Forever indebted: Graduates struggle with loans
Aug 01, 2005
When coupled with potential personal debt, those numbers surge even higher. And those towering debts may prevent some associates from purchasing a car or home—much less a practice.
Seventy-five percent of people still chipping away at their student loans say the payments are large enough to keep them from making large investments, according to the Cambridge Consumer Credit Index's 2004 national poll. That's up from the 68 percent of respondents who said student loans limited their spending in 2003.
Only 14 percent owed more than $100,000 in student loans in 2002—a far cry from the 46 percent of veterinary students who say they anticipate owing this much today. The bottom line: The associates responding in 2002 were in better financial situations than the next generation of veterinarians will be.
Despite these intimidating numbers, respondents to the 2005 Veterinary Economics Student Study remain upbeat about their financial status. Forty-six percent plan to pay off their student loans early, and 72 percent feel confident that they'll make enough money after graduating to live comfortably and pay off their debt.