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.
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.
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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 6.54%.
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 6.28%.
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.
Advertiser DisclosureOverview
Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.
Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option.
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 offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.
Student borrowers can defer payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.
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 $150,000 for undergraduate and graduate degrees; $250,000 for MBA and law; and $180,000 or $350,000 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 a wide range of in-school loans for nearly every type of degree. There are a number of repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.
You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.
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
After half of the scheduled repayment period has elapsed
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
Powered by Cognition Financial, Custom Choice offers student loans for undergraduate and graduate students starting at $1,000. You can borrow up to $99,999 per year with a total aggregate limit of $180,000.
If you apply with a cosigner, you may be able to release them from your loan after 36 on-time payments. You can also receive a 0.25 percentage point discount on your interest rate by setting up autopay, as well as a 2% reduction of your principal balance after graduating.
Custom Choice doesn’t charge application, origination, prepayment, or late fees. It also lets you pause payments through forbearance if you qualify for its natural disaster or unemployment protection programs.
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.
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.
Loan Amounts
$1,500 up to school’s certified cost of attendance less aid
Overview
Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender that offers low-cost undergraduate and graduate school loans to students nationwide. While only fixed-rate loans are available, interest costs may be lower than what you see with other private loans.
While you can apply with a cosigner to lock in the best rate possible, removing that cosigner later may be tough. Only one repayment plan allows cosigner release, and you must make four years of consecutive on-time payments and meet other credit and income requirements to qualify.
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Loan Amounts
$1,000 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan to undergraduate and graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, it may be easy to get reapproved for your future years of study — undergraduates have a 97% approval rate when they return to Sallie Mae with a cosigner.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, bar study, medical school, medical residency, dental programs, dental residency, and other health profession programs. However, this lender no longer offers a career training loan.
Loan terms
10 to 15 years for Smart Option Student Loan; up to 15 years for law school and bar study loans; up to 20 years for medical school, medical residency, dental school, dental residency, and health professions loans
Loan amounts
$1,000 up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens may qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
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.
Meet the expert:
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.
