What does the research say?
Key points:
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"PTs are forgoing or delaying important life milestones because of their student debt."
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"Student debt contributes heavily to anxiety among PTs."
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"DPT education debt limits career choices."
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"PTs delay or forgo postprofessional education because of debt load."
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"PTs often seek out other sources of income because of debt load."
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One recommendation from the APTA: "improve students’ financial literacy."
Comparison of Financial Literacy between Graduate Physical Therapy and Physician Assistant Students.
Mulligan et al.
Key Points:
- “DPT students have very low financial literacy.”
- “DPT students have have low self-efficacy regarding their confidence to manage financial problems, cope with financial setbacks, and plan for a lifetime financial security.”
Physical Therapy Student Loan Debt and Methods of Repayment.
Sullivan Et Al.
Key Point:
- “Students are accumulating a substantial amount of debt to attend physical therapy school and then are unable to maintain financial stability.”
- “81%(health professions students) reported having a medium, large, or extreme amount of stress from the total amount of debt they are accruing.”
- “More than 70% reported that the student loan debt they expect to have upon graduation will influence their posttraining career selection.”
- “There is an association between stress, financial self-efficacy, and postprofessional career selection.”
- “Financial self-efficacy appears to be a promising moderator for debt-related stress.”
