Survey of Optometrists Investigating Student Debt

Background: A well-established trend in professional schools is the rising cost of tuition, and consequently, student debt. According to the Association of Schools and Colleges of Optometry, in the 2017-2018 school year, the average cost for all direct expenses for optometry students was $31,388 to $42,158.1 There have been numerous studies conducted to evaluate debt load for optometry students, however, evaluation of the impact of student loan debt on optometric career choices is lacking. The goal of this study is to answer the following two questions: Do optometrists feel they are able to comfortable repay their student debt? Does student debt load influence one’s chosen mode of practice? Methods: The study was conducted through an online survey that was distributed via email by the Michigan Optometric Association and the Michigan College of Optometry Alumni Association, as well as through social media posting within the Facebook, Inc. groups: “ODs on Facebook” and “ODs on Finance”. The survey was open from October 15, 2018 to December 1, 2018. Results: A total of 312 responses were received. The majority of the respondents reported a student loan debt total of $200,000 or more (n=91) upon graduation. 41.03% of participants reported that debt was a deciding factor in the mode of practice they chose immediately after graduation (n=128) and 46.15% felt that their debt prevented them from living the lifestyle they expected to live after graduation (n=144). Overall, 76.28% of participants felt that their student debt was manageable (n=238). Conclusions: Despite the rising cost of tuition among professional schools, the majority of the optometrists surveyed did not consider debt to be a deciding
factor in where they chose to start their career, and an even larger percentage of optometrists felt that their student debt was manageable. Additionally, a minority of doctors found their debt prevented them from living the lifestyle they expected to live after graduating.