Debt Management Education in Physical Therapy Educational Programs.

Abstract

Aims: Student loan debt is a growing concern within the physical therapy profession with educational expenses often outpacing income. The purpose of this study was to determine any debt management education provided during physical therapy education, overall satisfaction with this education, awareness of student debt/income ratios, knowledge of available financial resources, and if debt management strategies were implemented.

Methods: Physical therapists (PTs) and physical therapist assistants (PTAs) from 8 states who graduated between 2011-2021 were surveyed about their experience with debt management education.

Results: 82.4% of respondents did not receive debt management education. Of these respondents, 84.8% thought it would have been helpful. When education occurred, it typically was late in the program with low satisfaction. Satisfied respondents had lower program and total student loan debt. Loan amounts were not what was expected for 48.8% of respondents, while 72% were unaware of debt/income ratios. 39.6% of respondents who received education implemented learned strategies.

Conclusion: Prevalence of debt management education within programs was low with decreased respondent awareness of debt/income ratios and available resources. Based on the results of our survey, programs should provide education throughout the curriculum, including increasing student awareness of resources to reduce student loan debt.