Original Research

Student Loan Burden and Its Impact on Career Decisions in Dermatology

Author and Disclosure Information

 

References

Comparison of Respondents Interested in Careers in Academia vs Private Practice
There were differences in financial circumstances between respondents interested in academia versus those interested in private practice. Compared to respondents interested in academia, those interested in private practice were more likely to have more than $200,000 in student loan debt (24 [53.3%] vs 6 [24.0%]; P<.05), have more than half of their education paid with student loans (38 [84.4%] vs 15 [60.0%]; P<.05), and state that student debt affected their career goals (28 [62.2%] vs 3 [12.0%]; P<.001)(Table 3). Demographic characteristics including gender, marital status, parental status, and current annual household income were not associated with a specific career goal.

Subgroup analysis was performed on respondents who were initially interested in academic careers but subsequently decided to pursue private practice (n=15). Compared to those who remained interested in academia, those who changed career plans from academia to private practice were more likely to have more than $200,000 in student debt (76.9% [10/13] vs 23.1% [3/13]; P<.001) and were more likely to state that loans affected their career goals (86.7% [13/15] vs 13.3% [2/15]; P<.001).

Residency program experience also may influence career trajectory. The majority (n=41 [58.6%]) of respondents indicated that their residency program experience affected their dermatology career goals. Of those, 41.7% and 58.5% stated that their residency program experiences dissuaded and persuaded them into academic positions, respectively. Those interested in academic dermatology were more likely to state that their residency program experience influenced their career goals (80.0% [20/25] vs 46.7% [21/45]; P<.05). Furthermore, those interested in academic positions responded with higher overall residency program satisfaction ratings on a scale of 1 to 10 (1 indicated the lowest satisfaction) than those interested in private practice, but the difference was not significant (mean [SD] score, 8.2 [2.3] vs 7.2 [1.9]; P=.07).

Respondents were asked to rate their interest in the following dermatology-related professional interests on a scale of 1 to 5 (1 indicated the least enjoyment): medical dermatology, dermatologic surgery, dermatopathology, cosmetics, and lasers. Those interested in private practice versus those interested in academic dermatology found more enjoyment in dermatologic surgery (mean [SD] score, 4.0 [0.8] vs 3.4 [1.3]; P<.05), cosmetics (3.4 [1.2] vs 2.6 [1.4]; P<.05), and lasers (3.7 [1.0] vs 2.8 [1.2]; P<.05)(Table 4).

Respondents also were asked to select primary motivating factors for their career goals (ie, academia or private practice) and to indicate reasons for not choosing the alternative. The majority of those pursuing academia were motivated by opportunities to collaborate with colleagues (23 [92.0%]), teach and mentor (20 [80%]), and manage complex cases (17 [68.0%]). Most of the respondents who were pursing private practice were motivated by focus on patient care and clinician duties (36 [80.0%]), flexible work hours (35 [77.8%]), higher income (33 [73.3%]), and location flexibility (29 [64.4%]). Among those interested in academic dermatology, the top factors for disinterest in private practice were running a business (9 [36.0%]) and high patient turnover (9 [36.0%]). Most of those interested in private practice indicated that they were not interested in an academic position because of lower income (31 [68.9%]) and research duties (31 [68.9%])(Table 5).

Awareness of and Attitudes Toward the PSLF Program
The majority of respondents were aware of PSLF (53 [75.7%]); however, only 1 respondent endorsed current plans to use PSLF for loan repayment. Respondents were asked how likely they would be to pursue an academic position if given the option to have their student loans forgiven by the PSLF program. Overall, 44.6% (n=25) of respondents indicated that this option would have no effect or would unlikely convince them to pursue an academic position, and 55.4% (n=31) of respondents indicated that they were somewhat likely, likely, or very likely to pursue academia if PSLF was an option. Of those who stated that they would consider enrolling in PSLF, 64.5% (20/31) of individuals were pursuing careers in private practice. Neither current student loan burden nor career goal was associated with likelihood of enrolling in the PSLF.

Recommended Reading

FDA addresses cell-based regenerative medicine in comprehensive new policy
MDedge Dermatology
Well, I figured it out ... I owe my soul to the company store
MDedge Dermatology
Marketplace confusion opens door to questions about skinny plans
MDedge Dermatology
HealthCare.gov seeing more action this fall
MDedge Dermatology
Drug prices a key focus of Senate HELP examination of Azar nomination
MDedge Dermatology
5 big ways the tax bill could affect health policy
MDedge Dermatology
Diversity in the Dermatology Workforce: 2017 Status Update
MDedge Dermatology
The h-Index for Associate and Full Professors of Dermatology in the United States: An Epidemiologic Study of Scholastic Production
MDedge Dermatology
Direct and Indirect Patient Costs of Dermatology Clinic Visits and Their Impact on Access to Care and Provider Preference
MDedge Dermatology
CMS looking to evolve QPP to measure outcomes, not processes
MDedge Dermatology

Related Articles