Characteristics of and comparisons between US fourth-year veterinary students graduating with and without educational debt from 2001 through 2020

Abstract

OBJECTIVE To characterize and compare fourth-year students of US veterinary schools graduating with and without related educational debt (ie, DVM debt) from 2001 through 2020. SAMPLE 45,756 fourth-year veterinary students who participated in the annual AVMA Senior Survey from 2001 through 2020. PROCEDURES Survey data were summarized for variables hypothesized to be associated with DVM debt. Multivariable modeling was used to investigate associations between these variables and the likelihood of graduating with DVM debt. RESULTS Mean DVM debt increased fairly steadily from $56,824 in 2001 (n = 1,587) to $157,146 in 2020 (2,859). Of 45,756 students, 6,129 (13.4%) had no DVM debt. Attending Tuskegee University and having children (both men and women) were associated with an increased likelihood of DVM debt. Attending certain other veterinary schools and more recent survey year were associated with a decreased likelihood. For 2020, the likelihood of DVM debt decreased with increasing percentage of tuition paid by family and increased with increasing percentage of tuition paid by educational loans, being a woman with children, and increasing total cost of attendance. No association was found with state cost of living index or per capita income. CLINICAL RELEVANCE Results suggested a growing rift between US veterinary students who cannot afford tuition and fees without accumulating financially concerning levels of debt and those who have the financial ability or family situation to fully fund veterinary school. Efforts should be undertaken to recruit across socioeconomic statuses and provide meaningful scholarships to students with greatest financial needs to support diversity, equity, and inclusion in veterinary medicine.

Veterinarian burnout demographics and organizational impacts: a narrative review

“…By comparison, new graduates hired as full-time associate veterinarians reported a mean private practice starting salary of $111,242 in 2022 (57). On top of these pay disparities, 87% of veterinary graduates leave school with veterinary degree student loan debt (58). Inadequate financial reward for work and financial stresses are consistently demonstrated to be important contributors to burnout among veterinary and physician house officers (40,59,60).…”

Familiarization and update of USDA NIFA Veterinary Medicine Loan Repayment and Veterinary Service Grant Programs

“…According to a 20-year survey of more than 45,000 veterinary medical graduates conducted between 2001 and 2020 by the Veterinary Economics Division of the American Veterinary Medical Association (AVMA), almost 87% had an average veterinary school educational loan obligation in 2001 of $56,824 which rose to $157,146 by 2020, indicating an average annual increase of 5.6%. 2 By 2021, according to a 2022 AVMA blog, the average debt was estimated to be $186,430. 3 Although veterinary school tuition increased by 205% during this 20-year period, overall educational debt increased 4.5 times as fast as the rate of increased income, pushing the debt-to-income ratio upward.…”