Many people believe that if they borrow money to enter a profession, they will be able to earn enough cash to quickly pay off any educational debt. It is true that more-educated individuals typically earn more money, but not everyone in each profession earns an equally high sum of money. In addition, the amount of debt that people borrow to enter certain professions can be extremely challenging for many individuals. In any case, professionals with the worst student debt burdens generally fall into several distinct careers.
Attorneys
Many websites have detailed at length how attorneys are some of the professionals with the worst student debt burdens. As mentioned in a few prior articles, I myself am an attorney, and I borrowed six figures of debt to earn my degrees. Before starting my own shop, I worked at four different law firms, where I earned vastly different sums of money depending on my position.
It is true that attorneys who obtain a coveted Biglaw position can earn substantial sums of money, since these attorneys usually have a starting salary of around $180,000, which increases every year. However, only a small percentage of attorneys actually enter Biglaw. Government attorneys can be paid half or even a third of the amount lawyers make in Biglaw. In addition, attorneys at smaller firms are also paid substantially less money than lawyers make at Biglaw shops. If you make five figures a year in salary and you have six figures of student loan debt, it can be incredibly difficult to pay off your student loans or just keep your head above water. For this reason, lawyers are likely the professionals with the worst student debt burdens.
Veterinarians
Many people have told me through email and in person that veterinarians are some of the professionals with the worst student debt burdens. One of the reasons why veterinarians have so much student debt is because veterinary training is often four years of study and practice. This is basically the same amount of time that people attend college, and not only do veterinary students need to pay for education expenses, but living costs as well. In addition, there are often less scholarships available for veterinary school as there are for law school or college. As a result, many veterinarians need to go completely out of pocket in order to pay for the cost of becoming a veterinarian.
The job outcomes for veterinarians make them some of the professionals with the worst student debt burdens. Although the amount of money veterinarians make varies from region to region, veterinarians typically earn less than physicians, even though they may spend a similar amount as physicians to earn their degrees. Furthermore, veterinarians qualify less often for Public Service Loan Forgiveness, which can be a lifeline for many people entering the medical field.
As mentioned in prior articles, Public Service Loan Forgiveness allows people who work for non-profits and government entities to have their loans forgiven after ten years so long as they pay as set amount of their income to student loans during this time. However, many veterinarians work for private companies, which often do not qualify for Public Service Loan Forgiveness, even though veterinarians are in a helping field. As a result, veterinarians can have substantial debt without having the ability to quickly pay off their loans.
Pharmacists
Pharmacists are also some of the professionals with the worst student debt burdens. Indeed, pharmacists face many of the challenges that the professionals mentioned above also face when paying off their student loans. Pharmacists typically need to undergo four years of education and training in order to earn their credentials. Scholarships and financial aid are not common in pharmacy schools, so pharmacists usually need to borrow the entire cost of attending pharmacy school. Even though some pharmacy programs allow candidates to complete pharmacy training in less time through a combined undergraduate and graduate program, the majority of candidates need to pay full freight to earn their pharmacy credentials.
Once pharmacists graduate from pharmacy school, they face problems in the workforce. Most pharmacists do not make as much as physicians and even some attorneys who work in high-paying Biglaw positions. In addition, many pharmacy jobs have been replaced more recently due to the advent of of automation, and it seems like in the future, there may be fewer jobs. Furthermore, corporate consolidations have led in some cases to fewer benefits and income opportunities among pharmacists.
In addition, although some pharmacists who work in hospitals and other similar settings may qualify for Public Service Loan Forgiveness, many pharmacists work for private companies. Indeed, numerous pharmacists who work in retail and other similar positions for pharmacies will not be able to qualify for Public Service Loan Forgiveness. As a result, most pharmacists will not qualify for Public Service Loan Forgiveness, and will likely be on the hook for their student loans for a long time into their careers.
There are other professionals with the worst student debt burdens that likely deserve their own article. Indeed, I have communicated with numerous dentists since founding Student Debt Diaries that have conveyed how people in their field have financial issues. Nevertheless, the professionals discussed in this article sometimes face issues repaying student debt and people should consider this when deciding if they wish to enter those fields.