Implications of Student Debt and Financial Wellness: Can Universities Help?

Introduction- With student loan debt growing, the cost of pharmacy school increasing, and the pharmacist job market slowing due to increased number of graduating pharmacists, pharmacy students need to be more financially aware to improve their financial outlook and overall long-term financial wellness. Exploring whether or not students feel prepared financially for graduation is something that universities could use to evaluate different ways to educate and help their students. With an increased cost of education comes increased financial burden upon graduation. Financial wellness plays a role in a person’s overall happiness. If universities could better educate and prepare students prior to graduation, new graduates could have decreased financial anxiety and burden as well as improved overall wellness. Objective- The objective of this study is to compare at different points during their education, pharmacy students’ perspectives related to financial anxiety and their need for financial preparation before graduation. Procedure- This study was conducted online via a web-based survey using Qualtrics. Pharmacy students at Butler University were asked questions relating to the amount of stress and worry they experience due to their financial situation and asked to record responses via a 5-point Likert scale. Further questions were asked about loan specific information such as interest rates, repayment plans, and if they wanted access to more loan related information. Conclusion- Preliminary results suggest that students do endure anxiousness in regards to their financial situation. Students feel like they would benefit by having more access to financial planning and student loan information