How to Pay for Vet School

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If you love animals, you may consider making a career out of caring for them.

Enrolling in veterinary school requires four years of education beyond a bachelor’s to earn a Doctor of Veterinary Medicine (DVM) degree. The average veterinarian graduates with $157,146 of student loan debt, according to the American Veterinary Medical Association.

Here’s how to pay for vet school:

• Apply for money that you don’t need to pay back
• Take out federal student loans
• Consider the Veterinary Medicine Loan Repayment Program
• Shop around for private student loans
• Is vet school worth the debt?

Apply for money that you don’t need to pay back

When paying for vet school, it’s a good idea to start with gift aid — scholarships, grants, and other financial assistance that you don’t need to worry about repaying.

Here are a few options to look into:

Scholarships for veterinarians

• The American Veterinary Medical Foundation (AVMF) offers several scholarships for aspiring vets. The scholarships are available to first-, second-, and third-year students attending accredited veterinary colleges in the U.S. You can register for an account at scholarships.avmf.org to get information on award amounts and deadlines, and to fill out an application.
• The Ride and Tie Association gives out the Jim Steere Memorial Veterinary Student Scholarship. To apply, prospective students must write a 1,000-word essay suitable for publishing in the Ride and Tie Association’s monthly newsletter. The first-place award is $3,000, and $2,000 scholarships are available for runners-up. The deadline to apply is in January.

Grants for veterinarians

• The Arkansas Health Education Grant provides money to Arkansas residents to help offset tuition costs for graduate students pursuing healthcare careers, including veterinary medicine. The annual deadline to apply is July 1.
• The NAVLE Study Package Grant is for fourth year students preparing to take the North American Veterinary Licensing Examination (NAVLE). The program provides 10 grant awards of $300 each to help students purchase NAVLE study materials.

Check out the AVMF website for additional scholarships and grants for veterinary students.

Research fellowship options

Research fellowships are an opportunity to conduct research and be mentored by a faculty member in your field. They also provide a stipend or monetary award to help veterinary medical students cover living expenses while pursuing research.

Several research fellowships are available to veterinary students, including the Boehringer Ingelheim Veterinary Scholars Program, the CDC-Hubert Global Health Award, and the American Society of Laboratory Animal Practitioners Summer Fellowship.

Assistantship opportunities and employer assistance

Some veterinary colleges offer graduate assistantship programs. These assistantships provide a stipend to cover living expenses or tuition.

Also if you’re working through vet school, see if your employer offers educational assistance benefits. Not all companies offer these plans, but those that do can provide up to $5,250 to help cover tuition, books, equipment, supplies, and student loan payments. As long as they stay within that annual limit, the payments don’t count as taxable wages for you.

Learn More: How Much Does it Cost to Go to Vet School?

Take out federal student loans

After you’ve exhausted your grant and scholarship options, your next step should be applying for federal student loans. These loans aren’t free, but you don’t have to make payments toward your student debt while in school.

Federal Direct Unsubsidized Loans

Direct Unsubsidized Loans are available to undergraduate and graduate students. Your school determines the amount you can borrow based on your cost of attendance and other financial aid options.

Interest rates on federal student loans are set annually and fixed for the life of the loan. The current rate on Direct Unsubsidized Loans is 7.05% for graduate and professional students.

Interest accrues on the loan while you’re in school. You can choose to pay that interest while you’re in school to reduce your total cost of borrowing.

Good to know: For federal Direct Subsidized Loans, the government pays the interest on the loan while you’re in school at least half-time and for six months after you leave school. But these loans are need-based and only available to undergraduate students, so you won’t be able to use one for veterinary school.

Federal Direct PLUS Loans

Federal Direct PLUS Loans are fixed-rate loans available to graduate and professional students. The maximum amount you can borrow is the cost of attendance for the year minus any other financial aid received. The current interest rate on Direct PLUS Loans is 8.05%.

Interest accrues on the loan while you’re in school, but you don’t have to start repayment until six months after you graduate or leave school.

See More: Subsidized vs. Unsubsidized Student Loans: Know the Difference

Consider the Veterinary Medicine Loan Repayment Program

The VMLRP won’t fund your education while you’re in school. But it pays up to $25,000 a year toward qualified student loans for eligible veterinarians who work for at least three years in areas the federal government designates as having a veterinarian shortage.

You can learn more about eligibility requirements and the application process from the U.S. Department of Agriculture.

Shop around for private student loans

If the above funding options aren’t enough, private loans can help cover the rest of your vet school expenses.

Private lenders may offer better rates than federal loans, depending on your credit and whether you have a cosigner. But every lender has different rates, fees, and requirements, so it’s important to shop around to find the best loan for you.

The companies in the table below are Credible’s approved partner lenders. Whether you’re the borrower or cosigner, Credible makes it easy to compare rates from multiple private student loan providers without affecting your credit score.

Lender	Fixed Rates From (APR)	Variable Rates From (APR)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.69%+10	5.66%+10
Fixed APR: 3.69%+10 Variable APR: 5.66%+10 Min. credit score: Does not disclose Loan amount: $2,001* to $400,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: 0.25% to 1.00% automatic payment discount, 1% cash back graduation reward Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program Customer service: Email, phone Prequalified rates with a soft credit check: Yes Cosigner release: After 12 on-time principal and interest payments Loan servicer: Launch Servicing, LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.99%+1	5.5%+
Fixed APR: 3.99%+1 Variable APR: 5.5%+ Min. credit score: 720 Loan amount: $1,000 to $350,000 Loan terms (years): 5, 10, 15 Loan types: Any private or federal student loan Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner) Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Firstmark Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.59%+2,3	5.34%+2,3
Fixed APR: 3.59%+2,3 Variable APR: 5.34%+2,3 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 5, 8, 10, 15, 20 Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Prequalified rates with a soft credit check: Yes Cosigner release: After half of the scheduled repayment term has been completed Loan servicer: College Ave Servicing LLC Learn more about cosigner release requirements. Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.24%+	4.97%+
Fixed APR: 4.24%+ 11 Variable APR: 4.97%+ 11 Loan amount: $1,000 to $99,999 annually ($180,000 aggregate limit)11 Loan terms (years): 7, 10, 1511 Repayment options: Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay11 Eligibility: Available to borrowers in all 50 states. Must be a U.S. citizen or permanent resident. Customer service: Phone, email Prequalified rates with a soft credit check: Yes Cosigner release: After 36 months11 Loan servicer: American Education Services Min. income: $1
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.8%+8	7.77%+8
Fixed APR: 4.8%+8 Variable APR: 7.77%+8 Min. credit score: 670 Loan amount: $1,001 up to cost of attendance Loan terms (years): 5, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance Fees: Late fee Discounts: Autopay, reward for on-time graduation Eligibility: Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school Customer service: Email, phone, chat Prequalified rates with a soft credit check: Yes Cosigner release: After 12 months Loan servicer: American Education Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.75%+	N/A
Fixed APR: 5.75%+ Variable APR: N/A Min. credit score: 670 Loan amount: $1,500 up to cost of attendance less aid Loan terms (years): 10, 15 Repayment options: Full deferral, interest only, immediate repayment, academic deferral, forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Prequalified rates with a soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services (AES)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.490%9 - 15.49%9	5.04%9 - 15.210%9
Fixed APR: 3.490%9 - 15.49%9 Variable APR: 5.04%9 - 15.210%9 Min. credit score: Does not disclose Loan amount: $1,000 up to 100% of school-certified cost of attendance Loan terms (years): 10 to 209 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee, non-sufficient funds (NSF) fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner. Customer service: Phone, chat Prequalified rates with a soft credit check: Yes Cosigner release: Borrowers can apply after graduation, 12 consecutive on-time principal and interest payments, and meeting certain credit requirements. Loan servicer: Sallie Mae
Compare Prequalified Private Student Loan rates. Compare Private Loans Now Trustpilot
Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available. Prequalified rates are not an offer of credit. | 10Ascent Disclosures | 1Citizens Bank Disclosures | 2,3College Ave Disclosures | 11Custom Choice Disclosures |  7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

Is vet school worth the debt?

Veterinary school isn’t cheap, but it can be a rewarding and lucrative career if you’re passionate about caring for animals. The median pay for veterinarians is just over $100,000 per year, according to the Bureau of Labor Statistics. The BLS also predicts employment for veterinarians to increase by 17% from 2020 to 2030 — much faster than the average for all occupations.

About the author

Janet Berry-Johnson

Janet Berry-Johnson is an authority on income taxes and small business accounting. She was a CPA for over 12 years and has been a personal finance writer for more than five years. Janet has written for several well-known media outlets, including The New York Times, Forbes, Business Insider and Credit Karma. In 2021, Canopy named her one of the Top 10 Influential Women in Accounting and Tax.

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