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

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.

Personal Financial Considerations for Physicians

It is often difficult for medical students to understand the extent of the educational debt that they may incur. They often struggle with managing their finances during training and after they begin to practice medicine. Students make their choice of specialty without fully considering how their decision may affect their lifestyle and their ability to pay off their loans. This has led to a serious shortage in primary-care physicians. In addition, because physicians undergo an extensive training period, they are often late in planning for and funding for their retirement. Understanding the time-value of money and being able to make informed decisions regarding repaying loans versus meeting other financial obligations are important factors to addressing this problem. Financial literacy is not being taught in medical schools and residency programs, although there is a perceived need. Developing a financial plan that involves both paying off debt and saving for retirement is usually the best course of action.

“I’ll Be Right Behind You”: Native American Families, Land Debt, and College Affordability

Family connections are critical for Native student persistence, yet families’ voices are absent in research. Using an Indigenous-specific version of educational debt, land debt, we center familial perspectives by exploring the financial struggles among Native families as their students transition to a Predominately White Institution. Findings indicate that Indigenous families experienced fear and frustration surrounding college affordability and the financial aid process. Regardless, these Native families made extreme sacrifices in paying for college. These findings were contextualized within the economic conditions created by land theft from Indigenous peoples. Returning to land debt, we argue that institutions need to begin from a perspective of what is owed to Native peoples in their policy decisions. That is, such decisions should take account of the benefits historically accrued by institutions residing on forcibly taken Indigenous land, and then examine how that debt can be repaid by supporting Native students, families, and communities.