Written By Bethany McCamish
Tuskegee University vet school is the most diverse college of veterinary medicine in the United States. It’s also the only vet school where human health and animal health are interlinked for a holistic approach to study.
These unique offerings could make Tuskegee vet school at the top of your list. But you should know the end cost isn’t going to be worth it.
Tuskegee University vet school tuition
Tuskegee University is the only vet school located on a Historically Black College or University (HBCU) campus in the U.S. The University works especially hard to remove barriers to education for the underserved. This includes outside scholarships, grants, and financial aid for minority students.
Financial aid is essential because their Doctor of Veterinary Medicine (DVM) program isn’t cheap.
This four-year program consists of 9 semesters (one during the summer of the fourth year). Here is the veterinary medicine program’s estimated tuition based on 2019-2020 rates:
- Tuition for each semester is $20,585
- Tuition for one full academic year is $41,170
- One summer semester of at least 8 credits ($1,125 per credit) adds an additional $9,000 of tuition
In total, you can expect to pay around $173,680 in tuition for the Tuskegee DVM program. And tuition isn’t the only Tuskegee University vet school cost.
Hidden costs at Tuskegee vet school
Fees can be expected at any university, but some of these may surprise you. Here is a chart of the fees for the veterinary school of medicine required each academic year:
| Fee | Cost |
|---|---|
| New student fee | $500 |
| Technology fee | $632 |
| Activity fee | $1,142 |
| ID card fee | $72 |
| Health insurance | $1,174 |
| Total for 1 year | $3,520 |
In total, you’ll pay about $3,520 in fees every academic year. Multiply this by four years and you need to add $14,080 to your total costs.
Factor in room and board
Note that room and board aren’t listed above. These rates vary. Room and board for resident halls starts at $4,922 per year and can go up to $6,253 for apartments on campus. You could also choose to live off-campus as a graduate student.
If you add on fees and room and board, you now have a total cost of about $207,448 for Tuskegee vet school.
Don’t forget about loan fees and interest
There are three more hidden costs to think about.
- Loan origination fees
- Interest that accrues on your student loans while you’re in school
- Inflation at an average rate of 3% each year for both tuition and cost of living
It’s safe to say that over the course of four years, costs will only go up. Factoring in hidden costs gives you a real sense of the price of the program.
Tuskegee University vet school grads estimated student loan debt
With such a high cost, you’ll probably need to subsidize a portion of your education expenses. Even if you qualify for student aid and scholarships. This means student loans.
Veterinarians have some of the highest student loan debt. The American Veterinary Medical Association found that the average debt for 2016 grads was $167,534.89.
Related: 5 Types of Vet Schools Ranked by How Much they Destroy your Finances
Tuskegee vet school costs rise above the average when it comes to student loan debt.
In the College Scorecard’s 2016-17 report, Tuskegee University debt mean was $256,947. At Student Loan Planner®, we’ve helped Veterinarians with $250,000 of student loan debt and those close to $500,000 of student loan debt.
This number seems high, since many accumulate undergraduate student loan debt as well.
Is Tuskegee University’s vet school cost worth it?
Those six-figure student loan debt numbers would make anyone’s stomach do a flip. It’s a crazy amount of debt and you need to decide if it’s worth it.
The veterinarian job outlook is good. The Bureau of Labor Statistics (BLS) predicts a job growth of 18% between 2018 and 2028. This is much faster than average. Looking at the bright side, people also love their pets are willing to spend money on them.
While you may be able to get a job, veterinarian expected wages aren’t reaching high numbers. BLS reports the average veterinarian salary to be $93,830.
This is decent, but when you consider the student loan debt numbers, it seems a lot smaller. The road to pay off will be tough and take time for any DVM program. Tuskegee vet school pushes this limit and ultimately isn’t going to be worth it.
But you don’t need to give up on vet school altogether.
Tuskegee vet school is a private school. This automatically means higher tuition. You can find a low cost in-state public school and end up paying less.
The key is to shop around and look at total cost vs your expected salary.
Related: Smart Ways to Pay for Vet School
Already have debt from Tuskegee vet school?
Last bit of bad news, most veterinarians will be working in the private sector and therefore not qualify for Public Service Loan Forgiveness. While this is disappointing, you have two options for paying off your vet school student loans:
1. Refinance and pay off your student loans quickly
This only works if you owe 1.5 times your income or less. You want to refinance for a lower rate and pay off your student loans in 10 years or less.
Student Loan Planner® has reviewed 12 of the best refinancing lenders to get you started. Be sure to review your options and the cashback bonuses if you choose this route.
2. Pay the minimum and have your loans forgiven
If you own more than 1.5 times your income, then you should enroll in an Income-Based Repayment (IBR) Plan. You can enroll in the Pay as You Earn (PAYE) or Revised Pay as You Earn (REPAYE) Plan. On these plans, after 20-25 years of on-time payments your remaining student loan balance is forgiven.
One string attached, you need to pay taxes on the forgiven amount. The easiest way to do this is to save money every month for taxes while you make student loan payments.
3. Repayment plans for Tuskegee University grads
Chances are, if you went to Tuskegee University, you’ll owe more than 1.5 times your income. Let’s run the numbers in our IDR calculator with this scenario:
- You owe $250,000 of student loan debt with an average interest rate of 7%
- You make the average veterinarian salary of $93,830
- You’re single
In this case, you would be better off with the PAYE plan, paying $630 for your first monthly payment and saving $425 each month for taxes.
Get student loan help for your DVM degree
Vet school is expensive and leaving with six figures of debt almost seems like a degree requirement.
If you want to make your dream of getting a DVM true and still keep your head above water with student loans, then talk to us. Schedule a pre-debt consult to help you plan out your future education.
