Debt. Loans. Repayment. Terms likely to make any of us feel like….

Source: Self-portrait by user BrittneyBush on Flickr. Some rights reserved.

What can you do about your debt? Let us walk you through it. (Source: Self-portrait by BrittneyBush on Flickr. Some rights reserved.)

…. and rush to click to another, safer page (Facebook!).

But whereas you can easily defer paying off your debt while still in school, you should not defer thinking about your debt and engaging in ongoing financial planning.

As in all cases, knowledge is power. Having access to accurate information about average debt loads and starting salaries is critical to ensure that you plan appropriately and have the best chances of managing your educational debt.

The cost of higher education continues to increase — not just in psychology but for most graduate student borrowers. Case in point: In 2012 the federal government stopped subsidizing student loans for graduate students, but we’re working on getting that subsidy restored through a bill introduced US Rep. Dr. Judy Chu! These increasing costs, compounded by the ever-escalating cost of living, are resulting in larger debt burdens for psychology graduate students.

Graduate Debt in Psychology: A Quantitative Analysis (Doran, Kraha, Reid Marks, Ameen, & El-Ghoroury) offers an up-to-date and comprehensive look at current debt and income levels among graduate students and early career psychologists (ECPs).

Here are some data highlights from the paper:

Debt Loads

  • The average debt for graduate students currently enrolled in a graduate program was $100,603.79 (Mdn = $80,000.00, SD = $77,623.76), with projected final debt loads of $129,717.56 (Mdn = $110,000.00, SD = $92,694.51).
  • Graduate students reported that they anticipated a final average debt load of $141,078.07 (Mdn = $120,000, SD = $97,811.72), including their debt from both undergraduate and graduate study.
  • Students seeking a Psy.D. degree (M = $173,239.29, Mdn = 160,000.00, SD = $78,711.10) reported higher levels of anticipated final debt than students seeking health-service Ph.D.’s (M = $111,590.14, Mdn = 76,500.00, SD = $96,561.01) and research/other Ph.D.’s (M = $68,684.21, Mdn = 72,500.00, SD = $43,977.33).
  • Early career psychologists reported that their final cumulative debt load (undergraduate and graduate) was an average of  $108,127.11 (Mdn = $98,000, SD = $73,817.32), which included debt from undergraduate and graduate study.

Income Levels

  • Early career psychologists reported that their average first year income was $63,260.85 (Mdn = $60,000.00, SD = $19,408.75).
  • They also reported an average current income of $74,577.83 (Mdn = $72,000.00, SD = $29,701.54).
  • 43.3% of ECPs indicated that their current salary was lower than what they expected to make at this stage of their careers.

Impact of Debt

  • Nearly half of all respondents experience significant financial stress.
  • As a result of education-related debt, graduate students delay retirement planning (65.7%), buying a home (62.5%), having children (49.3%), and getting married (31.8%).
  • ECPs also delay saving for the future (63.4%), retirement planning (56.7%), buying a home (42.5%), and having children (32.7%).

While this information can be overwhelming, it is important to keep track of your debt load and make sure you are informed about average salaries in your subfield or area. But how?

  • First, read our paper for full details.
  • Then, use student loan calculators (for example) to help you figure out what your average monthly payment will be based on your total debt and interest rate, so that you can plan accordingly.

If this article has made you fret about debt, don’t despair. We have compiled a few resources to help you learn more about managing your debt, loan repayment, and financial planning.

There are steps you can take at any point to begin to manage your debt. So break through that resistance, do your research, and start planning!

And just in case this article has caused you any distress (and you wish that you had followed your initial impulse to instead return to Facebook), please let us help you regulate yourself with a charming cat photo:

Source: A Geeky World. Some rights reserved.

My debt will never find me. (Source: A Geeky World, Some rights reserved).

Editor’s Note: This article is written by Jennifer Doran and Laura Reid Marks, co-authors of a major peer-reviewed analysis of graduate debt in psychology published this February. The same study made the cover of Monitor on Psychology’s April issue.

Reasons to Attend Convention 2016 (Denver, CO)

Going to APA Convention is an important graduate school experience (and not just to add another line or two to your CV!).  We all know the drill with presenting our research and beefing up our CVs, but Convention has much more to offer! Here are some of my top reasons to attend Convention.

  1. Permission to Dabble!

Graduate school is an odd combination of being indoctrinated by your advisor and learning to critically evaluate everything you think you know (or are told).  Sometimes our focus becomes pretty limited by our long-days and late-nights working on our own research – for me White racial identity development among academicians in psychology.  Convention provides opportunities to branch out and see what the rest of psychology is up to!  My Convention guilty-pleasures (i.e., not related to my own research) are sessions on mental health disparities, feminist roundtables, and racial injustice advocacy.  I encourage you to find your own guilty-pleasures and indulge!

  1. Networking
APA2012_115

An APAGS Member met Dr. Philip Zimbardo at an APAGS Food for Thought Breakfast.

Really, networking could be reasons 1- 5.  Regardless of where you are in your program, networking is crucial. As a second-year doctoral student, I met my future internship training director at Convention. I’m not saying that I matched solely because of this happenstance meeting, but I’m pretty sure I left a favorable impression! Now as I am transitioning to my first job-search as a psychologist, having THOUSANDS of potentials psychologists in one place feels like a dream! I am also always on the lookout for a celebrity psychologist sighting, so that I can have a fan-girl moment…

  1. Any Excuse to Get Out of [INSERT COLLEGE TOWN HERE]

Graduate students who have the luxury of going to school in New York City, Southern California, or Miami may not feel my pain, but I can always use an excuse to get out of Lexington, KY.  While the Horse Capital of the World boasts a cheap cost of living and mild winters, I find myself needing a break from the college town milieu.   Convention is a great way to double dip – professional development and mini-vacation!  Denver has a lot to offer budget-minded graduate students, such as several microbreweries, Colorado Rockies games, and several day-hikes right outside of the city.  Don’t forget to take some time for self-care and enjoy Denver!

  1. Sessions for Students, by Students

Faculty always say that they vividly remember the plight of graduate school… right before they give you a 48-hour deadline of reworking a manuscript and then go home for the evening at 5pm… However, faculty can forget all too soon that graduate students have unique struggles and concerns.  The APAGS Convention Committee provides student-focused programming in response to student feedback and needs.  In Denver, APAGS has prepared programs for stats-phobic students (Stats Phobia: Learn How to Learn Stats [and Work past Beginners Anxiety]), students who moonlight as parents (or maybe the other way around; Two P’s in a Pod: Balancing Parenthood with Psychology Training and Careers), and students from a variety of diverse identities and backgrounds (Connecting with our queerness: Four contemporary takes on being an LGBTQ(A) psychologist & Conducting Research on Marginalized Identities: When Research is “Me-Search”).  For the full APAGS Convention schedule, be on the lookout for the APAGS Convention Booklet that will be released closer to Convention or visit the APAGS Convention website!

The IDP: A Career Plan That Doesn’t End with Your First Job

Sometimes graduate school and postdoctoral training can feel like being in a long, dark tunnel. At the end is the escape. All you have to do is square your shoulders, pump your arms, and keep making progress towards the light at the end.  Once you burst through, you will find yourself basking in the happy, warm glow of…. Your. First. Job.

But a job isn’t a career.

You want a career – a progressive increase in responsibilities and daily activities that are rewarding, have impact, and make use of your current skills and the new ones you’ll gain along the way. You want a path, not a tunnel.

How much time have you really spent career planning?

One often neglected aspect of graduate school and postdoctoral training is career planning. A goal of your training should be about developing that career path – or more accurately, developing both a path and yourself.  You need to thoughtfully research the type of career options that interest you and that are available. Next you develop the skills, knowledge, abilities, and competencies to land those jobs along your career path.  Luckily you’re not alone and this career plan has a proven process. It’s called an Individual Development Plan, or IDP.

What’s an IDP?

An IDP is a career resource – designed by you – that helps map out your career path. I could spend more time explaining what they are, or how creating formalized plans in postdoctoral training improves outcomes, or how both NSF and NIH require career development plans for trainees.  But consider this, from 2009-2014 there was a 20% increase in psychology doctoral degrees.  Over that same time tenure track faculty positions did not keep up with PhD production. But, wait. The good news is, NSF says that the number of jobs that require science & engineering skills is outpacing the new job creation in the total workforce. This means that there are probably more job options and career paths than you thought.

It all starts with knowledge of IDPs and then yourself. But before you start, here are some helpful tips to help you along your IDP Journey:

  1. Get the big picture first, then attack each step:  Resist the urge to just jump in and spend next weekend doing nothing but career exploration. Make a schedule to watch our five videos and go back and re-watch.  Next spend maybe a week (or two) assessing your skills, and searching for a mentor.  Re-watch the videos as many times as needed to feel ready to move to the next step.
  2. Make a schedule:  Make a regular time to do IDP work – every Wednesday right after a lab meeting, or every Friday after your last patient or client.  Or the first Sunday of each month, when all is still and quite and peaceful.  Whatever works for you, but make it a priority.
  3. IDPs are both curricular and extracurricular: We stress that IDPs shouldn’t pull you away from your current training and work obligations.  Quite the contrary – they help you integrate career opportunities day-to-day, and plan for those you need to find outside the lab, clinic, or office.  A plan will balance your demands and help you progress.

So, what are you waiting for? Get started!

Editor’s Note: This post was written by Garth Fowler, PhD, Associate Executive Director of Graduate & Postgraduate Education and Training in the Education Directorate at the American Psychological Association.

 

Psych The Vote! Final Chance to Meet Blaire and Justin before Voting Begins

psychthevoteWe’re once again Psyching the Vote for APAGS Chair-Elect! During the month of April, APAGS members can submit an elections ballot for elections for APAGS Chair-Elect and four members at large (link contains position descriptions and official bios). Members will get an email with voting instructions tomorrow, April 1. This post is the final in our series in which candidates voluntarily answer our questions in 200 words or less, to give voters some insight into what they will bring to their prospective positions. We’ve heard already from Blaire and Justin last week when they spoke about the relevance of leadership and advocacy competencies.

Here we go with our final question for APAGS Chair-Elect: 

What is it about psychology or about fellow graduate students that will keep you shuffling back and forth to DC dozens of times during your 3+ years in office for APAGS? What is it about YOU that makes you believe you can sustain your energy and focus for that long?

Justin Karr responds: 

Justin_Karr_headshot_2015

I was initially attracted to the discipline of psychology due to its focus on improving people’s lives through both translatable research and direct clinical work. In this same light, I came to APAGS with the interest of serving students. My advocacy to date has focused on providing a voice to students, and reducing the burdens that we face during our training and early careers. I personally know the disappointment of not matching to an internship, and I have felt the burden of debt and the constant stress of financial insecurity. These issues are not individual to me, and they require passionate advocacy. My own experiences, and the stories of my peers, motivate me to advocate to the highest powers for improved educational standards, greater training opportunities, and increased graduate funding. These goals do not only serve to help students, but they also serve to help the public. The world needs well-trained psychologists, free of undue burdens that interfere with their training and meaningful work. I will work every day of my tenure as the APAGS Chair-elect to reduce barriers, support educational quality, and ensure that every psychology student has access to the highest quality of graduate education.

Blaire Schembari responds:

schembari

At my first APAGS leadership meeting, I felt a rush of excitement. Over three days of back-to-back meetings, I participated in discussions, brainstorming sessions, and working groups focused on addressing critical graduate student issues. After the final meeting, I expected to be worn out; however, I was inspired and ready to lead. My energy was maintained because I deeply connect with the leadership and advocacy I am a part of with APAGS.

Advocating for my fellow psychology graduate students’ interests and making a difference in their lives and future careers will motivate me to travel during my time in office.

Additionally, I will sustain my energy and focus during my travel, as I have already had practice. My now partner and I were in a long-distance relationship for my first three years of graduate school. I traveled from D.C. to California every month, maintaining my graduate studies and other responsibilities. At times, traveling was difficult; however, I had something, in this case someone, I was passionate about, which fueled my motivation. Giving a voice to my peers is what I am passionate about. I am confident my fervor for leadership and advocacy will keep me energized and focused to travel.

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That’s a wrap! Tomorrow, you as an APAGS member will receive your ballot! Check the inbox and spam folder of the email account you have on file with APA. If you don’t receive a ballot, try entering your last name and membership number here or request a new ballot from Garnett Coad in our Elections Office. — APAGS Staff.

Psych The Vote! Meet 3 Candidates for APAGS Member-at-Large, Diversity

psychthevoteWe’re Psyching the Vote for APAGS Member-at-Large, Diversity Focus! During the month of April, APAGS members can submit an elections ballot for elections for APAGS chair-elect and four members at large (link contains position descriptions and official bios). Members will get an email with voting instructions on April 1. This post is the fifth in a series of six ending tomorrow in which candidates voluntarily answer our questions in 200 words or less, to give voters some insight into what they will bring to their prospective positions.

Our question for APAGS Member-at-Large, Diversity Focus: 

Creating a graduate school experience where students of historically marginalized backgrounds can feel safe is very important for multiple stakeholders — and is receiving a lot of national attention. What do you think is APAGS’s specific role in promoting safety, and what should be our top priorities in the next few years?

Mona Elgohail responds: 

ElgohailA quick Google search of my name will show one of several instances throughout my life when I was discriminated against by those who were supposedly there to help me excel academically. I know first-hand that discrimination against students of historically marginalized backgrounds is still grossly pervasive and tolerated within some university settings. I believe that APAGS is uniquely positioned to address these injustices top-down through policy, and bottom-up by providing minority students with resources to advocate for themselves and create change in their departments.

I aspire to establish policies that encourage graduate programs to more explicitly commit to inclusiveness and diversity. These efforts would involve surveying students to determine how new policies can best reflect the needs of marginalized students nationwide and create meaningful change in their graduate programs.

Solutions can take a number of forms, including periodic trainings on diversity issues; innovative approaches to recruitment of minority students and faculty; the formation of advisory committees within departments that focus on diversity and inclusion; and courses that provide effective understandings of privilege, policy, and social justice. Ultimately, creating a culture where marginalized students feel safe should be a priority for graduate programs and aligns perfectly with APAGS’s mission.

Jamal Hailey responds:

HaileyAPAGS is uniquely positioned to play a pivotal role in addressing issues concerning safety on a national level through student engagement activities. Over the next few years, APAGS’s top priority should be developing and implementing a strategic plan, which includes having conversations with students across the county, to address issues related to gender based violence and sexual assaults; transphobia, structural level oppression, and the safety of Black students as anti-Black propaganda continues to increase across the country. Elevating the voices of students across campuses provides them with an opportunity to voice their concerns and recommendation regarding safety at their respective campuses. While students at colleges may not have the same experiences, providing an opportunity for students to engage in a national dialogue could yield important information, which APAGS could use to develop a national strategy to address and promote safety for students, particularly those from marginalized and/or underrepresented groups.

Fanny Ng responds:

Ng

Graduate students from historically marginalized backgrounds should not just feel safe in their programs but feel valued and respected as developing professionals who bring unique experiences and perspectives to understandings and applications of psychology in research, practice and teaching to diverse peoples. We should aim not only to establish safety for minority students but welcome diversity across all dimensions at every program as diverse viewpoints enrich teaching and learning for all students and faculty. Diverse viewpoints produce more cognizant and culturally competent psychologists from all backgrounds to effectively address the needs of changing communities currently and in the future.

Therefore, I believe APAGS’s top priorities for the coming years should be to establish practical guidelines for graduate programs on the 1) regular assessment of program diversity climate and 2) strategies for developing effective action plans to cultivate greater safety and inclusion for all students, especially those from marginalized backgrounds. I have seen the ways that student feedback can drive lasting change in graduate program policies and structures. I believe that APAGS can and should lead graduate programs to provide safe, non-evaluative avenues for student feedback that redouble the effort to create more welcoming student environments for psychology’s diverse future leaders.

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Be on the lookout tomorrow for our final post in this series and be sure to vote when you receive your APAGS electronic ballot on Friday! — APAGS Staff.