PP604 - The Sad Reality for AuD Student Loan Debt

Abstract:
This study examines the financial burdens faced by audiologists and students, focusing on education-related debt. With the rising costs of higher education, understanding the extent of student debt within the field of audiology is critical for informing future students and educational institutions. A quantitative analysis of data highlights average debt levels, key factors affecting financial burden, and the link between debt and career choices post-graduation. The findings reveal significant disparities in the amount of student debt and increase in tuition. It is essential for prospective students and educators to support informed decisions and address economic barriers in the profession.

Summary:
The purpose of this study is to monitor changes over time to student loan debt due to the increase of higher education tuition which leads to higher student loan debt. We hypothesize that student loan debt has steadily increased due to the increasing cost of higher education. The survey data was also collected ten times since 2005, giving it an advantage of the longitudinal factor.

An online survey that has been used every other year since 2005, was disseminated to AuD students and graduates of residential programs through emails and social media. The survey was posted through Survey Monkey. Survey questions utilized skip logic to tailor the questions for the survey taker. There were a maximum of 76 questions. However, the number of questions answered varied depending on the answers of the survey taker. The data was analyzed by descriptive statistics. Data from the 2024 survey was compared to the ten earlier survey collections.

Data is still currently being collected. Since the survey in 2022, the categories of $220,000 and $220,00 + have been differentiated. Preliminary data shows 14% of graduates are reporting debt over $200k. More preliminary data reveals 12% of students report $120,001-$140,000 and $160,001-$185,000. These suggest that students are taking out large amounts of money in loans to cover undergraduate and graduate education. However it is noteworthy that there is still a contingent of students (~25%) who have less than $10,000 in student loans. Further investigation into these students is needed. Full data collection will be completed by February 3rd, 2025.

There is no other data available showing the student loan debt over time for audiology. It is important for students looking to go into the audiology field to be aware of the financial impact going to graduate school might entail. The amount of student loan debt a student has may dictate where they can work, where they can live, and if they can afford to buy a house. Graduate school is a long-term financial investment.