It’s time to tackle educational debt in the veterinary profession – and you’re part of the solution!
The veterinary educational debt crisis is a complex and far-reaching problem, which impacts the entire veterinary profession:
A complex problem like educational debt requires solutions from all areas of the profession, including veterinary organizations that serve as conduits to relay debt-related information to members and act as innovative problem-solvers. This is a duty that must be embraced for veterinary students, veterinarians and the overall future of the profession.
VMAE compiled the following resources to assist veterinary organizations with developing and incorporating educational debt strategies into their overall strategic framework. There are educational and advocacy resources listed below as well that we hope you will use. If your association has resources you would like to share, please email the item to admin@vmae.org.
Have the conversation, now. Convene discussion amongst your Board of Directors to probe the multi-faceted issue of educational debt and incorporate educational debt into your VMA’s strategic framework. These tools can help your elected leaders deepen their understanding of the issue and develop action steps:
Questions for your board to discuss may include:
You have to ask to know. Invite discussion with veterinary students and recent graduates to understand their perceptions and pain points related to educational debt. Get up-to-speed with these articles:
Make a commitment. Commit to an objective around educational debt that can be reflected in your VMA’s strategic framework. Here’s an example:
Take action. Review the menu of opportunities (below) and incorporate some of these tactics into your action plan to support your strategic objective. You don’t have to do them all – just pick a few!
Track your progress and refine your plan. Measure your progress and adjust your tactics if necessary. Make sure your hard work is moving the needle!
Spread the word. Share news about learnings, accomplishments, success stories and novel ideas about the educational debt crisis by publishing VDI materials (distributed through special editions of VMAE Peer to Peer News) in your print and digital communications channels.
Create an educational debt resource center. Add an educational debt section to your VMA website to leverage availability of resources from VMAE, AVMA, AAVMC, VIN Foundation, and others:
Please feel free to utilize language from VMAE’s website as introductory copy in your educational debt resource center.
Publicize webinars (both live and archived) on topics of educational debt and financial health from AVMA, VIN, and ASAE and add links to the webinars into your educational debt resource center.
Promote attendance at VDI presentations at the AVMA Veterinary Leadership Conference, AVMA Economic Summit, Veterinary Wellbeing Summit, AAVMC Annual Conference, AVMA Convention, and major professional gatherings.
Engage practice owners. Undertake discussion with your members to discover what they’re implementing at the practice level to help address educational debt. For example, do they offer a loan repayment program? Have they increased salaries to offset their associates’ educational debt? Celebrate their success stories in your publications and share it with VMAE at admin@vmae.org. Get inspired and check out these innovative repayment programs:
Create (or expand) a VMA scholarship fund to assist veterinary students from your state.
Create (or expand) an endowed scholarship fund in your VMA’s name at a college of veterinary medicine.
Support a college of veterinary medicine in its efforts to raise money for student scholarships.
Establish and fund a state veterinary medicine loan repayment program.
Work with your state veterinarian to define shortage areas that can be submitted for the federal veterinary medicine loan repayment program.
There has been a surge of companies and individuals entering the student loan advising and refinancing space. This increased interest in student loan refinancing products leaves veterinary students and veterinarians potentially vulnerable to advice that is not specific to their high debt-to-income ratio or in their best interest. The lack of clear standards or mandatory fiduciary regulations also contributes to veterinarians’ and veterinary students’ vulnerability. Currently, there is no way for your members or students to decide on a reputable or industry-specific financial advisor for their student loans. Therefore, before you recommend a financial partner, sponsor a financial speaker, or provide financial counseling to your members, make sure they meet the following requirements: