Role of Practices in Reducing DIR for Veterinary Graduates

The survival of the veterinarian profession depends on the ability of the colleges of veterinary medicine to produce new veterinarians equipped with the skills necessary to provide the services that are needed by animal owners and the general population.  

How can practices help in reducing the Debt-to-Income Ratio for new veterinary graduates?

The current mean Debt-to-Income Ratio (DIR) is at 2:1 for graduates from the U.S. colleges of veterinary medicine, which has increased over the last fifteen years from less than 1.2:1 in 2001. However, the mean obscures the fact that there is a wide variation in individual DIRs, with roughly 11 percent of graduates having no debt (and thus a 0 DIR) and approximately 8 percent having a DIR in excess of 4:1. Currently, the short-term performance of the veterinary markets has enabled the DIR to hold near 2:1 because student debt did not rise as quickly as expected and salaries increased faster than predicted. However, the longer term trends such as declining state and federal budgets; increasing seats; and an impending economic downturn suggest that the persistent increase in the DIR may continue into the future. 

Read the full post from AVMA

Dr. Wise's Take
Most veterinary professionals are aware that veterinary student debt continues to rise. What practice owners may not realize is the opportunity they have to impact the debt-to-income ratios of graduate veterinarians, and the future of the veterinary profession as a whole.  This article from the AVMA explains the challenge and includes links with additional information on the DOE's Gainful Employment Provision, and veterinary market statistics.  This article is certainly worth  a read to better understand what is happening financially in our profession.