Reply to Do you think the costs of professional school (med, law, dental etc) are unsustainable?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Yes. Just as an example, there is a serious shortage of vets. My DD is a junior in college and has been taking a pre-vet curriculum and has done well academically. She worked at a vet’s office in high school and it is all she has ever wanted to do, but after a ton of research and discussions with practicing vets, she is pivoting to considering other paths because the debt to income ratio is terrifying. We saved and were able to put her through college without borrowing any money, and are not low income enough that she could qualify for any kind of need based grants, but we can’t help her further because we have to ensure our retirement savings are secure. I’m sad for her of course, but the societal impacts of this playing out across a lot of professions are profound. [/quote]

If she really understands what it’s like to be a vet (example: putting animals to sleep, and getting bitten) and is OK with that, she should just borrow the money and be a vet. There will be a lot of inflation, and the inflation means the value of fixed-rate debt will be a lot lower than it looks today.

Kids shouldn’t take on a lot of debt for a graduate degree where the career path is fuzzy (example: art, or law), but it’s obvious that a good vet can get a great job. The only question is what the income-to-loan-payment ratio will be. But your daughter doesn’t have any huge fixed costs, and it sounds as if she won’t have to support you when you’re older. Your daughter should just take a leap of faith and fill her brain with the knowledge she wants to put in her brain, even if that means taking on a lot of debt.

This whole thread is an example of why kids who can gamble on a high-value professional degree should make that bet. Obviously, scarcity is about to increase the lifetime value of many types of professional degrees. [/quote]

NP and wow this is just horrible, stupid advice!

The OP already explained there is a debt to income ratio issue. I am guessing you failed to understand that it isn’t a temporary situation. It can be lifelong. Vets can only charge what the market in their area can sustain and they will often pay other business expenses plus carry insurance. It means they may be paying off student debt for the rest of their life and that’s not an exaggeration.

To the OP, my DD had the same dream of being a vet, loves animals and is in her freshman year. She has been doing more research and talking to older students and has decided to stay the pre- vet course for now but I have a feeling she will not apply to vet school. She mentioned she found some information that the military might have an option for vets but she has no real interest in joining the military. Rural areas with farms are going to be hit in the coming years as many vets will retire. I hope states begin to consider expanding their vet programs to allow more students to study and also reduce the cost of tuition. [/quote]

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