Salary and student loan debt for oncology social workers: Findings from the oncology social work competencies, opportunities, roles and expertise (CORE) survey

PURPOSE

To better understand the current salaries and student loan debt levels among oncology social workers (OSWs).

DESIGN

Cross-sectional study using online survey.

SAMPLE

OSWs across a variety of cancer care settings in the U.S. (n = 1055).

METHODS

Salary and debt were collected via single ordinal variables. Crosstabs and chi-square tests were used to examine whether salary and debt differ by demographic and work-related characteristics.

FINDINGS

Median OSW salaries ranged from $60,001 to $70,000. Three-fourths of OSWs reported having student loan debt. Younger and recently graduated OSWs and OSWs of color were more likely to have greater student loan debt than their counterparts.

CONCLUSIONS

Relative low salary and debt burden have important implications for securing a current and future OSW workforce.

IMPLICATIONS FOR PSYCHOSOCIAL POLICY

Adequate reimbursement and loan repayment opportunities for frontline OSWs will better secure this workforce. Advocacy efforts to identify OSWs qualified for loan forgiveness programs are warranted.

The Financial Life of Aspiring Veterinarians

The stress of veterinary students ranges from the financial stress associated with high student loan debt combined with possible credit card debt, to relational stress due to lack of time to commit to social activities, to uncertainty regarding the ability to perform at the highest level. While this study considers a multifaceted approach to veterinary student stress and ultimate depressive symptoms, the focus is on the financial stress. A common strategy for reducing debt is to increase financial literacy. While this has the potential to help, it is not the sole solution given that students opt into the program for non-financial reasons. A path analysis was used to explore the predictors of financial satisfaction (the inverse of financial stress). The results were then used to predict depression among pre-vet and veterinary students in combination with relationship stress and demographic characteristics. Results indicate that current and expected student loan debt negatively influence financial satisfaction of pre-veterinary and veterinary students. Lower financial and relational satisfaction predict depressive symptoms among students. Among pre-veterinary students, feeling less intelligent than peers and being a sophomore versus a freshman is associated with depressive symptoms. Among current veterinary students, third-year students are more likely to report depressive symptoms than first-year students.

Analysis of Educational Debt and Income Among Pharmacists and Other Health Professionals

Objective. To evaluate educational debt-to-income trends in pharmacy, dentistry, medicine, optometry, and veterinary medicine in the United States from 2010 to 2016. Methods. A retrospective analysis of educational debt and income for selected health professions was conducted. Data on student loan debt were collected from professional organizations and data on income were collected from the American Community Survey. Ratios of the mean educational debt of graduating students to the median annual income for their respective profession were calculated for 2010 through 2016. Average change per year in debt, income, and debt-to-income ratio were calculated. Results. Debt-to-income ratios for all selected health professions except medicine exceeded 100%. For physicians, debt-to-income ratios ranged from 89% to 95%. On average, physicians (-0.3 percentage point) and optometrists (-0.5 percentage point) had negative changes in their debt-to-income ratios from 2010 to 2016. Average increases per year in debt-to-income ratio of veterinarians, pharmacists, and dentists were 5.5, 5.7, and 6.0 percentage points, respectively. From 2010 to 2016, dentists had the largest average increase per year in debt ($10,525), while physicians had the largest average increase per year in income ($6667) and a minimal average debt increase per year ($5436). Pharmacists had the second largest average increase per year in debt ($8356). Conclusion. Educational debt-to-income ratios in the United States increased considerably over the past decade among pharmacists, dentists, and veterinarians and can negatively impact health professionals as well as patient care. Innovative strategies are needed to alleviate the educational debt burden.

In Sickness and in Debt: Do Mounting Medical Bills Predict Payday Loan Debt?

Cash-strapped families sometimes turn to small, short-term loans with exorbitant fees—payday loans—to cope with mounting medical bills. Given that about three-fourths of payday loan customers are repeat borrowers, consumer advocates and policymakers have increasingly raised voices of concern about the use of payday loans to finance various household expenses, including, among other things, medical bills. The present study hypothesized that increases in medical debt are associated with increases in payday loan debt among a sample of Chapter 7 bankruptcy filers. The results of a multivariate tobit regression analysis showed that medical debt was associated with increased payday loan debt, controlling for various types of debt and other socioeconomic variables. This article concludes with implications of the results for social work policy- and direct-practice.