In this episode of the Business of Practice podcast, Martha Mallicote, DVM, MBA, DACVIM, discussed educational loan planning under the current administration. Many veterinarians, current students, and pre-vet students are confused and afraid as they absorb the changes in federal educational loans. Mallicote offered advice for navigating these changes and mitigating their emotional toll. “The uncertainty of the last six months has been one of the worst things,” she said. “Now we have some answers, so now we can make a plan.”
She said current and future students and veterinarians in repayment should assess their options, create a budget, understand their current financial situation, and come up with a strategy for managing their debt. Following a plan will reduce anxiety and stress. Graduate veterinarians, current veterinary students, and future veterinary students will all have different choices and strategies, so it’s essential to learn more about the changes in repayment options. Veterinary Information Network (VIN) resources are good sources of accurate information. “The biggest stress can be from being backed into having no choice because they didn’t make a plan or have an accurate assessment of what things were going to look like,” said Mallicote.
After discussing the current and future options for graduates in repayment, current students, and future students, Mallicote discussed ongoing advocacy efforts by veterinary groups to improve some of the new constraints on borrowing and repayment. She said individual established veterinarians could help by giving back through scholarships and advocacy efforts. While acknowledging the struggles of indebted early-career veterinarians, she concluded the conversation with hope and positivity.
About Dr. Martha Mallicote
Martha Mallicote, DVM, MBA, DACVIM, earned her Bachelor of Science in 2000 at the College of Charleston School of Business & Economics. In 2006, she graduated with her DVM from the University of Tennessee College of Veterinary Medicine. After an internship, she completed a residency at the University of Florida College of Veterinary Medicine and became a diplomate of the American College of Veterinary Internal Medicine in 2012. In 2019, she completed her Master of Business Administration at the University of Florida. Mallicote is a Weeks Endowed Clinical Associate Professor at the University of Florida College of Veterinary Medicine in the Large Animal Clinical Sciences Department. She teaches veterinary students in the classroom, the large animal hospital, and in the veterinary business curriculum. She is the director of the Veterinary Business Certificate Program for DVM students, a program that prepares them to own and operate their own veterinary practices.
Related Reading
- The Business of Practice: Educational Loan Repayment Changes
- Veterinary Wellness Briefs: Smart Financial Moves for Equine Practitioners
- Strategies for New Veterinarians to Pay Off Student Debt
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