Selected Loan
Debt of Social Work Students By
State
April 22, 2004
Financing a higher education is becoming increasing difficult
for many students and social work students are no exception.
The majority of social work students must piece together a
financial package from a variety of resources (i.e. scholarships,
grants, loans, parental support), but far too often, the majority
of the financial support comes from college loans.
Even greater financial difficulty awaits social workers following
graduation. Some social workers finish their education with
bachelor's degrees in social work (BSW), but the vast majority
go on to complete master's degrees (MSW). Of course, some continue
to pursue doctoral degrees (DSW/PhD). After four, five, six,
or more years of education, social workers are offered positions
in both the public and private sectors that often fail to adequately
reward them for their educational attainment, professional
licenses, and credentials.
Social work salaries continue to be among the lowest for professionals
in general and for those with master's level educations in
particular. In 2001, 22 percent of social workers earned under
$30,000; 20 percent earned between $30,000 and $39,999; 18
percent earned between $40,000 and $49,999. The median salary
for social workers with two to four years' experience was $35,600.
While social workers may be in positions that are personally
fulfilling, due to their high loan debt and low income, many
struggle financially and are forced to forego middle class
aspirations, such as home ownership. For many of these dedicated
professionals the financial burden becomes unmanageable and
they are forced to leave positions that may be in desperate
need of their skills and knowledge for positions that are more
financially rewarding. In those cases, it is a loss for the
social worker, for the children and families they serve, and
for society at large. Programs, such as loan forgiveness, designed
to address the economic hardship of social workers in highly
critical, but low paying jobs, would help to address this disturbing
situation.
What follows is information from selected states on the average
loan debt of social work students, which serves to document
the enormity of the problem. Personal stories from social workers
struggling to pay off their student loans are available on
the NASW Web site: www.socialworkers.org/advocacy/loanforgiveness
ALABAMA
University of Montevallo – Montevallo
, AL – Undergraduate program
- Average loan debt for undergraduate
social work students: $8,000 - $10,000
- Average starting
salary in area for graduates with bachelor's in social
work degree (BSWs): $23,000 - $25,000
University of Alabama – Tuscaloosa
, AL – Undergraduate program
- Average loan debt for undergraduate social work students:
$19,000 - $20,000
- Salary: 10-year loan payments on undergraduate debt along
with other basic life expenses will be unaffordable on
a social work salary, even with a Master's in social work
degree (MSW)
CALIFORNIA
San
Diego State University – Undergraduate & Graduate
program
- 60 percent of the 700 students (400 graduate students and
300 undergraduate students) receive some form of financial
aid
- Average loan debt for undergraduates who graduated in 2002-03:
$14,751
- Average loan debt for graduate students who graduated in
2003-04: $30,791
COLORADO
University of Denver – Graduate
program
- Average loan debt of Advanced standing Master's (MSW) students
(earn Master's degree in one year): $28,816
With interest of 8.25%: |
Needed annual salary at 10% of gross monthly
income: |
Over 10 years - $42,412
Over 15 years
- $50,319
Over 20 years - $58,927 |
Over 10 years - $42,415
Over 15 years
- $33,547
Over 20 years - $29,463 |
- Average loan debt of two-year MSW students: $42,485
|
With interest of 8.25%: |
Needed annual
salary at 10% of gross monthly income: |
Over 10 years - $62,530
Over 15 years - $74,190
Over 20 years - $86,880 |
Over 10 years - $62,530
Over 15 years - $49,459
Over 20 years - $43,440 |
HAWAII
Hawaii Pacific University – Honolulu
, HI – Undergraduate program
- Average loan debt (based on response of one-third of students):
$43,514
INDIANA
Indiana University – Bloomington
, IN – Undergraduate program
- Mean loan debt (based on response of one-third of students):
$17,764
MICHIGAN
University of Michigan – Ann
Arbor , MI – Graduate program
- The figures below are for graduates from August 2003, December
2003 and April 2004. Debt figures include both graduate
(MSW) and undergraduate debt. Sixteen month and 20 month
students enroll for 4 terms in the MSW program and Advanced
Standing students enroll for 3 terms. All students began
the program in Fall 2002.
- Average loan debt for 16 month students (December graduates):
$45,640
- Average loan debt for 16 month students of color: $47,094
- Average loan debt for 20 month students (April 2004 graduates):
$37,599
- Average loan debt for 20 month students of color: $37,292
- Average loan debt for Advanced Standing students (August
2003 graduates): $36,728
- Average loan debt for Advanced
Standing students of color: $30,852
NEW YORK
Adelphi University – Garden
City, NY – Graduate program
Average loan debt of 589 graduate (MSW) students (loans from
undergraduate, graduate, or both): $14,000 - $24,000 Dominican College of Blauvet – Orangeburg
, NY – Undergraduate program
- Average loan debt for class of 2001: $14,277
- Average loan debt for class of 2002: $15,773
- Average loan debt for class of 2003: $15,165
PENNSYLVANIA
Eastern University – St.
Davids , PA – Undergraduate program
- Mean loan debt of students graduating with BSW degrees in
May 2003: $18,900.
TEXAS
Our
Lady of the Lake University – San
Antonio , Texas – Undergraduate program
- Average loan debt 2001-2002: $21,171
- Average loan debt 2000-2001: $20,910
- Average loan debt 1999-2000: $18,700
VERMONT
University of Vermont – Burlington
, VT – Graduate program
- Loan debt reported by selected graduate (MSW) students:
$27,000 - $60,000
- Loan debt reported by MSW graduates: $21,000
- $80,000
VIRGINIA
Virginia Commonwealth University – Richmond
, VA – Graduate program
- Loan debt for graduate education (based on response of
75 out of 112 MSW graduates in 2001): most frequently
reported range was $20,000 - $29,999; almost a third reported
owing $30,000 or more
- Loan debt for undergraduate education: most frequently
reported range was $15,000 - $19,999. 10 students reported
owing less than $10,000; 10 reported owing $20,000 or
more; 4 reported owing over $30,000
WASHINGTON
University of Washington – Seattle
, WA – Undergraduate program
- Average loan debt for BSW students: $7,000 per year for
a total of $14,000 over a two year period
Compiled: April 2004 |
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