumptions. First, you'll need to find the average cost of attendance for veterinary school at IU Kokomo, then put that number into this calculator (along with the other information it needs) to figure out how much you will owe when you finish school: https://www.calculator.net/college-cost-calculator.html

You can then take the number that calculator gives you, and plug it into this calculator: https://www.calculator.net/student-loan-calculator.html. The calculator at the top will help you to find out what your monthly payment would be.

The calculator a little lower down on that same page can help you figure out how long it will take to pay off your loan if you're making more than the minimum payment. If you can find out how much you'll make as a new vet after graduation, and work backward to budget out how much you will be able to afford to pay toward your student loan each month, you can enter that amount along with the total amount you'll owe, which should give you a good idea of how quickly you might be able to pay it off.

Hope that helps. Best of luck!

Tyghe recommends the following next steps:

Find out the average annual cost of attendance for veterinary school at IU Kokomo
Enter average annual cost in this calculator: https://www.calculator.net/college-cost-calculator.html to get total amount you'll owe
Find out average salary for a new vet in the area you hope to practice (Indianapolis, for example) to find out what kind of salary you can expect to earn
Enter the total amount you'll owe and expected salary into this calculator: https://www.calculator.net/student-loan-calculator.html.
Thank you comment icon Hi Tyghe: Your advice is insighful. My niece is in Vet school and the calculators are great planning tools. Thank you for sharing. Sheila Jordan
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