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Veterinarian student debt causing applicant declines

 

The continued decline in veterinary school applicants is causing serious concern in the industry.  Many point to the growing debt-to-income ratio for new veterinarians as a contributing factor.

“People certainly are looking at the cost of education, they’re looking on their investment once they become a veterinarian and many people are beginning to question, ‘Is veterinary medicine where I should be either sending my student or I should be going into myself?’”

Dr. Mike Chaddock with Michigan State University’s College of Veterinary Medicine tells Brownfield the current student debt situation is not sustainable and may lead to open seats in the college.  “It is a house mortgage payment that is higher in student debt for some people than their actual mortgage payment is.”

He says applications into the 30 veterinary colleges in the U.S. are declining and the sticker shock is a major factor.  “Nationwide we have about 1.6 applicants for every seat in the veterinary college and this number of applicants per seat has been going down.”

Chaddock says student debt for small and large animal vets is about the same and so are the salaries, which average about $69,000 for new veterinarians.  The cost of vet school at MSU ranges from $100 to more than $200,000.

AUDIO: Interview with  Dr. Mike Chaddock