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How to Pay for Vet School
Most students pay for vet school with student loans, but take steps to minimize how much you borrow.
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Ryan Lane Assigning Editor | Small business, student loans
Ryan Lane is an editor on NerdWallet’s small-business team. He joined NerdWallet in 2019 as a student loans writer, serving as an authority on that topic after spending more than a decade at student loan guarantor American Student Assistance. In that role, Ryan co-authored the Student Loan Ranger blog in partnership with U.S. News & World Report, as well as wrote and edited content about education financing and financial literacy for multiple online properties, e-courses and more. Ryan also previously oversaw the production of life science journals as a managing editor for publisher Cell Press. Ryan is located in Rochester, New York.
Des Toups Lead Assigning Editor | Student loans, repaying college debt, paying for college
Des Toups was a lead assigning editor who supported the student loans and auto loans teams. He had decades of experience in personal finance journalism, exploring everything from car insurance to bankruptcy to couponing to side hustles.
To get a Doctor of Veterinary Medicine degree, you need a plan to pay for vet school — ideally, one that doesn’t leave you buried in debt.
With the cost for four years of vet school typically exceeding $200,000 on average, you’ll want to think about that bill long before you enroll. By taking steps like choosing an affordable school and earning scholarships, you can minimize how much of your D.V.M. degree you’ll need to finance.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria.
Fixed APR
3.59-17.99%
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. (1)All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. (2)As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3)This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 11/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
Variable APR
5.34-17.99%
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. (1)All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. (2)As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3)This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 11/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria.
Fixed APR
3.49-15.49%
Lowest rates shown include the auto debit. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 10/25/2024. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Variable APR
5.04-15.21%
Lowest rates shown include the auto debit. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 10/25/2024. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Credible lets you check with multiple student loan lenders to get rates with no impact to your credit score. Visit their website to take the next steps.
Plan during your undergraduate years
If a postgraduate veterinary school degree is in your future, aim to choose an affordable school when you’re an undergraduate. Get as much free aid as possible for your bachelor’s degree and borrow only what you need to in student loans.
Budget while you’re in school and look for ways to save or earn money, like working part time. You’ll likely find it easier to have a job in college than during vet school, though working during the latter is possible. Plan to set aside some of your earnings for vet school costs, if you can.
Keep in mind future vets often start school right after their undergraduate program. If you do that, then opt for a year-long internship and three-year residency, it could be 12 years before you’re making a good income. In other words, start living like a student early so you’re accustomed to saving and scrimping later.
Choose the most affordable vet school for you
There’s no “Harvard effect” with veterinary schools, says Dr. Tony Bartels, a board member of the VIN Foundation, a nonprofit that offers education and resources for veterinarians. That means vets don’t make more money by graduating from a more prestigious school.
Veterinary programs offer in-state students the best deal. Based on data from the Association of American Veterinary Medical Colleges, in-state residents paid roughly $65,000 less on average for vet school tuition and living expenses than their out-of-state counterparts in the class of 2019.
If your home state doesn’t have a school with an accredited veterinary program, or you didn’t get into it, see if you can establish residency in the state where you plan to enroll. Ask your vet school about its residency requirements to determine if you can qualify.
It’s possible an out-of-state program could cost the least if it offers the most scholarships and grants. The extra amount non-residents pay will likely be tough to overcome, though.
Earn free money
Money you don’t have to repay, such as scholarships, fellowships and grants, is the best way to pay for vet school. Your veterinary school is likely your best bet for this aid. But some schools offer free aid to a larger percentage of vet students than others.
For example, Midwestern University in Glendale, Arizona, provides only 1% of students in its vet program with institutional scholarships, fellowships and grants, according to the AAVMC. At Purdue University in West Lafayette, Indiana, more than 98% of students receive this kind of assistance.
Of course, it’s the amount of free aid you receive that matters most, and that will vary by student and school. Ask your school about its scholarship and grants process. Some may automatically award this aid upon admission, while others may require additional applications.
You should also apply for scholarships for veterinary students from private sources. Local kennel clubs, state organizations and professional associations, such as the American Veterinary Medical Foundation, may offer this funding.
After exhausting work earnings, savings and free aid, student loans can cover your remaining vet school costs. Roughly 83% of students in the class of 2019 financed all or part of their D.V.M., according to the American Veterinary Medical Association, and those students graduated with an average vet school debt of $183,302.
Because that debt level is more than double the average veterinarian salary of $76,633 for new grads, vet students must borrow wisely. Generally, it makes sense to take out student loans in this order:
Federal loans for health professions students. These subsidized loans have lower interest rates and longer grace periods than other federal options. Health professions student loans are available only at participating vet schools, and you must be financially needy or from a disadvantaged background to qualify.
Federal unsubsidized and graduate PLUS loans. These federal loans are available to all eligible graduate students. Max out unsubsidized loans first because they have a lower interest rate and smaller fees. You can then use PLUS loans to cover any remaining tuition gap.
Private student loans. Private lenders may offer better terms than federal loans, depending on your credit or a co-signer’s. But for most vet students, going with a federal student loan — and getting options like income-driven repayment that can keep monthly payments manageable — will be the best choice. Some states have forgivable loan programs for veterinarians, but you'll typically need to commit to practicing in a rural area or with large animals to qualify.
Complete the Free Application for Federal Student Aid to receive federal student loans. You must provide your parents’ financial information on the FAFSA to receive loans for health professions students, but you should complete this form without that information for other federal student loans.
If only some of the vet schools you apply to offer loans for health professions students, provide the FAFSA with parent information to just those schools. Then, remove your parents’ information and submit that version of the FAFSA to the remaining schools.
You can apply for private student loans directly with lenders. Compare vet school loan offers to get the best deal possible.
