We’ve met with veterinarians all over the United States who worry about their student loans. The turmoil for some is such that it literally keeps them up at night. On the other end of the spectrum are the veterinarians who simply choose to pay the minimums required and fully accept whatever fate awaits them in the future since the alternative would be to postpone nearly all semblance of fun in their financial lives to make a “dent” in the loans. The message of this article boils down to one thing: student loans are rarely going to be the financial cancer that they often are believed to be and when a veterinarian approaches them properly they can appreciate what their loans have done for them and not see them as an undue burden to their financial lives.

Side Note: There have been lawsuits filed against schools for predatory lending. I don’t have a lot of space to go into detail about this subject but feel free to search on Google whether your school has been involved in a lawsuit so you can apply for student loan forgiveness if that school was found to have engaged in predatory lending. You may be able to get some level of forgiveness on your loan if you apply through the proper channels.

During COVID there was a freeze on the interest that could accrue on student loans. That freeze lasted all the way until October of 2023. Nearly three years American veterinarians were able to sit on their student loans and delay payments. Some took advantage of this in different ways. Those who are not able to see past their loans and are deeply emotionally affected by them took advantage with the delay by paying as much as they could to reduce the principle knowing that at some point in the future the interest would start again. Others focused on building their assets by saving the money that otherwise would’ve gone to payments. Yet others did nothing at all and spent the money that would’ve gone to it anyway. It should be noted that each of these paths would’ve provided some upside to the individual thus we shouldn’t judge our past selves nor other people based on their decisions.

Which avenue was the best choice? It all depends on your personal situation. The hardest part of consulting clients on student loans is the only affective way to give them the appropriate option is to know all the intricate details of their balance sheet AND their personality. What do they have in their savings? What’s the balance of their student loans? Are they planning to buy a home? Get married? Have children? What is their income? What is their spouse’s income? Where do they live? What is their tax situation? Do they worry about their loans? Is there a chance that putting extra would benefit them in some way emotionally in the short term? Are there other emotions or family dynamics playing into the internal chaos they may feel about their loans? Even though it would be impossible for me to give direction to everyone reading this article, what I can tell you is that student loans rarely are as big of a deal as they seem and should be approached strategically.

I don’t want to downplay the emotional aspects of this. Emotions shouldn’t be ignored when it comes to making financial decisions. If there is anything psychology can teach us, it’s that the more you ignore emotions the more those emotions play into our subconscious decision making and affect other aspects of our lives. This doesn’t mean we should make decisions based solely on emotions – merely, that taking them into account can teach us about ourselves and about the solutions that can enhance our lives as individuals. Emotions provide windows that can allow us to learn about ourselves in ways that can open up opportunities and possibilities completely outside of our purview.

Let’s run through some numbers. Firstly, so that we can utilize math to see objectively that the impact of student loans can be mitigated quite easily. Secondly, in hopes to diminish the emotional havoc that some may be experiencing. This is going to be great news for a lot of veterinarians!

When I speak to someone who is just out of vet school, typically, their income is around $100,000 per year. Obviously, some make less (Like around $65,000) and some make more (like around $200,000). I am going to use an example of someone making $100,000 so that you can do quick math by being able to plug your income into this model as a percentage of $100,000 (being 100%). In other words, if your income is $150,000 a year then you can just take all the numbers below and multiply them by 1.5 since your income is 50% higher than $100,000.

Hypothetical example for illustrative and educational purpsoes only.

When I project out what someone making $100,000 the day they get out of vet school, assuming they work for 30 years before they retire, with a growth rate of 5% annually, the total amount of money they would end up making during that time period would be $6,643,885! Now, when I look at their loan amount today of $250,000, it appears insanely small compared to the amount of income they will make during their career. If they end up working 35 years that number goes up to $9,032,031!

I don’t want to downplay the effect on the student loans to their income. Some of our financial models show that a $250,000 student loan can reduce the income they will enjoy from that $9M to nearly $8M instead. But this shows that even though the impact is high, it’s not going to complete bankrupt a veterinarian making $100,000 who has a student loan balance of $250,000.

Often, we will meet with clients where their student loan balance is four to five times their annual income. In other words, for every $1 that they make per year they hold $4 to $5 of student loan balance. This would mean someone making $100,000 can sometimes have a student loan balance of $400,000 or $500,000. In those instances, the income-based repayment programs that are available will provide relief in their cash flow temporarily, but unless their income grows dramatically they will need to take advantage of some sort of student loan forgiveness in the future.

There is still a chance though that their incomes will outpace the student loan payments and they may be able to pay them off quite easily. When we review historical growth rates of incomes for clients over 30 to 40 years, we will sometimes find that their income grew at astounding numbers. Annual growth rates have been calculated to be 8% in some instances. This would mean that if someone is making $100,000 out of school the total income they would’ve made over 35 years would be over $16,500,000!

Practice ownership is also another way that veterinarians have been able to increase their income to outpace their student loans. I, myself, have personally seen many veterinarians make huge progress paying off their student loans by becoming successful practice owners just within the last decade.

All this to say that even though student loans may have scary balances they were essential to getting veterinarians through to the other side of being able to serve their communities in the best possible way for them: being veterinarians. Student loans should be approached from a financial position of emotional strength and hope, and not be an added stress to the already stressful lives that we veterinarians live.

Of course, we are always here to discuss your individual needs should you want to explore strategies for your own financial success.

Material discussed is meant for general informational purposes only and is not to be construed as a recommendation or advice. Please note that individual situations can vary therefore, the information should be relied upon only when coordinated with individual professional advice.

Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 4200 West Cypress Street, Suite 700, Tampa, FL 33607, 813-289-3632. PAS is a wholly owned subsidiary of The Guardian Life Insurance Company of America (Guardian), New York, NY. The individuals associated with Florida Veterinary Advisors do not maintain specialized licenses or qualifications for the financial services provided to veterinary professionals. Florida Veterinary Advisors is not registered in any state or with the U.S. Securities and Exchange Commission as a Registered Investment Advisor. Florida Veterinary Advisors is not an affiliate or subsidiary of PAS or Guardian. 2024-170220 Exp 3/26

Articles

The hardest part of consulting clients on student loans is that giving the best option requires knowing details of both their balance sheet and personality

How big of a deal are student loans?

Researchers from the Waltham Petcare Science Institute examined the correlation between dog breed size and periodontal disease. The study, published in 

 analyzed over 3 million dog medical records from Banfield Pet Hospital with 60 popular dog breeds across the United States.

The data showed that smaller dog breeds were more predisposed than larger breeds to develop periodontal disease. Extra-small breeds (<6.5 kg/14.3 lbs) were up to 5 times more likely to be diagnosed with periodontal disease than giant breeds (>25 kg/55 lbs). Other risk factors for periodontal disease included a dog’s age, being overweight, and time since last scale and polish.

“Regardless of the reasons that smaller dogs have increased risk for periodontal disease, knowing the true magnitude of the risk across breeds is an important step in providing quality care for all dogs, both in the veterinarian’s office and at home,” stated Corrin Wallis, PhD, Microbiome Workstream Leader, Waltham Petcare Science Institute, and co-author of the study.

With a prevalence between 10% and 20%, periodontal disease is one of the most common diagnoses in primary-care practice, even though it is often not caught.

 Because it is still under diagnosed, experts predict its prevalence would actually be between 44% and 100% if the disease was more accurately diagnosed in all patients.

 The Waltham Petcare Science Institute researchers believe this disparity comes from most diagnoses taken from a visual examination rather than a deeper evaluation of the bone loss with periodontally probing and charting every tooth present, and obtaining dental radiographs with general anesthesia.

Here is the breakdown of the average rate of periodontal disease across different-sized dog breeds:

Wallis C, Saito EK, Salt C, Holcombe LJ, Desforges NG. Association of periodontal disease with breed size, breed, weight, and age in pure-bred client-owned dogs in the United States. 

. 2021;275(105717). https://doi.org/10.1016/j.tvjl.2021.105717

Small dog breeds at highest risk for dental disease, largest study confirms. News release. Waltham Petcare Science Institute. February 29, 2024. https://www.waltham.com/news-events/oral-health/small-dog-breeds-highest-risk-dental-disease

Lund EM, Armstrong PJ, Kirk CA, Kolar LM, Klausner JS. Health status and population characteristics of dogs and cats examined at private veterinary practices in the United States. 

 1999;214(9). https://doi.org/10.2460/javma.1999.214.09.1336

Kyllar M, Witter K. Prevalence of dental disorders in pet dogs. 

. 2005;50(11):496-505. doi: 10.17221/5654-VETMED

A study explores the rate of prevalence for periodontal disease in extra-small dog breeds to giant breeds and everything in between

Teeth troubles in tiny dogs

The Schwarzman Animal Medical Center (AMC), the only Level 1 Trauma Center in New York City and the largest veterinary teaching hospital, is celebrating its previous patients born on Leap Year. The patients they are recognizing have received treatment from minor injuries to live-saving operations and breeds ranging from an English bulldog who needed soft pallet surgery to a Standard Poodle who swallowed a sock.

The first patient AMC is highlighting is Orzo Angello, a ‘Desert Goth’ black pug is celebrating his 12th (3rd leap year birthday) today. Orzo, who loves to eat socks, had to be rushed to the AMC emergency unit where he was immediately rushed to the operating room because he swallowed a sock that got stuck in his intestines.

 Orzo was released a few days after his surgery but according to owners, he has not learned his lesson to stop eating socks. This year, his family will celebrate his 3rd birthday by making him a special apple, yogurt, and salmon cake as well as putting all his favorites on his Lickmat.

Oskar Price, aka “Munchie,” an English bulldog celebrating his 8th birthday.

Oskar Price, also known as Munchie, is an English bulldog who is turning 8-years-old this leap year. In 2018,

 Oskar first came to AMC for a life-saving special soft pallet surgery which has held strong ever since. He was back in AMC this summer for a pericardial surgery due a tumor on his art that was unremovable and made it through with ‘flying colors.’ Oskar is now on daily chemotherapy pills and is playing with his siblings like usual. His family plans to celebrate today with toys, his special cake hat, and weather permitting, a barbecue on the beach with burgers and presents.

Winter McKirdy, a cream-colored Standard Poodle, is celebrating his first true birthday this year. Winter was part of a Leap Day Litter of 9 puppies and his mother was also adopted by his current owner Laura. In the summer of 2023, Winter was at AMC after swallowing a sock where he had to have a gastronomy and gastropexy.

 Winter recovered well and Laura is grateful for the team at AMC for saving his life. Winter will celebrate his birthday by bringing treats to his agile classmates and be king for the day.

Gunner Snyder, who will be 8 years old this year, is the last leap year baby AMC is highlighting this Leap Year. Gunner was brought to AMC after his owner was worried about his bloating and he choked from eating too fast. AMC conducted a test to make sure everything was alright, and he was found to be doing fine. Gunner will celebrate his birthday with a hamburger with sweet potato kibble and a little dollop of whipped cream on the top.

Patients from Schwarzman Animal Medical Center born on February 29th. News release. Schwarzman Animal Medical Center. February 15, 2024. Accessed February 29, 2024.

In recognition of 2024’s extra day, Schwarzman Animal Medical Center spotlights its patients born on February 29

Veterinary hospital celebrates its leap year patients 

In today's world, every generation for the most part, has at least one type of subscription. Whether it's streaming services, like Netflix, or workout classes, like Pilates, the clients walking in your clinic are used to paying subscription fees. However, is your clinic ready to bring the subscription economy through its doors? 

, Ron Nelson, executive vice president, Covetrus Care Plans, sat down with host Adam Christman, DVM, MBA, to debunk some common misconceptions about care plans, plus the evolution of monthly subscriptions for pet care. 

: I think there's several areas to look at when you think of subscriptions in what's going on, not just in the veterinary market... So there's a subscription economy. If you have millennials, Gen X, they've grown up with being able to pay as they go [and] pay monthly. So it's kind of expected. If you think of baby boomers and even the silent generation, being able to budget makes it simpler for them to understand and feel more comfortable. So I think just understanding where the market is going with consumers and veterinarian clients or not being able to provide a subscription plan benefits all. 

I think the second area is the technology itself has evolved to meet industry needs. It used to be very simple. You would bundle a couple of programs or services and you would offer that at a discount. We're not saying that you always have to have a discount. Today's technology—I like to relate it to my dad. I remember my dad being so excited. He bought a Lincoln Town Car and it had an 8 track tape player in it. I wouldn't be buying a car today with an 8 track tape player in it. And your care plan technology is based on new cloud based technology that delivers new functionality and new capabilities that really do drive efficiencies for the practice and personalization of plans. So again, understanding the subscription economy, the technology, and the third part is the personalization of plans. 

Podcasts

Is your clinic embracing and accepting the subscription economy?

Debunking care plans

: Jack Creel, DVM, with Merck Animal Health; Adam Steffensmeier; Mallory Wilhelm; Elizabeth Ohl. 

: Megan Neveau Thomas; Matilyn Wheeler; Kristen Cleaver; Kendall Sattler (Image courtesy of Merck Animal Health)

Merck Animal Health announced that is has continued its partnership with the American Association of Swine Veterinarians Foundation (AASVF) to sponsor the 2024 recipients of the AASVF and Merck Animal Health Veterinary Student Scholarship Program. The program is working to foster and support the swine industry’s next generation of veterinarians.

“The AASV and the AASV Foundation appreciate Merck Animal Health’s long-standing support for the AASVF-Merck Animal Health Veterinary Student Scholarship Program. Their generous donation enables the AASV Foundation to assist future swine veterinarians with their educational expenses,” said Harry Snelson, DVM, AASV executive director, in an organizational release.

 “This support has become increasingly important as educational expenses for veterinary students continue to rise.”

According to the release, to be eligible for the scholarship, students must be in their second-and-third year of school and are enrolled in American Veterinary Medical Association-accredited or recognized schools of veterinary medicine in the United States, Mexico, South America, Canada, and the Caribbean Islands. The selected students were awarded $5,000 and are as follows:

Adam Steffensmeier, Iowa State University College of Veterinary Medicine

Cassidy Cordon, University of Minnesota College of Veterinary Medicine

Elizabeth Ohl, The Ohio State University College of Veterinary Medicine

Juan Hernández Cuevas, The Ohio State University College of Veterinary Medicine

Kendall Sattler, Purdue University College of Veterinary Medicine

Kristen Cleaver, Iowa State University College of Veterinary Medicine

Mallory Wilhelm, Iowa State University College of Veterinary Medicine

Matilyn Wheeler, Iowa State University College of Veterinary Medicine

Megan Neveau Thomas, Iowa State University College of Veterinary Medicine

Samantha Nixon, Western College of Veterinary Medicine at the University of Saskatchewan

“Merck Animal Health is committed to the veterinary profession and is proud to honor these students who represent the next generation of veterinary leaders for the swine industry,” said Justin Welsh, DVM, executive director of livestock technical services, Merck Animal Health.

 “Through our partnership with AASV, we are helping to build students’ knowledge of swine health and well-being as they prepare for a career in this important field.”

The awarded students were honored during the 55th AASV Annual Meeting in Nashville, Tennessee, on February 24-27, 2024.

Merck Animal Health awards $50,000 in scholarships to future swine practitioners. News release. Merck Animal Health. February 28, 2024. Accessed February 28, 2024. https://www.merck-animal-health-usa.com/newsroom/merck-animal-health-awards-50000-in-scholarships-to-future-swine-practitioners-2024

Merck Animal Health awarded $50,000 in scholarships to students across the world

Future swine practitioners receive scholarships 

Growing up, I was extremely hard on myself because I couldn’t keep up with my siblings and other children at school due to being diagnosed with sickle cell disease as a newborn. Because I grew up with an older brother, I naturally became a tomboy. However, playing sports became difficult and I started to overexert myself in most instances. A sickle cell crisis consists of fatigue, severe episodes of pain in extremities, dizziness, and migraines; it would leave me in the bed for days. Even so, I always reminded myself that I am just as capable as other children and continued to strive for what I wanted. I only started to feel like my disease was hindering me after I made the decision to enlist in The United States Air Force.After a few months, I was sent home based on a higher risk of severe breakdown of skeletal muscle caused by strenuous activity and environments. For the first time in my life, there was an obstacle that I could not overcome. It started to feel like I failed because of something that was out of my control and it was hard to accept; my body, at times, may not have performed as I intended it to, but my mind did.

Coming from a disadvantaged background and feeling that I wasn’t physically capable of achieving my goalschanged my perspective on what my success could look like. Higher education was consistently drilled into my head as the primary means for success, so I was determined to obtain a degree. However, I wasn’t feeling successful since my dismissal from the Air Force because I was relying on the armed services to help pay for school so I could graduate with minimal debt. Not only did I feel unsuccessful physically, but it also felt like I was fighting an ongoing mental battle. Over time, I started to see thesilver lining: nothing was going to stop me from pursuing my dream career.I contemplated what I envisioned myself doing in life and it began to click when I reminded myself of what I wanted to be when I was a child, a veterinarian.

I began working in veterinary clinics while pursuing my undergraduate degree because I wanted to enter veterinary school as soon as possible. I yearned for any experience that I could obtain and worked two jobs while taking the maximum credits each semester. In hindsight, this wasn’t ideal for my mental or physical health considering my health issues. Veterinary medicine can be mentally taxing at times, but I intentionally wanted to keep myself busy. I struggled with severe depressive episodes, processing conflicting emotions, and what self-care looked like. Unfortunately, the weight on my shoulders continued to pile and my mental health further declined when I was diagnosed with major depressive disorder and generalized anxiety disorder. My need to distract myself did not necessarily help during a time when I needed to prioritize self-care more. I didn’t comprehend the severity of my mental health issues until I landed in an environment that brought me immense joy.

Yet again there was a silver lining. The need to consistently stay busy wasn’t worth it anymore; I knew what my limitations and boundaries were. I also learned how to perform under different types of stress, be fully independent, and to not overexert myself. These experiences not only changed the trajectory of my life, but it taught me how important it is to ground yourself during times of duress. Experiencing hardship year after year not only forced me to find environments that brought me joybut allowed me to practice mindfulness, find a therapist to release pent up feelings, and begin using exercise as an outlet. This helped me to work on my mental health all the time, not only when I needed it most.

I was employed by various veterinary clinics and found these experiences fulfilling. I noticed that during this dramatic transition in my life, these positions gave me not only joy, but also provided me with a sense of safety, continuity, and community. I realized that going to work at clinics was not just an escape from my personal life and a means to pay for college. The fulfillment that I received from helping animals and working alongside expert veterinarians led me to finally understand that I wanted this to become my future.

Although I was grateful to finally have decided on a career path, I felt that something was missing: a mentor who looked like me and that I could relate to. Oftentimes, I was the ‘only’ in my undergraduate education and it would have made a world’s difference for someone to help navigate that feeling and provide support, advice, and wisdom. It also seemed that every hospital I worked at lacked diversity and it greatly upset me; the lack of representation suggested that Black youth either did not have the guidance to want to enter science, technology, engineering, and math fields or didn’t have the support to feel that they could succeed.

I was more than grateful to have other mentors in my life, but I yearned for a connection from someone who understood what it felt like to not only be Black, but also be a woman in veterinary medicine. Black mentorship is so important because it not only provides a positive influence, but it also challenges Black youth to strive for success, especially if they haven’t seen what it looks like or how to obtain it. In my veterinary career, I strive to be the leader and mentor that I didn’t have; it would have saved me from a lot of mistakes, but more importantly, would have guided me in the right direction during my journey.

Staying committed to my academic goals further fueled the course of my veterinary career. I started as a kennel attendant and climbed the ladder slowly from receptionist, to assistant, to technician, to surgical technician, to veterinary medical student. My journey has certainly been hard and non-linear, but I made conscious and consistent efforts to make sure that I told everyone who would listen that my aspiration was to be a veterinarian. I not only want to pursue a career in veterinary medicine, but I feel the need to because it was the one decision that I made in life thus far that made me get back up even after I was knocked down. This career path has forced me to look at myself in the mirror and push myself beyond my limits. I have finally decided to trust myself and stand firm in my decisions. Growing up, my mother told me to never let the fact that I suffer from sickle cell disease hinder my endeavors and success; of course, the adversity I endured felt like defeat, but neverthelessI persevered and succeeded. 

One veterinary student shares her journey and struggles into veterinary medicine and explains the impact of not having a mentor that looked like her encouraged her to be that person for others