The American Veterinary Medical Association and the Veterinary Information Network Foundation have released the results of a study of how student loans and finances influence the well-being of new veterinary graduates.
The study surveyed 235 veterinarians from the Class of 2021 to evaluate their attitudes and behaviors regarding student loans, personal finance and well-being.
Key findings included:
- 60% did not seek advice from a financial adviser.
- Managing student loans was a top financial priority, but the respondents described their confidence in their repayment plans as neutral.
- 22% said they had not decided how to repay their student debt.
- Participants would hesitate to recommend the veterinary field to a friend, with a median score of 4 on a scale of 1 to 7.
- Participants who received financial counseling reported increased confidence in their student loan repayment plans.
- About 50% opted for income-driven repayment plans.
According to Dr. Annie Chavent, assistant director for early career initiatives in the AVMA’s Membership and Field Services Division, no formula can fully address the complexities of determining a loan repayment strategy.
“Offering individualized advice is an advantage over trying to create a formula for what the best plan is,” she said. “We not only want to make sure we support new veterinarians as they make these [financial] decisions but also take a holistic view of how to improve well-being.”
The VIN Foundation’s Student Debt Center provides resources to help minimize educational costs and effectively manage student debt. Learn more at bit.ly/3Wv62f5.