PP902 - Calculation of Student Debt-to-Income Ratios: A Financial Outlook in Audiology

Abstract:
A survey study was conducted to evaluate the student debt-to-income (DTI) ratio of individuals practicing audiology, factors that influence enrollment choices of audiology doctoral students, and what factors are significant to the DTI of audiologists. Initial data was presented at AAA 2024 and respondents doubled since that presentation to allow for a more robust analysis of the field of audiology, for both future professionals and active audiologists.

Summary:
As Emanuel (2021) noted, the majority of audiologists cite student debt as a reason they do not recommend others pursue an Au.D degree. When debt is significantly deterring individuals from becoming audiologists, the field is being set-up for an even greater shortage. This is troublesome as the aging population continues to increase, thereby increasing the need for hearing professionals nationwide. These financial difficulties can influence financial independence like owning a home and starting a family (Bray and Amlani, 2023A). A better understanding of the financial options and DTI status of individuals in states without programs can help with legislative actions and unity across the profession. The purpose of this survey project is to address the research question(s):
What is the ratio of debt-to-income in individuals practicing in states without an Au.D. program?
H1a: Overall DTI would exceed 1.0
H1b: The DTI would be greater for those obtaining an Au.D. that resided in a state without a public program available
H1c Degree obtained would significantly influence the DTI, with those obtaining MS degree reporting lower DTI values than those obtaining Au.D.s.
What factors influence the enrollment choices of Au.D. applicants without an in-state option? The Authors hypothesized that Academic Common Market (ACM) would be reported as a significant contributor in the enrollment decisions of those without an Au.D. program prior to 2022, followed by waivers of instate tuition.
What factors influence the DTI of practicing audiologist and students currently enrolled in Au.D. programs? Authors hypothesis (H3a) was that the DTI frequency distributions will be significantly different based on residency state, institutional funding support, as well as current employment setting. Additionally, if was hypothesized (H3b) that DTI would significantly influence subjective binary reports to the manner in which they pursued their degree.

Methods:
Qualtrics was utilized to collect survey data from 452 participants. The survey consisted of 17 questions. A breakdown of demographics, including state residency during Au.D., and access to financial support during Au.D enrollment, as well as the current settings of employment, will be collected.

Results &

Conclusions:
The current analysis is still ongoing, but as of now, the DTI looks more positive than originally hypothesized. Those that graduated more recently are more likely to have outstanding debt. The median DTI using current data is at 48% while our estimated initial DTI sits around 98%. Both are promising values based on a total of 148 respondents. We are analyzing demographic factors more robustly to determine whether work setting, location, etc. significantly influence the DTI. We also are analyzing what educational opportunities (i.e., in-state option, funding/assistantships) significantly may impact DTI. In preliminary data from previous poster, it was shown that those without an in-state program available at time of application were more likely to have a DTI greater than 100%. Worth noting is how only about 2/3rd of respondents provided information to calculate DTI which emphasizes how finances and discussion of them is still considered taboo. We need to further explore these factors and create open dialogue.

Brief Summary of Clinical Takeaways:
The takeaways for this session are how we can decrease the stigma regarding discussion of financial information; audiologists often do not recommend entering the field due to the financial burdens. This is imperative to consider as it will impact clinics in the future.