A plan for addressing the student debt crisis in psychological graduate training: Commentary on “Graduate debt in psychology: A quantitative analysis” (Doran et al., 2016).

Abstract

This commentary focuses on the article "Graduate Debt in Psychology: A Quantitative Analysis" by Doran, Kraha, Marks, Ameen, and El-Ghoroury (2016), which was published in a previous issue of Teaching and Education in Professional Psychology. In this response, we discuss the importance of legitimizing the severity of the student debt problem within the field, current work from the APA/APAGS to reduce student debt, and propose a plan for addressing graduate student debt, which includes the 7 following areas: (a) transparency and guidance for undergraduate psychology students, (b) financial informed consent in graduate training, (c) ensuring financial literacy and creating a culture of safety around discussing student debt, (d) postgraduation financial resources, (e) Increasing Funding Opportunities For Clinical Training, (f) federal advocacy for student debt concerns, and (g) APA advocacy for higher wages for entry-level positions. Each area is described with examples of implementation. We conclude our commentary with a discussion of how graduate student debt may affect diversity, inclusivity, and social justice within professional psychology.

It takes money to make money: Inequity in psychology graduate student borrowing and financial stressors.

“…borrowing upon which some faculty and administrators draw (see Klonoff, 2016;Lantz & Davis, 2017;Pietrantonio & Garriott, 2017) would suggest that this point must be belabored. To be sure, there are some psychology graduate students who may drive nice cars and take luxury vacations.…”

“…We have argued elsewhere (Pietrantonio & Garriott, 2017) for the importance of promoting financial literacy. This is indeed important, and training programs have a role in helping prospective students understand the true cost associated with earning one's (Cohen et al, 1983).…”

“…The widespread financial burden of student loans is referred to as the student debt crisis (Pietrantonio & Garriott, 2017). With college tuition inflation occurring at a rate not matched by wage increases, students and their families have struggled to finance higher education, resulting in an increased need to borrow.…”

Clinical psychology PhD students' admission experiences: Implications for recruiting racial/ethnic minority and LGBTQ students

“…Giving direct implications for diversifying the field of clinical psychology, programs are urged to take a proactive stance in addressing the student debt crisis. To be sure, student debt is a sociopolitical issue larger than what the field of psychology alone can tackle (however, see Pietrantonio & Garriott, 2017, for a discussion of how psychology programs and the APA can advocate for funding in higher education, including at the federal level). However, programs do have decisional latitude over monies that are set aside for a specific purpose, such as travel funds and recruitment incentives.…”

Stalling at the starting line: First-generation college students’ debt, economic stressors, and delayed life milestones in professional psychology.

“…From a CCWM perspective, faculty and supervisors should support FGCS acquisition of normative capital; furthermore, they should not assume that FGCS understand the “hidden curriculum,” including what costs money, what should not cost money, or how to find financial support. For example, Pietrantonio and Garriott (2017) call for transparency, beginning at admissions, about hidden costs (e.g., fees; internship application costs; licensure). FGCS in particular—even middle and upper-SES FGCS—may not know to ask such questions or believe that they should.…”