Financial Dimensions of Veterinary Medical Education: An Economist's Perspective

Much discussion has transpired in recent years related to the rising cost of veterinary medical education and the increasing debt loads of graduating veterinarians. Underlying these trends are fundamental changes in the funding structure of higher education in general and of academic veterinary medicine specifically. As a result of the ongoing disinvestment by state governments in higher education, both tuition rates and academic programs have experienced a substantial impact across US colleges and schools of veterinary medicine. Programmatically, the effects have spanned the entire range of teaching, research, and service activities. For graduates, both across higher education and in veterinary medicine specifically, the impact has been steadily increasing levels of student debt. Although the situation is clearly worrisome, viable repayment options exist for these escalating debt loads. In combination with recent income and employment trends for veterinarians, these options provide a basis for cautious optimism for the future.