Banfield Nearly Doubles Annual Investment in Veterinary Student Debt Relief

As part of the practice’s ongoing commitment to Associate well-being and career growth, Banfield Pet Hospital – part of the Mars Veterinary Health family of practices – announced an increased investment of up to $8 million per year to help veterinarians thrive in their careers. This includes nearly doubling the practice’s annual investment in providing student debt relief, building on the more than $31 million that Banfield has already contributed to help veterinarians pay down their student loans since 2018.

Additionally, Banfield is increasing investment in continuing education funding by up to three times annually for both full-time and, uniquely, part-time doctors. Under this enhanced program, veterinarians will be able to receive up to $4,000 annually based on their schedules to be put towards ongoing development, including industry conferences, clinical skill development and membership dues.

“These expanded benefit offerings build on Banfield’s long-standing practice of listening to Associate feedback and implementing changes to address Associate needs,” said Mony Iyer, president of Banfield Pet Hospital. “Based on what we heard, our goal is to support our doctors’ career growth and health and wellbeing, which includes financial wellness. These benefits allow our Associates to focus on what they do best – providing high-quality veterinary care – and also help lead the way for industry-wide improvements that create a more sustainable future in veterinary medicine.”

Expanded Student Debt Relief Offerings

• As part of the expanded benefit offerings, full-time Banfield doctors can receive up to $450 per month to apply to their student loans.
• These increased monthly payments will be offered on top of additional student loan relief offerings for doctors who previously participated in Banfield’s Student Job Program while in veterinary school.

Banfield’s Student Debt Relief Program has helped nearly 4,000 doctors with their student loans since launching more than six years ago. According to the AVMA, 83 percent of veterinarians graduated in 2023 with over $185,000 in educational debt on average, but individual debt varies greatly with some carrying debt loads over $400,000. With the increased investment announced today, Banfield estimates its veterinarians can pay off their student loans some six to seven years faster.

Increased Funding for Continuing Education
Banfield began offering its veterinarians continued education funding over a decade ago. The increases announced today give them continued flexibility in choosing the right development to further their skills and capabilities.

Additionally, Banfield has partnerships that provide all Banfield veterinarians with membership to their state veterinary medical associations – which includes discounted or free continuing education courses – and supports attendance to national conferences. Banfield Associates also have access to a library of continuing education and development resources offered for free by Mars Veterinary Health.