THE BUSINESS OF PRACTICE: MANAGING PRACTICE CHALLENGES AND OPPORTUNITIES


Fig. 13. 2013 Graduates.


Fig. 16. 2016 Graduates. Table 1. Comparison of Current Debt at Graduation


Average of Grad Debt


1980s In


N/A


1990s In


Out


WICHE N/A


Fig. 14. 2014 Graduates.


2000s In


Out Out/in WICHE


For profit N/A


2010s In


Out Out/in WICHE


For profit N/A


Fig. 15. 2015 Graduates. Grand total


30,857 44,667 20,500 65,646 50,738


123,000 56,000 77,882


123,144 96,821


168,968 115,500 113,167 223,250 107,183 195,392 158,781 251,415 208,286 115,000 301,159 153,793 155,473


Average of Current Debt Adjusted


— — —


10,610 3,619


89,500 —


10,588 53,253 34,743 94,226 45,500 37,333


130,240 35,912


178,056 127,135 266,769 101,429 60,625


333,289 111,133 114,601


N/A, not answered; WICHE, Western Interstate Commission for Higher Education.


or remaining debt those same veterinarians sup- plied. For those graduating in the 2000s, debt had been paid down to an average of $53,253 while those graduating in the 2010s reported an average current debt of $178,056. Thus, in aggregate over the course of time, those with debt in the first decade of the millennium have reduced their debt by 60%. In the subsequent decade, over an admittedly shorter period of time, graduates have reduced their debt by less than 10%. See Table 1 for a summary. Cases of debt increasing over time since gradua-


tion impact this metric. This trend of increasing debt is occurring in spite of veterinarians paying their monthly payments as directed, most often ac- cording to income-based repayment plans. The sheer size of individual debt amounts relative to income earned results in income-based repayments that are less than the accumulating interest. The magnitude of these debt loads is, in fact, greatest for those who attended out-of-state or foreign-based vet- erinary schools. In the 2010s, both out-of-state and


for-profit foreign veterinary school graduates report an average current debt greater than their debt at graduation. Out-of-state students started with an average debt of $251,415 but currently average $267,769. For-profit school students started with an average of $301,159 but now have an average of $333,289. In-state students fared better, but still incurred a large increase in overall graduation debt. Those graduating with in-state tuition in the 2000s had an average debt of $96,821, which increased to an average of $158,781 in the 2010s. Interest rates were also analyzed for impact. Not


all responding veterinarians disclosed their interest rates, so the sample size was smaller. If a veteri- narian reported a varying rate or multiple rates, an average was obtained. In the 2000s, the average interest rate reported was 3.7%. The average rate rose to 6.6% in the 2010s. The combination of greater amounts owed with concomitantly higher


AAEP PROCEEDINGS  Vol. 65  2019 119


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