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

Abstract

Economic precarity is a serious concern in psychology education and training and is experienced to a greater degree by the students of color and students from lower socioeconomic status (SES) backgrounds. The present study examined differences in economic precarity and likelihood of delaying life milestones in a sample of firstgeneration (n = 74) and continuing-generation (n = 249) doctoral students and graduates in psychology. Results demonstrated that first-generation students reported greater credit-related stress, personal and professional financial stressors related to graduate school, and a greater likelihood of delaying life milestones than their continuing-generation peers, after controlling for SES. In addition, credit-related stress and graduate school financial stressors were related to delaying life milestones. No significant differences between first-generation and continuing-generation students were observed in student loan borrowing, general stress, or financial distress. Findings highlight the unique economic precarity of first-generation students in professional psychology and demonstrate the importance of disentangling SES and first-generation status in this population. Public Significance StatementThis study demonstrates that first-generation students in professional psychology delay major life milestones, participation in the profession, and the economy. These patterns hold even after accounting for socioeconomic status. It is therefore critical to develop support and advocacy efforts specifically for first-generation students in the professional psychology pipeline.

Financial stress and debt in clinical psychology doctoral students

“…Graduate students in social work (Unrau et al, 2020), law (Campos, 2012), and psychology (Belasco et al, 2014) also report high educational costs and debt, with additional challenges in the last decade as graduate students are no longer eligible for subsidized student loans (Heiniff et al, 2011). For psychology graduate students, surveys suggest concerning trends of worsening debt loads (Doran et al, 2016a; 2016b; Michalski et al, 2011; Stamm et al, 2015; Wilcox, Pietrantonio et al, 2021; Wilcox, Barbaro‐Kukade, et al, 2021). Recent studies (Doran et al, 2016a; Wilcox, 2021) that include hundreds of psychology graduate students and early career professionals across numerous subfields (e.g., clinical, clinical neuropsychology, counseling, family, health, and school) and types of programs (e.g., PhD, PsyD, and Master's) have documented increasing debt loads.…”

“…Just over a decade later, Doran and colleagues reported average cumulative debt of $105,000 and $173,000 for psychology doctoral (PhD and PsyD) students (Doran et al, 2016a). The most recent estimates suggest an average cumulative debt exceeding $122,000 and $231,000 for PhD and PsyD students, respectively (Wilcox, Pietrantonio et al, 2021). Given a median salary of $90,000 for clinical psychologists (Conroy et al, 2021), graduate student debt is likely outpacing salary growth (Klonoff, 2016; Norcross et al, 2010).…”

“…As several authors have noted (e.g., Lantz & Davis, 2017; Wilcox, Pietrantonio et al, 2021), exceptionally large standard deviations around mean debt load (~$118,000−$124,000 in Wilcox, Pietrantonio et al, 2021) make it difficult to draw broad conclusions, and indicate that students' experiences of graduate school debt will vary widely. Multiple studies have found associations between debt load during graduate school and increased stress and delays in personal life milestones (Doran et al, 2016a; Wilcox, 2021).…”

“…Multiple studies have found associations between debt load during graduate school and increased stress and delays in personal life milestones (Doran et al, 2016a; Wilcox, 2021). Several studies have also demonstrated that financial stress and debt can have an especially negative impact on first‐generation college students and marginalized groups, particularly among people of color (Lantz & Davis, 2017; Pietrantonio & Garriott, 2017; Wilcox, Pietrantonio et al, 2021; Wilcox, Barbaro‐Kukade, et al 2021). Student debt among people of color may only reinforce the impacts of structural racism (e.g., racial segregation and discrimination), further expanding racial wealth inequity (Mishory et al, 2019).…”

“…Even when students receive stipends or other university‐based funding, loans or other forms of financial support are often necessary to cover basic education and living expenses. In addition to tuition costs and university fees, psychology graduate students also regularly face steep increases in housing costs due to a lack of affordable graduate student housing; they may also be unable to afford professional (e.g., conferences, internship relocation, and work attire) or personal expenses (e.g., medical care) (Doran et al, 2016a; Wilcox, Pietrantonio et al, 2021; Wilcox, Barbaro‐Kukade et al, 2021). Thus, while some discipline‐wide steps have been taken to help reduce the expense of graduate school (e.g., recent recommendations that internship interviews be held virtually; Association of Psychology Post‐doctoral and Internship Centers [APPIC], 2022), the financial burden remains large.…”