Average Vet School Grad Carries $190K in Debt but Earns $105K Starting

Veterinary school graduates in the United States carry an average debt load of $190,000 upon completing their Doctor of Veterinary Medicine degree, according to the AVMA's 2023 report. The median starting salary for a new graduate entering general practice is approximately $105,000. This debt-to-income ratio of roughly 1.8:1 is among the worst of any doctoral-level profession — worse than medical doctors (who earn 2-3x more), dentists, or pharmacists. The numbers are even more dire for graduates of private vet schools like Western University or Midwestern, where debt commonly exceeds $300,000. The immediate consequence is that new veterinarians cannot afford to open independent practices, buy homes, or start families on the same timeline as their peers in other professions. The monthly loan payment on $190,000 at 7% interest over 10 years is roughly $2,200, consuming over 25% of gross income. Many graduates enter income-driven repayment plans that stretch to 20-25 years, during which interest accrues and the balance often grows. A veterinarian who borrowed $190,000 may end up repaying $400,000 or more over the life of the loan. This debt burden directly feeds the corporate consolidation problem. New graduates cannot afford the $500,000-$1,000,000 it costs to buy or start a practice, so they take salaried positions at corporate chains. Mars, NVA, and other consolidators benefit from a captive labor supply of highly indebted young professionals who have no realistic path to ownership. The percentage of veterinary practices that are independently owned has dropped from 85% in 2010 to under 50% in 2024, and the debt crisis is a primary driver. The structural reason this persists is that there are only 33 accredited vet schools in the US, creating artificial scarcity that keeps tuition high. Opening a new vet school requires AVMA Council on Education accreditation, a process that takes 7-10 years and costs tens of millions of dollars. The existing schools have no incentive to expand class sizes (which would dilute their prestige and strain their teaching hospitals), and the accrediting body — composed largely of faculty from existing schools — has no incentive to approve competitors. Meanwhile, federal graduate loan programs impose no borrowing limits for professional degrees, so schools face zero market pressure to control tuition.