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From the Office of APA Research
As can be seen in Table 8 and Table 9 , 71% of the 2001 doctorates reported some level of debt upon receipt of the doctoral degree. There were noticeable subfield differences; with almost 77% of new doctorates in the practice subfields reporting any debt compared to 57% of those in the research subfields. Graduates in counseling reported the highest proportion with debt (79%). Although other subfields in the practice areas did report debt, in some cases the small Ns in these subfields render interpretation difficult. However, as will become evident, many new doctorates in the practice subfields have assumed debt and at very high levels. Ten percent of new doctorates in the research subfields owed $5,000 or less related to their graduate education; the comparable percent for the practice graduates was just 4%. At the high end of the scale, over two thirds of the new doctorates in the practice subfields owed more than $30,000. Seventy-two percent or 459 of 638 of these had debt in excess of $50,000. In contrast, forty-two percent of new doctorates in the research subfields owed more than $30,000 and of these, half had debts greater than $50,000. The median level of debt for those in the practice subfields was $50,000 compared to $25,000 for those in the research subfields.
Debt levels analyzed by field and type of degree revealed some interesting differences. Fully 83% of those with PsyDs reported some debt (This was 84% for Clinical PsyDs.), while 67% of those with PhDs did so (Seventy-two percent of Clinical PhDs reported debt.).
A graduate with a PsyD in Clinical psychology reported a median debt level of $80,000 in 2001, up from $70,000 in 1999 and $53,000 in 1997. The Clinical PhD reported a median level of debt of $36,000. Graduates with PhDs in the research subfields had markedly lower median levels of debt by comparison ($25,000 across all research subfields). Fifty-one percent of PsyD graduates had more than $75,000 in debt compared to only 15% of PhDs. These debts have real implications for productivity and lifetime earnings among substantial segments of the doctoral population in psychology. Although debt levels may be lower for those in the research fields and for those earning PhDs, it is important to add that debt levels increased in 2001 for practice and research graduates alike. It is important to disseminate this information to students who may be considering a career in psychology, so that their decisions can be fully informed.
16 May 2005
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