Hi everyone:
I wanted to create a thread that compiles some statistics and information on debt for prospective students. There seems to be a ton of misinformation out there so I want to encourage people to post statistics and links to websites that can clarify issues for people (IBR, PSLR, median debts in different fields as a comparison).
Among students who earned graduate degrees in 2007-08:
• 26% had no education debt at all.
• 14% had undergraduate debt but no graduate school debt.
• 7% had borrowed $80,000 or more for graduate school.
• 5% had borrowed between $60,000 and $79,999.
(Source: The College Board)
One-quarter to one-third of borrowers at for-profit and public two-year institutions were making timely payments on their loans, and more than half of all borrowers in these sectors were delinquent or had already defaulted.
(Source: IHEP)
Median Debt Levels in various fields
•College degrees: As of Quarter 1 in 2012, the average student loan balance for all age groups is $24,301. About one-quarter of borrowers owe more than $28,000; 10% of borrowers owe more than $54,000; 3% owe more than $100,000; and less than 1%, or 167,000 people, owe more than $200,000. (Source: FRBNY)
Law School: The average education debt for law grads at private schools last year was nearly $125,000, while the average for grads of public law schools was more than $75,700, according to new figures released by the ABA (March 2012)
Medical School: 86 percent of medical school graduates had education debt, with a median amount of $162,000 in 2011 (AAMC).
MSW Programs: average debt of 26K (council on social work education, 2007)
PsyD/PhD in clinical psychology (taken from the APA doctorate employment survey, 2009): Graduates with a PsyD in clinical psychology reported a median debt level of $120,000 in 2009, up from $100,000 in 2007, $70,000 in 1999, and $53,000 in 1997 (Wicherski, Michalski, & Kohout, 2009; Kohout & Wicherski, 2003; Kohout & Wicherski, 1999). Clinical PhD recipients reported a median level of debt of $68,000, up from $55,000 in 2007 (Wicherski, Michalski, & Kohout, 2009). Graduates with PhDs in the research subfields had markedly lower median levels of debt by comparison ($38,500 across all research subfields). Almost 60% of PsyD graduates owed more than $100,000 compared to less than 17% of PhDs. These numbers are outdated by about 4 years so they can easily be 20% higher for 2013 graduates.
APPIC survey (2011) on PhD vs. PsyD Debt:
Ph.D. Median = $ 40,000
Mean = $ 53,160
S.D. = $ 58,932
Psy.D. Median = $ 120,000
Mean = $ 123,787
S.D. = $ 70,013
NOTE: Virtually all applicants will remain in training for
at least 18 months (including the internship year) after the
completion of this survey and may incur additional debt
during that period.
Mean debt load for Ph.D. students has increased
by $2,043 (4.0%) since 2008, while Psy.D. students have
experienced an increase in debt of $14,253 (13.0%) in
the same time period.
Percent of applicants with:
No debt Ph.D. = 24% Psy.D. = 8%
Debt <= $50,000 Ph.D. = 62% Psy.D. = 16%
Debt >= $100,000 Ph.D. = 21% Psy.D. = 70%
Debt >= $150,000 Ph.D. = 8% Psy.D. = 38%
Debt >= $200,000 Ph.D. = 3% Psy.D. = 17%
I wanted to create a thread that compiles some statistics and information on debt for prospective students. There seems to be a ton of misinformation out there so I want to encourage people to post statistics and links to websites that can clarify issues for people (IBR, PSLR, median debts in different fields as a comparison).
Among students who earned graduate degrees in 2007-08:
• 26% had no education debt at all.
• 14% had undergraduate debt but no graduate school debt.
• 7% had borrowed $80,000 or more for graduate school.
• 5% had borrowed between $60,000 and $79,999.
(Source: The College Board)
One-quarter to one-third of borrowers at for-profit and public two-year institutions were making timely payments on their loans, and more than half of all borrowers in these sectors were delinquent or had already defaulted.
(Source: IHEP)
Median Debt Levels in various fields
•College degrees: As of Quarter 1 in 2012, the average student loan balance for all age groups is $24,301. About one-quarter of borrowers owe more than $28,000; 10% of borrowers owe more than $54,000; 3% owe more than $100,000; and less than 1%, or 167,000 people, owe more than $200,000. (Source: FRBNY)
Law School: The average education debt for law grads at private schools last year was nearly $125,000, while the average for grads of public law schools was more than $75,700, according to new figures released by the ABA (March 2012)
Medical School: 86 percent of medical school graduates had education debt, with a median amount of $162,000 in 2011 (AAMC).
MSW Programs: average debt of 26K (council on social work education, 2007)
PsyD/PhD in clinical psychology (taken from the APA doctorate employment survey, 2009): Graduates with a PsyD in clinical psychology reported a median debt level of $120,000 in 2009, up from $100,000 in 2007, $70,000 in 1999, and $53,000 in 1997 (Wicherski, Michalski, & Kohout, 2009; Kohout & Wicherski, 2003; Kohout & Wicherski, 1999). Clinical PhD recipients reported a median level of debt of $68,000, up from $55,000 in 2007 (Wicherski, Michalski, & Kohout, 2009). Graduates with PhDs in the research subfields had markedly lower median levels of debt by comparison ($38,500 across all research subfields). Almost 60% of PsyD graduates owed more than $100,000 compared to less than 17% of PhDs. These numbers are outdated by about 4 years so they can easily be 20% higher for 2013 graduates.
APPIC survey (2011) on PhD vs. PsyD Debt:
Ph.D. Median = $ 40,000
Mean = $ 53,160
S.D. = $ 58,932
Psy.D. Median = $ 120,000
Mean = $ 123,787
S.D. = $ 70,013
NOTE: Virtually all applicants will remain in training for
at least 18 months (including the internship year) after the
completion of this survey and may incur additional debt
during that period.
Mean debt load for Ph.D. students has increased
by $2,043 (4.0%) since 2008, while Psy.D. students have
experienced an increase in debt of $14,253 (13.0%) in
the same time period.
Percent of applicants with:
No debt Ph.D. = 24% Psy.D. = 8%
Debt <= $50,000 Ph.D. = 62% Psy.D. = 16%
Debt >= $100,000 Ph.D. = 21% Psy.D. = 70%
Debt >= $150,000 Ph.D. = 8% Psy.D. = 38%
Debt >= $200,000 Ph.D. = 3% Psy.D. = 17%
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