Key Facts
Medical and law students get most of the attention in conversations about Grad PLUS elimination. But pharmacy, veterinary medicine, and dental students face the same structural problem and in some cases a more acute debt-to-income challenge.
This article covers the funding gap for PharmD, DVM, DDS, and optometry students -- the programs most often overlooked in the policy coverage -- and the specific options available to each.
The Professional Student Cap Applies to All of These Programs
PharmD, DVM, DDS/DMD, and OD students are all classified as professional students under the Reconciliation Act of 2025. The cap is $50,000 per year in federal unsubsidized loans, with a $200,000 aggregate.
That cap is the same as for MD and JD students. The difference is what programs cost and what graduates earn -- both of which vary significantly across these fields.
Pharmacy School (PharmD): Funding Gap
PharmD programs are four years. Private pharmacy programs cost $65,000 to $85,000 per year in total COA. Public in-state programs are considerably cheaper -- often $40,000 to $55,000 per year.
| School | Program | COA/Year | Federal Cap | Gap/Year | 4-Year Total Gap |
|---|---|---|---|---|---|
| University of Southern California | PharmD | $83,000 | $50,000 | $33,000 | $132,000 |
| Northeastern | PharmD | $79,000 | $50,000 | $29,000 | $116,000 |
| Butler University | PharmD | $75,000 | $50,000 | $25,000 | $100,000 |
| UNC Chapel Hill (in-state) | PharmD | $52,000 | $50,000 | $2,000 | $8,000 |
| Ohio State (in-state) | PharmD | $48,000 | $50,000 | $0 | $0 |
Public in-state pharmacy programs are one of the few remaining cases where federal borrowing can cover most or all of total COA. If you are considering pharmacy school and have a viable in-state option, the funding math is significantly different.
Pharmacist salaries and the repayment context
Pharmacists entering retail, hospital, and clinical roles earn $120,000 to $140,000 per year in most markets. Pharmacy residents earn $45,000 to $60,000 during a one-year post-graduate residency.
At $130,000, servicing $100,000 to $150,000 in private debt over 10 years is manageable but meaningful. The resident year is the stress point -- federal loans can go on income-driven repayment during residency; private loans cannot.
Pharmacists working at nonprofit health systems, community health centers, or government agencies can access Public Service Loan Forgiveness on federal loans after 10 years of qualifying payments. If a public interest or nonprofit pharmacy career is planned, minimizing private debt protects PSLF eligibility.
Veterinary School (DVM): The Debt-to-Income Problem
DVM programs are four years. They carry one of the most discussed debt-to-income ratios in healthcare education.
| School | Program | COA/Year | Federal Cap | Gap/Year | 4-Year Total Gap |
|---|---|---|---|---|---|
| Cornell | DVM | $89,000 | $50,000 | $39,000 | $156,000 |
| Tufts | DVM | $87,000 | $50,000 | $37,000 | $148,000 |
| Colorado State (out-of-state) | DVM | $82,000 | $50,000 | $32,000 | $128,000 |
| UC Davis (in-state) | DVM | $52,000 | $50,000 | $2,000 | $8,000 |
| Kansas State (in-state) | DVM | $44,000 | $50,000 | $0 | $0 |
Private and out-of-state DVM programs create gaps of $32,000 to $39,000 per year, or $128,000 to $156,000 over four years. In-state public programs again represent the most financially accessible path.
Veterinarian salaries and loan sizing
Starting salaries for new DVM graduates vary significantly by specialty:
- Small animal companion practice: $80,000 to $100,000
- Mixed or large animal practice: $75,000 to $95,000
- Government or public health: $85,000 to $105,000
- Specialty or emergency medicine (after residency): $150,000 to $200,000+
The gap between companion practice salaries and total debt burden is real. Veterinarians considering general practice should size private borrowing conservatively -- ideally below 1x expected starting salary in total loans.
USDA Veterinary Medicine Loan Repayment Program
The USDA VMLRP offers up to $25,000 per year for up to three years ($75,000 total) in exchange for practicing in a veterinary shortage area. This program applies to federal loans only. It does not require nonprofit employment -- private practice in a designated shortage area qualifies. Applications are competitive and open annually.
Dental School (DDS/DMD): Largest Per-Year Gap
Dental school carries the largest per-year funding gap of the professional programs outside top MBA programs.
| School | Program | COA/Year | Federal Cap | Gap/Year | 4-Year Total Gap |
|---|---|---|---|---|---|
| NYU Dentistry | DDS | $119,000 | $50,000 | $69,000 | $276,000 |
| USC Herman Ostrow | DDS | $117,000 | $50,000 | $67,000 | $268,000 |
| Tufts | DMD | $113,000 | $50,000 | $63,000 | $252,000 |
| Boston University | DMD | $111,000 | $50,000 | $61,000 | $244,000 |
| University of Michigan (in-state) | DDS | $72,000 | $50,000 | $22,000 | $88,000 |
Private dental programs leave gaps of $60,000 to $70,000 per year -- among the largest of any professional program. In-state public dental schools again represent a substantially different funding picture.
Dentist salaries and the private practice path
General dentists earn $150,000 to $200,000 per year in private practice, typically higher than physicians in primary care and comparable to many specialties. Unlike medicine, dentists generally go directly into practice or associateship after graduation without a residency, which means income begins immediately.
That income profile makes large private debt more serviceable than for veterinarians or pharmacists. However, private practice startup costs (equipment, lease, working capital) add to the financial demands of early career dentists, particularly those who want to open their own practice rather than join an existing group.
Optometry (OD): A Smaller but Real Gap
OD programs are four years. Total COA at private optometry schools runs $65,000 to $80,000 per year, leaving gaps of $15,000 to $30,000 annually under the $50,000 cap.
Optometrist salaries range from $110,000 to $140,000 per year. The debt-to-income ratio for optometrists is generally more favorable than veterinarians but less favorable than dentists.
Covering the Gap Across These Programs
The same private lending options apply regardless of professional program type. What changes is how aggressively you should use private loans based on post-graduation income.
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Practical Approach by Program
PharmD: In-state public programs are the most financially efficient. If private, target $100,000 or less in total private debt and plan for federal IDR during any residency year.
DVM: Size private debt conservatively relative to intended specialty. A general practice salary of $90,000 supports far less debt than specialty income of $175,000. Consider USDA VMLRP if open to shortage-area practice.
DDS/DMD: Higher starting income makes larger debt loads serviceable. In-state public dental schools dramatically reduce the gap. Factor practice startup costs into your total financial plan for early career.
OD: Gaps are smaller than other professional programs. In-state programs often eliminate the gap entirely. Private loans needed are typically modest relative to starting salary.
Frequently Asked Questions
Are PharmD students classified as professional students?
Yes. PharmD students fall under the professional student cap of $50,000 per year and $200,000 aggregate, the same as MD, JD, DDS, DVM, and OD students.
How large is the funding gap for pharmacy school?
Private PharmD programs leave gaps of $15,000 to $35,000 per year. Public in-state programs often fall within or near the $50,000 cap, leaving minimal or no gaps.
Do DVM graduates earn enough to manage large private loans?
Veterinarian salaries range from $80,000 to $200,000+ depending on specialty. General practice salaries at the lower end make large private debt loads difficult to service. Size borrowing against realistic income for your intended practice type.
Are there loan forgiveness programs for pharmacists or veterinarians?
Pharmacists can access PSLF on federal loans at qualifying nonprofit employers. Veterinarians can apply for the USDA VMLRP (up to $75,000 over three years) for service in shortage areas. Both programs apply to federal loans only.
How do I calculate my exact gap?
Use the Loan Cliff calculator with your school and program type to get your specific uncovered amount based on IPEDS 2024 cost of attendance data and the statutory caps.