Estimated Cost

Every school is going to give you a layout of the expected cost of attending their school for both in-state and out-of-state students. For the most part these expected cost analyses are average in their accuracy because the brunt of the cost is the locked in tuition rates for that year. However, there is quite a bit of wiggle room when it comes to the living cost section because some people will live frugally and others will spend quite a bit more depending on their circumstances and lifestyle. In this section of the website I am going to focus in on the budget defined by Michigan State University for their veterinary students during their first year. The concepts here are universal and the break-down similar to other schools, so no matter where you go this section on budgeting will help you plan for the future.

MSU Budget 2013-2014

- http://www.finaid.msu.edu/read/budcvm.pdf

Year 1

Tuition/Fees Resident $27,048

Tuition/Fees Non Resident $53,244

Books/Instruments $1,688

Rent/Utilities $7,884

Food $3,078

Personal/Misc $2,340

Health $2,802

Transportation $1,728

Resident Total $46,568

Non Resident Total $72,764

To the left is the actual budget break down for MSU CVM students for their first year of school during the 2013-2014 academic year. This seems like a staggering amount of money and well it is. Unfortunately this is the cost of what it takes to be a veterinarian in Michigan.

As you can see there is a huge difference between being a Michigan Resident and being a Non Resident student. Generally it pays to go to the veterinary school in your state. However, keep in mind that there are some veterinary schools who have more reasonable out-of-state tuition rates or allow out-of-state students to gain in-state tuition after a year at the school.

Based on this budget, an out-of-state student should expect to spend around $72,000 their first year in tuition, fees, and living expenses, while in-state students are expected to spend around $46,000. It is ok to freak out a little bit, but take a breath afterwards and relax. Yes, it is a lot of money but it is definetely worth the cost if veterinary medicine is your passion. As you will see as you go through the funding section of this wedding, there are many different ways to fund your education. You can get scholarships, grants, loans, and work-study programs. Afterwards you can find ways to have your loans forgiven or take part is specialized loan repayment programs. Paying for veterinary school is very doable, but you need to understand that you will most likely spend your years after school working to pay off the debt.

My Budget for 2014-2015

Year 1

Tuition/Fees Resident $27,048

Books/Instruments $1,688

House (split over four years) $11,796

Food $4,200

Personal/Misc $4,420

Pet Care $1,200

Health $3,000

Transportation $3,120

Resident Total $56,472

It is important that you make your own budget based upon the estimated cost and your own personal lifestyle. There are going to be areas of the estimated budget that you are going to be able to decrease, while other you might need to increase for your situation or even create new categories of spending.

When making these budgets in advanced they are going to be a bit rough because you don't know exactly what your situation will be like once you start school. That's ok! Once you get a few months into school you can look back at your expenses and re-do your budget to match reality or change your spending habits to match your original anticipated budget.

My budget is slightly different because it encompasses the expected spending of both my husband and I. Therefore in everything we budget we have to take into consideration that it has to support two people. In addition, we are buying a house in Lansing and thus won't have rent but instead a huge initial spending on living that in my budget is split up over the four years. However, after school we plan to sell the house and will optimistically get much of our initial money back.

There isn't much that you can change about your spending when it comes to tuition, fees, books, and instruments. However, you can cut back on your transporation and personal spending. Instead of driving a car to school every day, think about riding public transportation or getting apartment close enough to walk/bike. Try to plan fun activities that are free, instead of spending money on going to the movies or taking trips. You can also cut back on your spending on food by making meals at home instead of going out to reastaurants or bars. Try to be concious of what you are spending your money on by keeping track of it through excel spreadsheet or online budgeting tools.

Good luck and never be afraid to seek out help if you find yourself having trouble!