Banfield® contributes $4M through student loan program to help vets

Today, Banfield Pet Hospital^® announced that one year after launching its Veterinary Student Debt Relief Pilot Program, the practice has contributed more than $4 million toward helping its veterinarians pay off their student loans, and enabled over $10 million in educational debt refinancing for its associates.

Studies suggest U.S. student debt has reached more than $1 trillion, yet recent surveys estimate a mere four percent of companies offer student loan repayment programs to employees (1).  Banfield’s Veterinary Student Debt Pilot Program was created first and foremost to support the financial health of its doctors, but also to set the bar for the veterinary profession to help begin to address this industry-wide issue.

“Our goal with the Veterinary Student Debt Relief Pilot Program – and all of our Health and Wellbeing initiatives – is to support our veterinary professionals in doing what they do best: delivering high-quality, compassionate care to pets,” said Stephanie Neuvirth, Senior Vice President of People & Organization, Banfield Pet Hospital. “We hope to not only alleviate the financial burdens our associates face, but also inspire people to enter the field who might otherwise be discouraged due to the significant educational debt they’ll acquire.”

Designed to help relieve the significant financial burden faced by veterinarians and promote the financial health and wellbeing of its doctors, Banfield is encouraged by the meaningful impact this program has had on thousands of doctors in just one year.

“Like many early career veterinarians, I graduated with a significant amount of student debt,” says Kirk Breuninger, VMD, Banfield Pet Hospital. “Participating in Banfield’s Veterinary Student Debt Relief Pilot Program not only took years off my loan, but more importantly, gave me peace of mind and a new level of financial freedom. Many veterinarians carry a staggering and overwhelming amount of student debt, and I’m incredibly proud to work for a company that listens to its associates and makes investments to help meet their needs.”

For more information on the Banfield Veterinary Student Debt Relief Pilot Program, visit Banfield.com.

(1) Federal Reserve Bank of St. Louis, 2018. Student Loans Owned and Securitized, Outstanding. https://fred.stlouisfed.org/series/SLOAS. Accessed December 2018.

About Banfield Pet Hospital^®

Founded in Portland, Ore. in 1955, Banfield is the largest general-veterinary practice in the U.S. In 2007, Banfield joined the Mars, Inc. family of businesses, and today has more than 1,000 hospitals across the United States and Puerto Rico. More than 3,600 Banfield veterinarians are committed to providing high-quality veterinary care for over three million pets annually. In 2018, Banfield, including the work of the Banfield Foundation, was named among Points of Light’s The Civic 50 as one of the most community-minded companies in the U.S. for the second consecutive year. Press seeking additional information are invited to call the Media Hotline: (888) 355-0595.