Financial Planning

There are many resources available to help students with financial planning for each stage of enrollment.  Financial planning is an ongoing process that begins well in advance of enrollment when applicants begin to explore costs and learn about payment and financial aid options.  Since the majority of financial aid for veterinary school consists of federal student loans, a key component of planning includes looking ahead to repayment to understand what your loan obligations will be and the impact student loan debt may have on your long-term financial goals. 

The resources below provide information and tools that will help students learn about the cost of education, the importance of budgeting and financial literacy, career paths, salaries and loan repayment.

Estimating Total Costs

An important part of financial planning includes looking ahead to repayment before loan decisions are made. Students are encouraged to utilize online resources referenced in this guide and to contact the financial aid office with questions related to financial planning. The Veterinary Information Network (VIN) (https://www.vin.com) offers a robust student loan repayment simulator that provides repayment information based on total estimated debt and income trajectory.

When considering the cost of your education, take into account the full cost of the program over the expected number of years it will take to earn your degree. Be sure to include tuition, fees, books and supplies, as well as other education-related costs you expect to incur, including living expenses. To estimate the total cost of the program, you may use current program costs x 4 years, keeping in mind that tuition and other expenses are likely to increase each year. Annual tuition and fees may be found on the school’s main website: https://vet.tufts.edu/tuition-fees. Annual costs are also available through the financial aid office.

Another option to help you estimate program costs is offered by VIN: https://vetschoolbound.org/how-much-will-my-veterinary-education-cost/. Please note that the Cummings Veterinary School did not provide the figures used in the VIN cost estimator and the estimates provided may not reflect actual costs. Your total cost of education over the period of enrollment may differ based on your unique circumstances. For example, living expenses are typically lower for students who may be able to live with a family member within commuting distance of the school. The net cost you will incur for tuition and fees will be the difference between charges minus financial aid and scholarships or other forms of assistance you may receive.

The American Veterinary Medical Association (AVMA) 

• Financing Your Veterinary Medical Education:  https://www.avma.org/membership/SAVMA/financing-your-veterinary-medical-education
• My Veterinary Life Student Financial Health: https://myvetlife.avma.org/current-student/your-financial-health
• Salary Estimator:  https://myvetlife.avma.org/rising-professional/your-financial-health/veterinary-salary-estimator
• Public Service Loan Forgiveness:  https://www.avma.org/resources-tools/veterinary-economics/making-pslf-work-you
• AVMA LIFE Disability & Life Insurance: https://avmalife.org/

 American Association Veterinary Medical Colleges

• Funding Your Degree:  https://www.aavmc.org/becoming-a-veterinarian/funding-your-degree/
• Cost Comparison Tool:  https://www.aavmc.org/becoming-a-veterinarian/funding-your-degree/cost-comparison-tool/
• Scholarship Information:  https://www.avmf.org/index.php?src=gendocs&ref=External%20Scholarship%20Opportunities#university

Veterinary Information Network (VIN) Foundation

• VIN Foundation Borrower Better webinar:  Part of the VIN Foundation Student Debt Center series to help pre-veterinary and veterinary  students make informed decisions as they consider costs, financial aid awards and loan options:  https://youtu.be/wmlTJ7s0uPo
• Saving Money During Vet School: https://vinfoundation.org/saving-money-in-veterinary-school-living-expenses/
• Personal Financial Success for Veterinarians:  Free course for currently enrolled veterinary students offered through a collaboration between the VIN Foundation, VIN, and drip.vet.  Students will receive a drip with video, audio, and text every other day to lead them down the path to financial wellness. Course Description from https://drip.vet/vin-personal-financial-success-for-veterinarians/
• VIN Student Loan Repayment Simulator: https://www.vin.com/studentdebtcenter/default.aspx?pid=14352&id=7578014
• Personalized Student Debt Help: https://vinfoundation.org/personalized-veterinary-student-loan-debt-help/
• Repay Wiser Webinar: Choosing the best student loan repayment strategy for your situation https://www.youtube.com/watch?v=3FtBlHze6Ss 

National Association of State Treasurers

• National Association of State Treasurers
• Financial topics from A to Z.  Offers dynamic financial literacy content provided through articles, videos, info-graphics, webinars and courses.  The behavioral health section includes resources to help you identify your relationship with money, your spending habits and support to manage and reduce financial stress. 

Cost of Living Calculator & Budgeting

• Cost of living comparison calculator to review/compare the cost of living in two cities: https://www.bankrate.com/real-estate/cost-of-living-calculator/
• Online budget and financial literacy resource:  http://www.360financialliteracy.org/Calculators/Student-Budget .

 U.S. Department of Education

Federal Student Aid (FSA), https://studentaid.gov/, is the primary resource for all things related to federal financial aid.  In addition to the topics listed below, FSA provides guidance and tools students can use when selecting a school, evaluating award notices, budgeting and

• How Financial Aid Works:  https://studentaid.gov/
• Free Application for Federal Student Aid (FAFSA)
• Loan Entrance and Exit Counseling
• Master Promissory Note (MPN) Completion
• Federal Student Loan Repayment Simulator:  https://studentaid.gov/loan-simulator/
• Borrower’s Student Loan History
• Loan Repayment Simulator
• Public Service Loan Forgiveness:  https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service

The Loan Repayment Simulator is a valuable resource to use to review repayment plans, estimated monthly payments and projected loan costs under each plan. Students should log in regularly to review their loan balances and repayment options and reach out to the aid office or loan servicer as questions arise.  The more familiar you become with your options, the more prepared you will be to enter repayment with.  Student can also download their loan details to use in the VIN repayment simulator.

Veterinary Financial Summit

Established by two veterinarians, the Veterinary Financial Summit is an initiative to educate colleagues on financial topics, including personal finance, student debt, practice management and investing.  While there is a conference summit annually, the initiative includes an online community with discussion and podcasts and other resources specifically for those in the veterinary community.   https://vetfinancialsummit.com, https://vetfinancialsummit.com/category/debt/

The College Board Scholarship Search:  http://www.collegeboard.com

Armed Forces Health Professions Scholarship Program: http://www.goarmy.com/amedd/hpsp.jsp

International Student Resources:  http://www.edupass.org/ http://www.internationalstudentloan.com/

The content above and within the Cummings financial aid wikis pages, is provided for informational purposes; the Cummings School at Tufts University is not responsible or liable for the availability or accuracy of such websites or resources; or the content, products, or services on or available from such websites or resources. Inclusion above does not constitute endorsement of the resource or products.