The Financial Future of Veterinarians
To the Editor:
“The Vet Debt Trap” (Feb. 24), about the veterinary student debt crisis, hit the nail on the head. It should be required reading for all prospective veterinary students, regardless of age, to temper their passionate pursuit of the profession with a sobering dose of financial realism before they commit.
I am a 28-year veteran of the profession. My demographic of private-practice owners will also suffer the consequences of this vicious debt cycle, since the eventual sale proceeds of our practices represent a significant portion of our potential retirement nest egg. Good luck finding a qualified buyer among our debt-ridden younger colleagues in the next 5 to 10 years and beyond, especially in the face of falling practice revenue. Some newly minted veterinarians won’t be able to qualify for a home mortgage, let alone the financing to buy a practice.
JEFFREY T. KRYSINSKI, D.V.M.
Grosse Pointe, Mich., Feb. 24
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To the Editor:
The article shed light on a subject that is hugely overlooked and underreported. Before I applied to veterinary school, it was my understanding that there was a lack of veterinarians, especially in large-animal practice. Now I face the challenge of paying off student debt when jobs are few and far between.
I will most likely have to take an internship that may pay about $26,000 a year — $13 an hour for a 40-hour week, working 50 weeks a year. Considering that an intern may work 60 to 70 hours a week, that’s about $8 an hour. I made more money when I worked shoveling horse manure.
I entered veterinary school with the best intentions — I love animals and can’t imagine a career that would make me happier. We are all young, starry-eyed animal lovers with dreams of saving lives; we are not accountants or business people. I hope that veterinary schools, the government and, most important, our future clients will take into account the sacrifices we make to live our dreams.
LAUREN PETERSON
Baton Rouge, La., Feb. 26
The writer is a third-year veterinary student at Louisiana State University.
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To the Editor:
I bought my veterinary practice in 2005, just two years out of school. And while the economy in my area has not been kind to veterinary practices, I am still here.
But I have seen a change in the face of veterinary medicine, as more pet owners want low-cost, online, do-it-yourself medicine for their pets. Sometimes I foresee the field becoming a trade, rather than a profession — even as so many veterinarians have student loans to deal with.
It’s hard to compete, and I have had to resort to coupons and lowering my own costs to get business in the door. I hope that it will be enough to finish paying off my loans.
ANDREA MAYBERRY, D.V.M.
Grove City, Ohio, Feb. 25
The writer is owner of Grove City Veterinary Hospital.
