Debt Accumulation Of Michigan College Of Optometry Students.

Background: Student debt is exponentially on the rise, especially among graduate
students. Thus, it is important for students in a higher education program to be aware of
how much debt to expect to accumulate. Additionally, being educated on how to properly
prepare for and conduct the student loan process, if needed, in order to fund an
educational program while avoiding excessive debt is of great value. In February of
2009, Practice Advancement Associates on behalf of the New Graduate Academy
concluded that there was a link between how much new graduates of optometry school
expected to earn and how much student debt they had. In a survey conducted in
2005/2006 by the Nova Southeastern University College of Optometry, it was found that
newly graduated optometrists chose mode of practice largely based on their current
financial situation, and were more likely to start out in a retail or commercial setting as
opposed to private practice. However, many of these students later switched to a group
or solo private practice. In addition, a 2006 survey of first through fourth year students
at the Illinois College of Optometry analyzed the relationship between student debt
amount and the initial choice of practice mode upon graduation. When debt was
eliminated as a factor, fewer students chose corporate practice while the majority of
student chose owning a solo private practice. A more current study of optometry student
debt is important to obtain up to date information about the future trends of optometry, as
well as the possible challenges future optometrists may face. The purpose of this study is to examine past and present student debt from the Michigan College of Optometry
(MCO).
Methods: Current students and graduates of the Michigan College of Optometry were surveyed via an anonymous, short online questionnaire-no identifying material was asked for in the survey. The survey results were analyzed for any patterns and to determine the percentage of each response chosen.
Results: Based on the responses received, the average amount of student debt from year to year significantly increased along with years needed to complete loan repayment. In the more recent graduating classes, multiple modes of practice were more common compared to those who graduated in earlier years. The majority of alumni felt that their student debt did not impact their chosen mode of practice, but it did contribute to life choices.
Conclusions: Students are taking out larger amounts of debt than they have in the past. This is partially due to rising tuition costs. Not only are they taking out larger amounts in student loans, but these loans have higher interest rates. The amount of debt that students are having to take out for their graduate degree is not necessarily affecting their mode of practice but is affecting their life choices. Students need to be financially informed so they can be financially stable and responsible after graduation. Students need to be better educated on the overall cost of optometry school, as well as how to pay back their loans efficiently.