Associations Between Pharmacy Students' Attitudes Toward Debt, Stress, and Student Loans

Abstract

Objective. To assess graduating pharmacy students' attitudes toward debt and determine associations with stress, student loan debt, financial need, current employment, post-graduation plans, and expected length of time to repay loans. Methods. Survey was conducted using an attitudes-toward-debt scale (sub-scales: tolerant attitudes toward debt; contemplation and knowledge about loans; fear of debt), Perceived Stress Scale, and questions concerning current employment, estimated total student loan debt, post-graduation plans, and expected length of time to repay loans. Federal loan data were collected using financial aid records. Independent samples t-test, ANOVA, and Pearson's r correlations were conducted. Results. There were 147 students (96.7%) who participated. The majority were female (59.2%), white (69.4%), and had federal student loans (90.5%). Mean total loan amount was $153,276 (SD $59,810), which included federal students loans accumulated before and during pharmacy school. No significant differences were noted on attitudes toward debt or stress based on whether respondents had federal student loans. Greater "fear of debt" was correlated with increased stress, estimated total student loan debt, total federal loan debt, and pharmacy school loan debt. Greater "contemplation and knowledge about loans" was correlated with lower estimated total student loan debt, total federal loan amount, and pharmacy school loan amount. Students with higher "contemplation and knowledge" scores expected to repay loans within a shorter time frame than students with lower scores. Conclusion. Increased fear of debt was related to greater perceived stress and higher student loan amounts borrowed, while increased contemplation and knowledge about loans was associated with lower amounts borrowed. Educational programming concerning loans, debt, and personal financial management may help reduce stress and amount borrowed.

Keywords: debt; pharmacy students; stress; student loans.

Figure 1.

Summary of Mean and Standard Deviation for Estimated Student Loan Debt, Total Federal Student Loan Debt, and Pharmacy School Student Loan Debt of Respondents With Loans Figure 1 displays the distribution of student loan data only for those students who have greater than $0 in each of the three loan categories: estimated student loan debt (n=131); total federal student loan debt (n=133); and pharmacy school loan debt (n=130). The mean and standard deviation of each of the three loan categories are also displayed beside each box plot. The median estimated student loan debt was $165,000, median total federal student loan debt was $152,816, and median pharmacy school loan debt was $142,834 (in the figure, medians were represented by the dark line within each box). The small circles above and below the “whiskers” of the box plot represent data outliers (the whiskers extend to the smallest and largest values within 1.5 box lengths). Refer to the Appendix for presentation of additional distribution data. ^a Estimated student loan debt refers to how much students believe they currently owe in student loans accumulated prior to pharmacy school and during pharmacy school. ^b Total federal student loan debt refers to a student’s accumulated history of federal student loans borrowed prior to pharmacy school and during pharmacy school. ^c Pharmacy school student loan debt refers to the amount of federal student loans a student borrowed exclusively during pharmacy school.

Figure 2.

Summary of Mean and Standard Deviation for Estimated Student Loan Debt, Total Federal Student Loan Debt, and Pharmacy School Student Loan Debt of the Full Sample (n=147) Figure 2 displays the distribution of student loan data for the full sample of 147 students in each of the three loan categories (this includes students who have loans and those who do not have loans). The median estimated student loan debt was $160,000, median total federal student loan debt was $143,962, and median pharmacy school loan debt was $138,217 (in the figure, medians were represented by the dark line within each box). The small circles above and below the “whiskers” of the box plot represent data outliers (the whiskers extend to the smallest and largest values within 1.5 box lengths). Refer to the Appendix for presentation of additional distribution data. ^a Estimated student loan debt refers to how much students believe they currently owe in student loans accumulated prior to pharmacy school and during pharmacy school. ^b Total federal student loan debt refers to a student’s accumulated history of federal student loans borrowed prior to pharmacy school and during pharmacy school. ^c Pharmacy school student loan debt refers to the amount of federal student loans a student borrowed exclusively during pharmacy school.