If you love animals, a career in veterinary medicine could be a good career option. Keep in mind that vets are highly-skilled medical professionals who complete intensive studies before becoming certified to practice, which can be demanding as well as expensive.
However, becoming a veterinarian can also be very rewarding. And the good news is that there are several ways to cover the costs of veterinary school, such as student loans and financial aid.
How much is vet school?
Attending college has grown steadily more expensive over the past few decades, and veterinary school is no different.
The average cost of vet school for in-state residents has risen to $200,000, while students at out-of-state schools can expect to pay an average of $275,000, according to the Veterinary Information Network Foundation.
Keep in mind:
To become a veterinarian, you’ll typically need to complete a bachelor’s degree before earning a Doctor of Veterinary Medicine (DVM) degree — in total, this usually takes about eight years.
Because of the high cost associated with this long education period, you’ll likely need to rely on a variety of funding sources to cover their expenses, such as student loans as well as any scholarships and grants that they qualify for.
Factors that contribute to vet school costs
There are several factors that can impact how much vet school costs, such as:
- Residency: Generally, you’ll pay much less in tuition and fees to attend an in-state school as a resident than you would at an out-of-state school.
- School type: Public schools typically charge much less compared to private schools. This is mainly because public schools rely on federal, state, and local funding while private schools are privately funded.
- Living expenses: Your cost of living will vary depending on where you go to school and can include expenses such as housing, meal plans, and transportation.
Keep in mind:
If you take out student loans to cover your vet school costs, you’ll also pay interest on top of whatever you borrow.
Top 10 least expensive vet schools
To give you an idea of the range of vet school costs, here are the 10 least expensive vet schools, according to the American Association of Veterinary Medical Colleges (AAVMC):
| | Total cost
(4 years for resident students)
|
|---|
| | |
| | |
North Carolina State University | | |
| | |
| | |
| | |
Washington State University | | |
| | |
Virginia-Maryland Regional College | | |
Mississippi State University | | |
Top 10 most expensive vet schools
And these are the 10 most expensive schools, according to the AAVMC:
| | Total cost
(4 years for resident students) |
|---|
University of California-Davis | | |
Colorado State University | | |
| | |
| | |
| | |
| | |
University of Wisconsin-Madison | | |
Michigan State University | | |
| | |
| | |
How to pay for vet school
If you’re ready to figure out how to pay for vet school, follow these five steps:
1. Fill out the FAFSA
Your first step should be filling out the Free Application for Federal Student Aid (FAFSA). Your school will use your FAFSA results to determine what federal student loans and other financial aid you qualify for.
Tip:
Be sure to complete the FAFSA before the deadline so you can take advantage of any aid that you can — for the 2022-2023 academic year, you have until June 30, 2023.
Keep in mind that some aid is given on a first-come, first-served basis, so it’s a good idea to submit the FAFSA as early as possible.
2. Apply for scholarships and grants
Unlike student loans, college scholarships and grants don’t have to be repaid — which makes them a great way to pay for school. There’s no limit to how many scholarships and grants you can get, so it’s a good idea to apply for as many as you can.
Many scholarships and grants are specifically designed for veterinary students, such as the:
- American Kennel Club (AKC) Veterinary Outreach Scholarships: These awards are available to vet students who have participated in AKC events and programs. Depending on the sponsor, students might be awarded up to $10,000.
- Animal Care Pennsylvania’s Veterinary Student Scholarship: This award is given to second-, third-, or fourth-year vet students from Pennsylvania who have financial need.
- Merck Animal Health Veterinary Student Scholarship Program: This program awards $5,000 scholarships to second- and third-year vet students with financial need.
You might also qualify for school-based scholarships depending on your FAFSA results.
3. Get a job or participate in a work-study program
Working during school could help you cover some of your school expenses. If you have financial need, you might qualify for the federal work-study program, which provides part-time jobs for college students.
These jobs are often on campus, though in some cases, you might work for a private nonprofit or for-profit employer that has partnered with your school.
Tip:
Coursework for vet school can be intense — so if you choose to work while going to school, make sure to leave yourself enough time to devote to your studies as well.
4. Take out federal student loans
If you need to borrow for school, it’s usually best to rely on federal student loans first. This is mainly because these loans come with federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.
There are two main types of federal student loans that vet school students might qualify for:
- Direct Unsubsidized Loans: These loans are available to undergraduate, graduate, and professional students regardless of financial need. Keep in mind that unlike with undergraduate subsidized loans, you’re responsible for all of the interest that accrues on unsubsidized loans.
- Grad PLUS Loans: This category of Direct PLUS Loan is available to students who want to pay for grad school or a professional program. Keep in mind that Grad PLUS Loans usually come with higher interest rates than other federal loans. They also require a credit check.
Tip:
After you submit the FAFSA, your school will send you a financial aid award letter detailing what federal student loans and other financial aid you’re eligible for. You can then decide which aid you’d like to accept.
5. Use private student loans to fill any gaps
After you’ve exhausted your scholarship, grant, and federal student loan options, private student loans could help fill any financial gaps left over.
While these loans don’t come with federal protections, they do offer some benefits of their own — for example, you can apply at any time, and you might be able to borrow more than you’d get with a federal loan.
You’ll typically need good to excellent credit to qualify for a private student loan — a good credit score is usually considered to be 700 or higher. There are also some lenders that offer student loans for bad credit, but these loans usually come with higher interest rates compared to good credit loans.
If you’re struggling to get approved, consider applying with a creditworthy cosigner to improve your chances. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
If you decide to take out a private student loan for vet school, be sure to consider as many lenders as possible to find the right loan for your needs. Credible makes this easy — you compare your prequalified rates from our partner lenders in the table below in two minutes.
Advertiser DisclosureOverview
While Ascent provides traditional student loans for undergraduate, graduate, and medical programs, it also stands out with some options that are uncommon among private student loan lenders. For example, its Outcomes-Based Loan, which doesn't require established credit or a cosigner, is available to juniors and seniors. When assessing your application, Ascent considers factors including your school, major, and GPA to determine if you're eligible.
Ascent also offers its Progressive Repayment plan to qualified borrowers. It allows you to begin with smaller payments at the start of the repayment term and then gradually pay more each month over time. If you borrow with a cosigner, they can be released after you make as few as 12 monthly payments. However, cosigners for loans for international students do not qualify.
pros
- Doesn’t charge application fees or origination fees
- Offers discounts of 0.25 to 1 percentage points when using automatic payment
- Can get a 1% cash-back reward after you graduate
- Grace periods from 9 months to 36 months
cons
- May find lower interest rates with some competitors
- International students don’t have option to release cosigners
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
$1,000 to $350,000 (depending on degree)
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $225,000 for undergraduate and graduate degrees; $300,000 for MBA and law; and $225,000 or $400,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers student loans for almost every type of degree program, with a range of repayment options, including a unique eight-year repayment term. Additionally, you can get extended grace periods of as long as 36 months on graduate, dental, and medical student loans.
It's also possible to get loan approval for multiple school years at one time. About 90% of undergraduates applying with a cosigner are approved for additional student loans. However, you must complete at least half of your repayment term before you can remove a cosigner for your loan. Some lenders allow cosigners to be released much sooner, after as few as one to two years of payments.
pros
- Rate discount of one-quarter of a percentage point for using autopay
- Does not charge origination or application fees
- May qualify for multiyear approval
- Grace periods between 9 and 36 months for graduate, MBA, law, dental, and medical school loans and 36 months
cons
- Parents borrowers are required to pay at least the interest while the student is in school
- Cosigners not eligible for release until at least half the repayment term of the loan is completed
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
Available after more than half of the scheduled repayment period has elapsed and other requirements are met
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
$1,000 to $99,999 annually $180,000 aggregate limit)
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
- Offers parent student loans
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
$1,001 up to 100% of school certified cost of attendance
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
pros
- Low minimum borrowing limits
- Autopay discount of 0.25 percentage points
- Short cosigner release requirements
- Transparent qualification requirements
cons
- Loans are available only to Indiana residents
- No prequalification option to view your rates
- No loan options for international students
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Overview
While Ascent provides traditional student loans for undergraduate, graduate, and medical programs, it also stands out with some options that are uncommon among private student loan lenders. For example, its Outcomes-Based Loan, which doesn't require established credit or a cosigner, is available to juniors and seniors. When assessing your application, Ascent considers factors including your school, major, and GPA to determine if you're eligible.
Ascent also offers its Progressive Repayment plan to qualified borrowers. It allows you to begin with smaller payments at the start of the repayment term and then gradually pay more each month over time. If you borrow with a cosigner, they can be released after you make as few as 12 monthly payments. However, cosigners for loans for international students do not qualify.
pros
- Doesn’t charge application fees or origination fees
- Offers discounts of 0.25 to 1 percentage points when using automatic payment
- Can get a 1% cash-back reward after you graduate
- Grace periods from 9 months to 36 months
cons
- May find lower interest rates with some competitors
- International students don’t have option to release cosigners
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Loan Amounts
$1,000 to $350,000 (depending on degree)
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $225,000 for undergraduate and graduate degrees; $300,000 for MBA and law; and $225,000 or $400,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers student loans for almost every type of degree program, with a range of repayment options, including a unique eight-year repayment term. Additionally, you can get extended grace periods of as long as 36 months on graduate, dental, and medical student loans.
It's also possible to get loan approval for multiple school years at one time. About 90% of undergraduates applying with a cosigner are approved for additional student loans. However, you must complete at least half of your repayment term before you can remove a cosigner for your loan. Some lenders allow cosigners to be released much sooner, after as few as one to two years of payments.
pros
- Rate discount of one-quarter of a percentage point for using autopay
- Does not charge origination or application fees
- May qualify for multiyear approval
- Grace periods between 9 and 36 months for graduate, MBA, law, dental, and medical school loans and 36 months
cons
- Parents borrowers are required to pay at least the interest while the student is in school
- Cosigners not eligible for release until at least half the repayment term of the loan is completed
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
Available after more than half of the scheduled repayment period has elapsed and other requirements are met
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Loan Amounts
$1,000 to $99,999 annually $180,000 aggregate limit)
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
- Offers parent student loans
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,001 up to 100% of school certified cost of attendance
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
pros
- Low minimum borrowing limits
- Autopay discount of 0.25 percentage points
- Short cosigner release requirements
- Transparent qualification requirements
cons
- Loans are available only to Indiana residents
- No prequalification option to view your rates
- No loan options for international students
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Is it worth it to go to vet school?
As of 2021, the average salary for veterinarians is $87,303, according to Payscale. However, you’ll likely be able to earn a higher salary as you gain more experience in the field. After working for five to nine years, the average salary rises to $90,338, while vets with 20 or more years of experience can expect to earn an average of $97,971.
If you’re thinking about taking out student loans to pay for vet school, make sure to consider how much you could potentially earn once you enter the workforce and whether your future loan payments will be affordable.
The less you borrow in student loans, the better the return on investment will be for your vet schooling — so be careful to borrow only what you need.
If you decide to get a private student loan, remember to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
Compare student loan rates from top lenders
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Meet the expert:
Kathryn Pomroy
Kathryn Pomroy is a personal finance writer with over seven years of experience. Her work has been featured by GOBankingRates, MSN, Kiplinger, and Fox Business.
