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The average net worth of Americans is about $1.06 million, according to the Federal Reserve’s most recent Survey of Consumer Finances, released in October 2023. Meanwhile, the median net worth of American households is $192,900, according to the same Federal Reserve Survey.

Net worth measures the difference between assets (what you own) and liabilities (what you owe). Understanding the average American net worth by age can be useful for comparing your own progress in building wealth.

What the Average American Net Worth Includes

The Federal Reserve collects data on net worth in the U.S. using the Survey of Consumer Finances. This survey is conducted every three years; the most recent undertaking began in March 2022. Findings are typically published in the year following the year the survey was completed.

To understand wealth and economic well-being in the U.S., the Federal Reserve looks at several specific factors:

•  Income

•  Homeownership status and home value

•  Debt (including mortgage debt, credit card debt, vehicle loan debt, and student debt)

•  Assets (including investment accounts, deposit accounts held at banks, vehicles, and business equity)

The Federal Reserve uses net worth as a gauge to measure increases or decreases in overall wealth levels. The survey also takes into account demographic factors, such as age, race, ethnicity, and level of education.

If you’re interested in calculating your net worth, you’d use similar metrics. For example, you could use an online net worth calculator to enter in your total debts and assets to determine your net worth. When calculating net worth home equity may or may not be included, depending on your preferences. It’s possible to get a positive or negative number, depending on how your liabilities compare to your assets.

You can also use a budget planner app to track net worth as well as your spending, credit scores, and savings. This type of money management tool can deliver a snapshot of your finances to your mobile device.

Recommended: Does Net Worth Include Home Equity?

How the Average American Net Worth Varies By Age

Using the Survey of Consumer Finances as a guide, net worth typically rises over the average American’s lifetime before gradually beginning to decline. Average net worth is lowest for Americans under age 35; between the ages of 35 and 44, the average net worth makes a sizable leap.

There’s another significant bump that happens between the ages of 45 and 54, then the pace at which net worth increases begin to slow. Once Americans turn 75, their average net worth begins to decline.

This pattern makes sense, however, if you consider what the typical person’s working career and retirement might look like. Someone in their 20s likely isn’t making much money yet. They probably don’t own a home and a lot of what they do make might go to repaying student loans, car loans, or credit cards.

In their 30s and 40s, they may move into higher-paying jobs. Their debts may be mostly paid down or paid off so they can afford to buy a home. By the time they reach their mid-40s, they may be in their peak earning years and their home might have appreciated in value since they purchased it.

Net worth growth begins to gradually slow down once they’re in their 50s and 60s. That could be chalked up to moving some of their portfolio into safer investments or beginning to draw down their savings if they’re retired. Once they reach their 70s, they may be spending more of their assets on health care, including long-term care. Or they might have downsized into a home with a lower value.

How the Average American Net Worth Varies Over Time

The Survey of Consumer Finances provides a snapshot of how the average American net worth has changed over time. From 1998 to 2007, for instance, there’s a steady increase in net worth among American households. But between 2007 and 2013, the average American net worth declined. This makes sense, given that the 2008 financial crisis had an impact on millions of American households. Between 2013 and 2019, net worth rebounded sharply, and it continued to rise between 2019 and 2022.

This begs the question of how much net worth might change again if the economy were to experience another downturn. If home values were to drop or a bear market caused stock prices to dip, it stands to reason that Americans’ might see their net worth fall. There is a silver lining, as economies do recover over time and the impacts may be less for younger investors. But a drop in net worth might not be as welcome for someone who’s close to retirement.

How the Average American Net Worth Varies by State

The Survey of Consumer Finances does not track net worth data by state. But the Census Bureau does compile information on household wealth and debt at the state level.

In terms of what influences the average net worth by state, there are a number of factors that come into play. Some of the things that can influence net worth include:

•  Homeownership rates

•  Property values

•  Employment opportunities

•  Average incomes

•  Access to education and job training

According to the most recent data available from the Census Bureau, the median net worth across all states was $191,100 as of 2023. “Median” represents households in the middle of the pack, so to speak, for net worth calculations. Here’s what the median net worth looks like in each state.

*Note: Where a (B) is entered, that means the base was less than 200,000 households or a sample size of less than 50 so the Census Bureau did not record net worth information for those states.

Recommended: What Is The Difference Between Transunion and Equifax?

The Takeaway

As discussed, net worth captures the difference between an individual’s assets and their debts. In the U.S. the average net worth varies by location and age. Tracking net worth is something you may want to do monthly if you’re paying off debt. You can use a money tracker app to figure out how long it will take you to become debt-free based on what you can afford to pay. As your income increases you may be able to pay down debt in larger amounts to increase your net worth faster.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What is the average net worth by age for California?

The median net worth for Californians is $273,800, according to the Census Bureau. This figure represents the middle ground between California residents of all ages from the highest net worth to the lowest.

What is the average net worth by age for New York?

The median net worth for New Yorkers of all ages is $132,800, according to the Census Bureau. This figure represents the middle ground between New York residents whose net worth is at the highest and lowest end of the spectrum.

What is the average net worth by age for Florida?

The median net worth for Florida residents of all ages is $255,100, according to the Census Bureau. This amount represents the middle ground between Floridians with the highest and lowest net worth.

About the author

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SORL-Q425-060

Before you can file your tax return, you need to make sure you have the right forms. But with hundreds of Internal Revenue Service (IRS) tax forms out there, how do you know which ones you need to file?

The key is pinpointing which ones pertain to your individual circumstances. For example, if you’re employed, working as a freelancer, receiving Social Security, or earning income from investments, you’ll find a different form for each situation.

Weeding through the various types of tax forms isn’t always easy, but this guide can help clear up any confusion.

The Importance of Knowing Different Tax Forms

IRS income tax forms are the official documents used to report income, expenses, and other financial transactions. In order to figure out whether or not you owe the federal government taxes or if you’ve overpaid in the past year, you’ll need to file a tax return.

A tax return consists of this documentation. While residents of all states use the same federal forms, you may also have to fill out specific state tax forms as well, unless you live in one of the states that do not collect state taxes on earned wages. You may also have to fill out certain forms if you live or work in a certain city as well. Check with your particular state and local tax departments or divisions to see if any additional paperwork is necessary to file at tax time.

Since there are hundreds of different tax documents, the whole process of understanding your taxes can be dizzying. That’s why knowing the exact forms you’ll need can help you feel less overwhelmed and may prevent you from making any mistakes when filing.

Submitting a tax return that doesn’t report all your income can trigger an IRS tax audit. You can also incur penalties and interest if you’ve submitted a return with errors and don’t file an amended one. And, yes, there’s a form for that, too.

16 Different Types of Tax Forms

Typically, the more complicated your finances, the more tax forms you’ll need. For instance, if you are a freelance worker with multiple clients and also rent out your second home, you’ll have a more complex tax return than a salaried employee with no side-hustle earnings or rental income.

To help make things easier, here’s a list of common tax forms you may need as you prepare for tax season. Knowing what they are can help boost your financial literacy and your tax-filing confidence:

1. Form 1040

The 1040 form is the first step for most taxpayers when filing their annual tax return. It’s the document you use to declare your filing status, report your income, claim deductions and tax credits if you have any, and determine the amount of tax you owe or whether you’re due a tax refund.

Depending on the type of income you need to report, it may be necessary to attach additional forms, also known as schedules. These various schedule forms are used to itemize deductions, report interest and ordinary dividend income, or profit or loss through business, among others.

2. Form 1040-SR

Nearly identical to Form 1040, this document is specifically for people age 65 and older. It’s printed using a larger font so it’s easier to read and can be used by seniors who are filing a paper return. Form 1040-SR uses the same schedules and instructions as the main 1040 form.

3. Form 1040-X

If you find you’ve made a mistake after you’ve filed your return, you’ll want to get Form 1040-X. This form is for taxpayers who need to fix or make amendments after previously filing their 1040 form.

4. Form W-2

Also known as the Wage and Tax Statement, the W-2 form tells you how much money you earned in the previous year and the amount of tax your employer withheld from your paycheck. The statement also supplies other very important information you’ll need when you fill out your 1040. This intel includes how much your employer paid for other benefits including health insurance, dependent care assistance, health savings account (HSA) contributions, and more.

Employers who have withheld income and Social Security should issue a W-2 to their employees and the IRS by January 31. If you haven’t received yours by then, follow up with your employer and let them know.

5. Form 1099-NEC

There are several types of Form 1099, which documents payments from someone that typically isn’t your employer. The 1099-NEC, which the IRS rolled out in 2020, is what companies or individuals now use to report money paid to any non-employees who did work for them. If the business paid the freelancer, independent contractor, or gig worker more than $600 a year in non-employee compensation, they should send that worker a Form 1099-NEC. The employer will also send a copy to the IRS.

6. Form 1099-MISC

Form 1099-MISC is used by businesses when reporting other miscellaneous paid income, such as rents, attorney fees, royalties, commissions, prizes, or awards paid to third parties. In general, an individual will get a 1099-MISC form to report payments that are not subject to self-employment taxes.

7. Form 1099-G

Form 1099-G will be issued by a government agency if you’ve received certain government taxable income, such as unemployment benefits. The form also provides information on other government payments, such as state and local tax refunds, credits or offsets, taxable grants, and money received from the Department of Agriculture. You’ll need to report information from Form 1099-G on your federal return.

Most states mail it out and may send more than one to you. However, some states don’t. If you need to access your state form, try obtaining it online from your state’s department of revenue or contact the department directly.

8. SSA-1099

People who receive Social Security benefits during the tax year will receive an SSA-1099 form from the Social Security Administration. The SSA-1099 form tells you how much Social Security income to report to the IRS on your tax return and is mailed out each January to people who receive benefits. The IRS will also receive a copy of this form.

If Social Security was your only type of income last year, your benefits may not be taxable and therefore, you may not need to file a tax return. However, if you have income from other sources, you may have to pay taxes on some of your benefits.

9. Form 1099-R

Individuals who have received $10 or more from their retirement plan should receive a 1099-R. Besides reporting distributions from retirement plans, the 1099-R also covers annuities, profit-sharing plans, IRAs, insurance contracts, or pensions. Additionally, any rollover transfers from one retirement account to another will also be reported on Form 1099-R. The plan issuer is responsible for sending out the form to the taxpayer, but, as with most forms, it’s on the individual to include it when filing.

10. Form 1099-INT

The 1099-INT form is used by taxpayers to report any income received from interest. This statement comes from the entity who issues the interest payments. Interest income can come from a mutual fund, brokerage, bank, or a U.S. Savings Bond.

Payers must issue a Form 1099-INT to any party to whom they paid at least $10 of interest during the year. The document includes a roundup and categorization of all types of interest income and associated expenses. People should receive Form 1099-INT from their particular financial institution, which also makes sure the IRS gets a copy. The information should be reported on your tax return.

11. Form 1099-DIV

Individuals who have received $10 or more in dividends or distributions from any type of investment, should get a 1099-DIV form from the financial institution with whom they invest. Since dividends are an extra income stream for investors, the money has to be reported to the IRS.

Investors can receive more than one 1099-DIV if their portfolio spans multiple investment funds. Any 1099-DIV form figures should be reported when filing.

12. Form 1098 Mortgage Interest Statement

If you’re a homeowner with a mortgage and paid any interest over $600, you’ll get Form 1098 from the lender. Form 1098 reports the amount of mortgage interest you paid during the year. Your lender, though, isn’t required to send you this form if your mortgage interest was less than $600. Mortgage interest can be taken as an itemized deduction.

13. Form 1098-T

The 1098-T form is sent by eligible universities, colleges, and vocational schools to students who paid qualified educational expenses in the prior year. Qualified educational expenses include tuition, books, any required enrollment fees, and course materials for those who have attended an eligible educational institution. These specific expenses may entitle you to a tax credit or an adjustment to income, according to the U.S. Department of Education.

14. Form 1098-E

Form 1098-E is a student loan tax form that reports the amount of interest paid on a student loan. Loan lenders submit a copy of this form to the IRS and send one to the borrower who paid $600 or more in interest during the tax year. If you didn’t pay at least $600 in student loan interest, you won’t receive any 1098-E forms. Students with more than one loan servicer will receive a separate 1098-E form from each lender.

Use your 1098-E Form to figure out your student loan tax deduction. Borrowers can deduct up to $2,500 in interest from their taxable income if they meet certain income and other requirements.

15. Schedule 1-A

Schedule 1-A is a new IRS form intended for people declaring deductions that were created by the Trump budget bill (aka the “One Big Beautiful Bill”) signed in July 2025. If you plan to claim deductions for tip income, overtime compensation, interest paid on car loans, or seniors over age 65, you’ll need to use 1-A. You do not need to itemize deductions to use Schedule 1-A. For details on each deduction, see the IRS site.

16. Form 4868

Need more time to file your taxes? If so, you’ll want to fill out IRS Form 4868, also called Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Form 4868 gives taxpayers an additional six months to file their federal income tax returns.

If you decide that you do need a tax extension, be sure to file Form 4868 by the normal April filing deadline. By obtaining the extension, you avoid any late-filing penalties as long as you file by the extended due date. However, it’s important to note that any taxes due must still be paid on time.

Recommended: What Happens If I Miss the Tax Filing Deadline?

5 Tips for Filling Out Your Tax Forms

Now that you know a bit more about common tax forms in the United States, here’s some advice on filling out your tax return in time for the mid-April deadline.

•   Start gathering your paperwork early. Give yourself time to make sure you’re not missing any tax documents. It’s better to have ample time to track them down if you don’t receive them from your employer, brokerage firm, or bank, for example.

•   Enter your information on your return correctly. Avoid any headaches down the road by ensuring you’re entering the right information. Even one incorrect Social Security or tax ID number, name spelling, or not signing and dating all the relevant pages can cause problems in processing your return. If you’re filing your taxes for the first time, double-checking the details is a great habit to start.

•   Have last year’s tax information handy. It might be helpful to have your federal and, if applicable, your state return accessible as a guide and good refresher of what you filed last year and the forms you used.

•   Get help from the IRS. The IRS provides online instructions on how to fill out the various tax forms. You can plug in the particular form number you need help with into the search field here.

•   Consider using a professional tax preparer or tax software. This is especially true if your taxes tend to be more complex, you’re strapped for time, or the thought of filling out forms yourself sends you into panic mode. Although it costs more than filing yourself, having someone else who knows exactly how to file a tax return on your side can help alleviate unnecessary anxiety and stress. The same holds true for tax software. By getting professional support in this way, you may also uncover deductions, which can lower your taxable income, that you didn’t know you were eligible for.

The Takeaway

Tax time can be stressful and confusing, especially if your tax situation is more complex. Being familiar with the types of tax returns and the specific IRS tax forms can help make things easier, especially if you’re doing the filing yourself. Keeping track of the statements you receive from employers, financial and educational institutions, loan lenders, and more can help ensure your taxes are done accurately by Tax Day.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What tax forms are the most important?

The key tax forms most people need to know about are Form 1040 (the U.S. Individual Income Tax Return that gets filed by Tax Day); a W-2 if you’re a regular employee or contractor who has had your taxes withheld by the employer; 1099s, which reflect other forms of income than a salary; and 1098s, which are used to report tax-deductible expenses such as mortgage interest, student loan interest, and tuition payments. And starting in the 2025 tax year, Schedule 1-A allows taxpayers to take advantage of four new deductions introduced in the Trump budget bill, or “One Big Beautiful Bill.”

How many tax forms do people file a year on average?

The number of tax forms people file will vary. Some people may only be required to pay federal taxes. Others may pay federal, state, and local taxes and therefore file different types of tax returns to reflect that. Perhaps they run a business and need to file other forms related to that. Each tax filer has a unique set of circumstances and requirements.

How many types of tax forms are there?

There are more than 1,000 different Internal Revenue Service (IRS) tax forms, but you’ll likely only encounter a small fraction. The most common tax forms include: W-2 (for employees to report wage and taxes withheld), 1099 (for interest, dividends, and freelance earnings), and 1040 (the main individual tax return form). How many tax forms you will receive and need to file will depend on your situation.

Photo credit: iStock/eclipse_images

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SORL-Q425-063

According to the IRS, most tax refunds are issued in under 21 days. However, some tax returns require more attention, which can lengthen the process and push back your tax refund date.

The deadline for filing 2025 taxes is Wednesday, April 15, 2026. If you request an extension, the deadline is Thursday, October 15, 2026. The deadline to file 2026 taxes is Thursday, April 15, 2027; the deadline to file an extension is Friday, October 15, 2027.

Keep reading to learn more about deadlines for 2025 and 2026 tax returns, and how to track the progress of your tax refund.

Tax Refund Process, Explained

The process begins when you submit your return to the IRS. The IRS then breaks down the process into three steps: return received, refund approved, and refund sent.

If you file electronically, you should receive an email confirming that your return was received within 24 hours. Paper return filers will have to wait longer.

After the IRS processes your return and confirms the information, your refund will be approved and a tax refund date will be issued. This takes about 3 weeks for electronic filers. Taxpayers who file a paper return by mail will wait at least four weeks.

The last step is when your tax refund is sent out. For filers who provide direct deposit information, your refund should appear in your account almost immediately. Taxpayers who do not include their bank information will have to wait for a paper check to arrive by mail.

Factors Impacting How Long a Tax Refund Takes

Several factors can affect the timing of your tax refund — including your financial organization skills and the accuracy of the information you provide. If you don’t receive your tax refund within 21 days, your return is likely being manually reviewed due to a mistake or complication.

The following factors can also affect your 2025 and 2026 tax refund dates.

How Early You File

Filing early is essential if you want to get your tax refund early. Ideally, you should be able to compile all your tax documents by the end of January. Forms such as W-2s, 1099-Rs, 1098-Es, and 1098s will provide the income information you need to file.

Filing early means submitting your tax return before the official deadline of Wednesday, April 15, 2026, for your 2025 tax return, or Thursday, April 15, 2027, for your 2026 tax return. Since many taxpayers file their returns on the official deadline, filing early allows you to beat the rush.

Similarly, if you requested an extension, filing “early” means before the October deadline. The deadline for 2025 returns is Thursday, October 15, 2026 (and Friday, October 15, 2027 for 2026 returns). However, taxpayers can file anytime before October. This way, you’ll avoid the bottleneck that inevitably occurs on the deadline itself.

If You Are Claiming Certain Credits

Claiming certain credits on your tax return can push back your 2024 tax refund date. These include:

•   Earned Income Tax Credit

•   Additional Child Tax Credit

•   Injured Spouse Allocation

•   Child Tax Credit, if you claim the wrong amount

E-filed or Sent By Mail

Whether you do your own taxes by hand, use software to assist you, or hire an accountant or tax preparer, it’s best to opt for electronic filing. E-filed taxes are accepted by the IRS within a day or two, while mailed paper returns can take weeks to arrive.

Existing Government Debt

Some taxpayers owe the federal or state government due to unpaid child support, taxes from years past, or student loan payments. Taxpayers facing these issues will receive a reduced refund or none at all, and any refund can take longer than the standard 21-day timeframe after e-filing.

How to Track the Progress of Your Refund

If you’re like most taxpayers, it won’t take long until you start wondering where their tax refund is. Getting hold of a live IRS representative by phone is possible but challenging during tax season.

Fortunately, the IRS’s Refund Status tool provides updates on your tax refund date just 24 hours after you submit your taxes electronically.

The tool shows taxpayers one of three statuses: return received, refund approved, or refund sent. After the refund is approved, the IRS will give you a tax refund date. If you mailed your return, you’ll have to wait about four weeks for the tool to provide information on your refund.

What to Do Once Your Refund Arrives

How should I spend my tax refund? It’s a perennial question for taxpayers. Top choices include paying down debt, saving for a vacation, and investing. The important thing is to plan ahead so you don’t spend it all on frivolous or impulsive purchases.

One popular option is to treat your refund like regular income. You can budget the majority of the money for “needs” by setting up an emergency fund or paying down your mortgage. The rest can be set aside for “wants,” such as a year’s worth of dining out.

An online budget planner can help you decide the appropriate percentages for needs and wants. Likewise, a debt pay off planner can show you how much sooner you’ll be debt-free after depositing some or all of your refund.

What Happens If You Can’t File Income Taxes by the Deadline

Each year, taxpayers unable to file their return on time (usually mid-April) can ask the IRS for an extension. The IRS’s Free File tool allows you to electronically submit a request to change your filing deadline to October.

Be aware that taxpayers who want an extension must make an educated guess about the taxes they owe and pay the IRS that amount.

How to File Form 4868 for a Tax Return Extension

Another way to file for an extension is to complete form 4868. You can submit the form electronically or by mail.

The Takeaway

While you cannot predict your exact tax refund date, filing electronically early in the tax season can help you get your refund faster. The IRS sends out most refunds within 21 days of receiving the return. The deadline for filing 2025 taxes is Wednesday, April 15, 2026. If you request an extension, the deadline for filing a 2025 tax return is Thursday, October 15, 2026.

The deadline for filing 2026 taxes is Thursday, April 15, 2027, or if you need an extension, Friday, October 15, 2027.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

When should I expect my 2026 tax refund?

Typically, you can expect to receive your refund within 21 days of filing your return. However, mistakes and special tax credits can slow down the process.

What days does the IRS deposit refunds in 2026?

The IRS deposits refunds Monday through Friday, except for holidays.

How long does it take the IRS to approve a refund in 2026?

Most refunds are issued in 21 days or less from when the IRS accepts your return. However, if there are issues with the return, it may take longer.

About the author

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.

SORL-Q425-062

If you’re an animal lover, a career as a veterinarian can be deeply rewarding. However, you may end up with significant student loan debt after earning your Doctor of Veterinary Medicine. According to the American Veterinary Medical Association (AVMA), 2025 veterinary school graduates with debt owed an average of $212,499 upon graduation.

Debt of this magnitude can take a long time to pay off, but there are programs that can help make repayment more manageable. Here’s a closer look at the average vet school debt and costs, plus tips on how to manage your veterinary student loan debt.

Overview of Veterinary Education Costs

Veterinary school typically spans four years after an individual earns an undergraduate degree and costs an average of more than $200,000 for in-state residents and $275,000 for out-of-state students, according to the Veterinary Information Network Foundation.

The American Association of Veterinary Medical Colleges (AAVMC) found that resident four-year tuition ranges from $78,588 to $259,720. While these figures reflect tuition rates, there are additional costs involved with paying for vet school. These include room and board, transportation, books, and other living expenses.

For nonresidents, total costs can range anywhere from $200,740 to $389,251, according to the AAVMC.

Current Average Student Loan Debt for Veterinarians

Given the high cost of veterinary school tuition, it’s not surprising that vet school debt reaches well into six-figure territory.

National Average Student Debt Figures

In 2025, the national average student debt among all veterinary school graduates was $174,484. Among the veterinary school graduates who took out student loans, the average veterinary student debt was higher at $212,499.

For some of these graduates, student loan refinancing might be an option worth considering to help make repaying their vet school debt more manageable, especially if they can qualify for lower interest rates and better loan terms.

Comparison to Other Medical Professions

While the average veterinary student debt is high, it’s not the highest among medical professions. Here’s how veterinary debt compares to the average debt of a bachelor’s degree and other medical programs.

Recommended: Student Loan Debt by Major

Factors Influencing Veterinary Student Loan Debt

The main factors that influence student debt for veterinarians are the high cost of veterinary school, the price of room and board, and in-state vs. out-of-state tuition rates.

Cost of Veterinary School

Four years of veterinary school can cost more than $200,000 for in-state residents and over $275,000 for out-of-state residents. The majority of veterinary students (over 80%) borrow student loans to cover costs.

Some factors that can influence how much you have to pay to become a veterinarian include:

•   In-state vs. out-of-state tuition rates: Tuition rates are lower at public veterinary schools for in-state residents and higher for out-of-state residents. The highest costs are generally at private veterinary schools.

•   Cost of living in your location: Along with tuition and fees, you have to factor in living expenses. These expenses may be a lot higher in an urban area than a rural one and can vary widely depending on where your school is located.

•   Room and board: Costs for housing and food are another major expense. You can save money by commuting or sharing an apartment with roommates as well as by buying your own groceries over paying for a university meal plan.

•   Grant and scholarship availability: Grants and scholarships can help defray the costs of veterinary school and don’t have to be repaid, but they can be competitive. Apply to as many opportunities as you can to try to access this gift aid for school. Don’t forget to submit the Free Application for Federal Student Aid (FAFSA), which helps you receive access to federal financial aid.

•   Personal savings: If you have savings you can put toward veterinary school, such as money in a 529 college savings plan, you may not have to borrow as much in student loans.

Trends in Veterinary Student Loan Debt

While the average veterinary school debt is high and has risen since 2023, it decreased in previous years. In 2022, the average student debt for all graduates was down by more than 6% from 2020. Among student loan borrowers, it was down 5% from 2020.

Total debt-to-income ratios improved somewhat in 2022, meaning that veterinary graduates were slightly better able to pay off their student loans than in previous years. In 2025, the average ratio was 1.4-to-1 for graduates who started working full-time, the same as in 2024. That means for every $1 earned in gross annual income, grads owed $1.40. The average graduate with a salary of $100,000, for example, might owe $140,000 in veterinary school debt.

Impact of Student Loan Debt on Veterinarians

Although student loan debt can be a major financial burden for veterinarians, it’s not their top motivating factor when choosing an offer of employment. According to a 2024 AVMA survey, most new graduates (82%) said they chose their jobs for the mentorship opportunities.

After that, the top reasons for selecting an employment offer were location, people, and compensation.

Career Choices and Specializations

Veterinarians have strong prospects for employment after graduation, with about 88% receiving an offer for a job or position in advanced education after leaving school. Most graduates go into private practice, followed by internships and then public practice.

In 2024, the distribution of new graduates accepting positions was:

•   Private practice: 65.1%

•   Internships: 27.6%

•   Public practice: 2.6%

For the class of 2025, the percentage of graduates who chose to work with companion animals was the greatest (72.6%), followed by those who went into mixed animal practice (10.9%), equine practice (7.9%), and food animal practice (3.2%).

The average starting compensation was $129,000 among 2025 veterinary graduates who got a full-time job.

This is how much a veterinarian makes on average, broken down by job type:

•   Private practice: $131,210

•   Public practice: $105,829

•   Residencies: $54,847

•   Internships: $56,705

Some veterinarians also scored additional compensation in the form of signing bonuses and other benefits:

Strategies for Managing Veterinary Student Loan Debt

If you owe veterinary student loans, here are some strategies that can help you pay off your debt:

•   Explore loan forgiveness and repayment assistance programs: You may qualify for student loan assistance from a federal or state program depending on where you work. For instance, the Public Service Loan Forgiveness program is available to veterinarians working in shelters, zoos, or aquariums, as military veterinarians, or in other public service jobs. The USDA’s Veterinary Medicine Loan Repayment Program offers up to $40,000 in student loan help each year to vets committed to working in shortage areas for at least three years. This student loan forgiveness guide can help you discover other forgiveness opportunities that may be available to you.

Some states also have student loan repayment assistance programs (LRAPs) for veterinarians who work in high-need areas. Unlike federal programs, state LRAPs may offer assistance toward both federal and private student loans.

•   Compare repayment plan options: If you owe federal student loans, as of January 2026 you have several repayment plans to choose from, including the standard 10-year plan, the extended 25-year plan, and income-driven repayment plans. (Repayment plans are changing for loans disbursed after June 2026.) Income-driven plans can be helpful if you need to adjust your monthly payments in accordance with your income. The Income-Based (IBR) plan can also end in loan forgiveness if you still owe a balance after 20 or 25 years.

•   Make extra loan payments to get out of debt faster: If you can afford it, making extra payments on your veterinary student loan debt can speed up repayment. It can also save you money on interest, which can be helpful because federal student loan interest rates have generally increased over the past four years, though rates for the 2025-2026 school year have seen a small decrease since the previous year.

•   Look into student loan refinancing: Refinancing your student loans may help you get a better interest rate if you qualify, which could save you a significant amount of money on your loans. You’ll also get the chance to combine multiple loans into one loan and select new repayment terms. Keep in mind, though, that you may pay more interest over the life of the loan if you refinance with an extended term, and refinancing federal loans turns them private, meaning you’ll forfeit access to federal benefits and programs.

The Takeaway

Working as a veterinarian is an exciting career choice with solid employment prospects, but earning your degree comes with costly tuition and potentially high student loan debt. If you end up borrowing student loans, consider strategies for managing your debt, such as income-driven repayment, student loan assistance programs, or refinancing student loans for better rates or terms if you qualify for them.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

What is the current average student loan debt for veterinarians?

The current average student debt for veterinarians is $174,484 among all graduates and $212,499 among graduates who have taken out student loans.

How long does it typically take to repay student loans for veterinary school?

It can take a decade or longer to repay student loans for veterinary school. The current standard repayment plan in January 2026 spans 10 years, and alternative repayment options may last 20 or 25 years. You can look into loan forgiveness programs and loan repayment programs for help repaying your loans if you’re eligible.

Are there loan forgiveness or repayment programs specifically for veterinarians?

Yes, there are loan repayment programs specifically for veterinarians. The USDA’s Veterinary Medicine Loan Repayment Program is a national program that offers up to $40,000 in student loan repayment each year to vets who work in a shortage area for at least three years. Some states also offer student loan repayment assistance programs to qualifying veterinarians, so check with your state to see what’s available.

Photo credit: iStock/Mr Vito

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