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How Much Vets Make: What’s the Average Veterinarian Salary?
While the median vet salary is $103,260, new vet school graduates earn $124,295 on average.
Ryan Lane Assigning Editor | Small business, student loans
Ryan Lane is an editor on NerdWallet’s small-business team. He joined NerdWallet in 2019 as a student loans writer, serving as an authority on that topic after spending more than a decade at student loan guarantor American Student Assistance. In that role, Ryan co-authored the Student Loan Ranger blog in partnership with U.S. News & World Report, as well as wrote and edited content about education financing and financial literacy for multiple online properties, e-courses and more. Ryan also previously oversaw the production of life science journals as a managing editor for publisher Cell Press. Ryan is located in Rochester, New York.
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Des Toups was a lead assigning editor who supported the student loans and auto loans teams. He had decades of experience in personal finance journalism, exploring everything from car insurance to bankruptcy to couponing to side hustles.
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How much do vets make? As of May 2022, the median vet salary was $103,260 annually or $49.64 an hour, according to the Bureau of Labor Statistics.
Some veterinarians earn much more; the top 10% made more than $174,500, the BLS says. The average vet salary for the class of 2023 was $124,295, according to the American Veterinary Medical Association (AVMA).
Students who have earned a Doctor of Veterinary Medicine, or D.V.M., may enter multiple industries. Veterinary services is the most common — about 83% of vets go this route — according to the BLS. But the median salaries for vets in different industries are comparable:
Social advocacy organizations: $104,030.
Educational services: $103,550.
Veterinary services: $103,210.
Government: $99,800.
Private-practice veterinarians may be compensated in different ways. Some are paid a flat salary. Other practices may pay vets an hourly rate, tie wages to the revenue a vet generates, or combine a flat salary with production-based pay.
Many other factors influence how much vets make, including where they work, whether they’re board-certified and if they own their practice. The type of practice — for example, working on companion animals vs. food animals — matters as well. The AVMA offers a tool that can help you estimate salaries based on these variables.
Student loans and vet salaries
Students should keep in mind salary statistics when figuring out how to pay for vet school. Ideally, you’d want to limit how much you take out in vet school loans to no more than your projected first year’s salary.
But that may be difficult even if you earn more than the average veterinarian starting salary of $124,295. Average student debt for veterinarians in the class of 2023 was $185,486, according to the AVMA.
This could lead to a monthly payment of around $2,255 with an 8.05% rate, the current federal interest rate for Direct PLUS loans, and a standard 10-year repayment term.
If you can’t minimize borrowing, keep in mind that there are different ways to repay vet school loans no matter your eventual salary:
If you don’t earn enough to afford your payments: Opt for an income-driven repayment plan. These plans typically set payments at 10% of your discretionary income. Payment amounts can change each year based on your earnings. Use this calculator to estimate your potential income-driven payment amount.
If your salary comfortably covers your payments: Stick with your current repayment plan and look for opportunities to pay off your loans faster. For example, depending on how you’re compensated, consider working more hours or performing additional procedures and putting that extra money directly toward your loans.
You may also be able to refinance your vet school loans at a lower interest rate if you have good credit and a manageable debt-to-income ratio. You might need to wait to do this until you’re a few years into your career and your earnings have increased or you’ve paid off part of what you owe.
You shouldn’t consider refinancing if you’ll qualify for a loan forgiveness program or need to make income-driven payments. If you’re OK giving up those options, refinancing could lower your monthly payments or the total you’ll repay overall.
Estimate how much you could save by refinancing
Note: This calculator assumes that after you refinance, you’ll make minimum monthly payments.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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