Journal of Counseling Psychology 2015, Vol. 62, No. 2, 202-215

© 2014 American Psychological Association 0022-0167/15/$ 12.00 http://dx.doi.org/!0 .1037/cou0000051

Counseling Psychology Trainees’ Experiences With Debt Stress: A Mixed Methods Examination Amber N. Olson-Garriott and Patton O. Garriott

Marybeth Rigali-Oiler

University of Denver

University of Califomia-San Diego

Ruth Chu-Lien Chao University of Denver Financial debt accrued by graduate psychology students has increased in recent years and is a chief concern among psychology trainees (El-Ghoroury, Galper, Sawaqdeh, & Bufka, 2012). This study examined debt stress among counseling psychology trainees using a complementary mixed methods research design. Qualitative analyses (N = 11) using the consensual qualitative research method (CQR; Hill, Thompson, & Williams, 1997; Hill et al., 2005) revealed six domains, 15 categories, and 34 subcategories. Domains included social class contributions, institutional contributions, long-term effects, coping mechanisms, personal relationships, and effect on well-being. The transactional model of stress and coping (Lazarus & Folkman, 1984) and social class worldview model (Liu. Soleck, Hopps, Dunston, & Pickett, 2004) guided quantitative analyses. Results of a path analysis (N = 285) indicated total debt and subjective social class were significant predictors of debt stress and that the relationship between debt stress and psychological distress was mediated by avoidant coping. Avoidant coping also moderated the association between debt stress and psychological distress. Results are discussed in relation to profes­ sional training and the career development of counseling psychology trainees. Keywords: financial debt, debt stress, coping, social class, psychology trainees

Across subfields of psychology, students have begun to rely less on federal sources of support to fund their educations and more on graduate programs, personal finances, and student loans. For ex­ ample, 52% of doctoral-level students reported relying primarily on their programs for financial support while 18% reported relying on student loans (Michalski et al., 2011). While funding compar­ isons between clinical and counseling psychology PhD programs are not readily available, research-oriented PhD programs tend to offer greater opportunities and levels of financial support (Norcross, Ellis, & Sayette, 2010). Research indicates that financial debt is a source of stress for psychology trainees. In a study of stress, coping, and mental health among psychology trainees, researchers found that 63% of partic­ ipants rated finances or debt as disruptive to their personal or professional functioning— second only to academic responsibili­ ties or pressures (El-Ghoroury, Galper, Sawaqdeh, & Bufka, 2012). This finding corroborated similar reports from a national sample of early career psychologists, who identified finances as the factor most affecting their career (APA Center for Workforce Studies, 2008). Although it has been suggested that financial debt may hold significant consequences for trainees, and counseling psychology students accrue higher proportions of debt than students in other subfields of psychology (e.g., clinical psychology PhD), there is little data available to describe how counseling psychology train­ ees (CPTs) perceive and cope with financial debt. Therefore, the purpose of this study was to serve as an initial investigation into the role of financial debt in counseling psychology students’ personal and professional lives. For the present study, CPTs are

Between the years of 2007 to 2008, the average amount of financial debt accrued by graduate students across academic dis­ ciplines was $47,503, with 69.6% of students taking out student loans (National Center for Education Statistics, 2009). Consistent with these trends, a national survey of recent doctoral graduates conducted by the American Psychological Association (APA) Center for Workforce Studies (2008) found that 68% of respon­ dents reported some financial debt upon receipt of their doctoral degree (Michalski, Kohout, Wicherski, & Hart, 2011). By subfield, counseling psychology students reported the second highest pro­ portions of debt (81%), with a median debt level of $60,000 (Michalski et al., 2011). By comparison, PsyD students reported the highest proportions of debt (89%) as well as median debt levels ($120,000; Michalski et al., 2011). Clinical doctoral-level students carry the third highest proportion of debt (78%), with the second highest median debt levels of $100,000 (Michalski et al., 2011). These rising debt levels are tied, in part, to funding resources.

This article was published Online First December 15, 2014. Amber N. Olson-Garriott and Patton O. Garriott, Department of School and Counseling Psychology, University of Denver; Marybeth Rigali-Oiler, Counseling and Psychological Services, University of California-San Di­ ego; Ruth Chu-Lien Chao, Department of School and Counseling Psychol­ ogy, University of Denver. Correspondence concerning this article should be addressed to Patton O. Garriott, Department of School and Counseling Psychology, Uni­ versity of Denver, 201A Ruffatto Hall, Denver, CO 80208. E-mail: [email protected]

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defined as doctoral and master’s students enrolled in counseling psychology training programs. The most recent data available indicate that approximately 78% of CPTs are master’s students while close to 22% are doctoral students (Mulvey, Wicherski, & Kohout, 2010).

Financial Debt, Coping, and Distress Quantitative studies examining the effect of debt on undergrad­ uate and nonpsychology graduate students’ health indicate that increased debt is associated with decreased well-being (e.g., Cooke, Barkham, Audin, Bradley, & Davy, 2004; Norvilitis, Szablicki, & Wilson, 2003; Ross, Cleland, & Macleod, 2006). For example, in a study examining the relations between financial debt and various indicators of wellness in a sample of undergraduate college students, researchers found that increased debt was nega­ tively associated with satisfaction with life and positively related to stress (Norvilitis et al., 2003). Another study found that in­ creased financial debt was related to poorer mental health and that concerns related to debt increased over time among college stu­ dents (Cooke et al., 2004). Data on graduate students’ financial debt and well-being yields similar results. In a qualitative study with graduate students, fi­ nances and lack of social interactions were the two most frequently cited challenges to well-being (Longfield, Romas, & Irwin, 2006). In a study examining debt, stress, and medical student perfor­ mance, higher levels of financial debt were related to increased worry about debt and lower levels of academic performance (Ross et al., 2006). Given extant data related to financial debt and well-being, it is possible that CPTs also experience deleterious psychosocial consequences as a result of accruing debt throughout their training. Despite the established relationship between debt and psycho­ logical distress, questions remain about how graduate students cope with financial debt. Anecdotal reports on the issue of psy­ chology graduate student debt indicate that while avoidance strat­ egies— such as not thinking about one’s debt— may be common among trainees, using problem-focused strategies may be more beneficial (Novotney, 2013). One popular model of stress and coping that may help to explain the ways in which CPTs cope with debt is the transactional model of stress and coping (Lazarus & Folkman, 1984). According to this model, phenomena are ap­ praised as stressful prior to attempts to cope. Individuals next appraise coping resources (i.e., what or whom is available for support and guidance) and engage in coping strategies (i.e., problem-focused or avoidant coping) consistent with their general coping style, leading to psychological relief or distress. Thus, coping might mediate associations between debt stress and psy­ chological distress. Coping has also been described as a moderator of the relationship between stress and psychological outcomes (Hewitt & Flett, 1996). Research testing this hypothesis has shown that problem-focused coping strategies buffer the relationship be­ tween stress and psychological distress while avoidant coping strategies enhance this relationship (Sadeh, Keinan, & Daon, 2004; Wadsworth, Raviv, Compas, & Conner-Smith, 2005). Given em­ pirical literature suggesting coping may serve both mediating and moderating functions (e.g., Wadsworth et al., 2005), we examined coping as both a mediating and moderating variable

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Contextual factors, such as social class, could also play a role in trainees’ accrual and perceptions of debt. According to the social class worldview model (Liu, Soleck, Hopps, Dunston, & Pickett, 2004), an individual’s social class referent groups and economic culture dictate the financial and material accrual strategies in which they engage (e.g., taking out student loans). The theory further proposes that inability to live up to the perceived expecta­ tions of an economic culture results in psychological distress (Liu et al., 2004). Consistent with this theoretical framework, one’s social class referent group (e.g., family, peers) could determine how one views or reacts to their financial debt. For example, students from a more privileged social class background may view their financial debt as temporary and therefore, not stressful, while students from a less privileged social class background may view their debt as long lasting, stressful, or shameful. Furthermore, subjective social class may lead to capital accrual strategies (e.g., accruing debt to meet the needs of one’s economic culture), which may then affect subjective social class. Thus, there may be a reciprocal relationship between subjective social class and total debt.

The Present Study Although financial debt appears to be a significant concern among graduate psychology students, no studies have examined this topic in depth. Furthermore, counseling psychology students appear to complete graduate school with disproportionate levels of training-related debt. A greater understanding of CPT’s experi­ ences with financial debt is needed to clarify what factors contrib­ ute to training-related debt, how students perceive and react to their financial debt, and outcomes (e.g., career choice dissatisfac­ tion, increased psychological distress) that trainees experiences as a result of financial debt. A mixed methods (quantitative + qual­ itative) research design was used in the present study. The quan­ titative and qualitative components of the design were comple­ mentary and additive, thus allowing for a more complete understanding of students’ experiences with debt stress. Mixed methods designs have been recommended for areas of study in which there is little available research or implementation of mul­ tiple methodologies may better account for complex psychological processes (Hanson, Creswell, Clark, Petska, & Creswell, 2005). Masters-level counseling psychology graduate students receiv­ ing terminal degrees were also included in this study, as masters students have reported little financial support while in graduate school (Pate, Wicherski, & Kohout, 2010) and are disproportion­ ately enrolled in counseling psychology training programs (Mul­ vey et al., 2010). Furthermore, this study focused on trainees as opposed to early career psychologists to inform training-related interventions that may reduce the debt stress and associated psy­ chological distress of counseling psychologists upon entry to the profession. Specific research questions for the study included: (a) how do CPTs perceive and react to their financial debt?, (b) how do CPTs cope with their financial debt?, (c) how does financial debt relate to CPT’s overall distress as well as career and life satisfaction?, and (d) how do contextual factors, such as social class, influence students’ perceptions of and reactions to debt? Consistent with theoretical propositions derived from the transactional model of stress and coping and social class worldview model, hypotheses

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204

for the quantitative portion of the study included: (a) there would be a reciprocal relationship between subjective social class and total debt, (b) subjective social class and total debt would each predict debt stress, (c) debt stress would predict coping variables, and (d) coping variables would mediate the relationship between debt stress and psychological distress. Furthermore, based on prior research, we hypothesized that (e) problem-focused coping would buffer the relationship between debt stress and psychological dis­ tress while avoidant coping would enhance this relationship. M ethod P rocedures Following Institutional Review Board approval, training direc­ tors of APA-accredited counseling psychology programs were contacted and asked to distribute a link to an online survey to students in their respective training programs. The survey took approximately 20 minutes to complete, and students were able to enter a raffle for a gift card as incentive for their participation. Upon completion of the survey, students were able to include their contact information if they were interested in participating in the qualitative portion of the study. Interviewees were purposefully selected based on self-report scores for the three items on the Debt Stress Index (DSI; Drentea & Lavrakas, 2000). Participants who indicated higher levels of stress on the DSI (see complete descrip­ tion of the measure below) were considered for participation in the interview as their stories might best illustrate the phenomenon under investigation (Polkinghorne, 2005). Additionally, the re­ searchers attempted to stratify participants based on specific de­ mographic information such as age, racial/ethnic background, so­ cioeconomic status, gender, and type of program (e.g., masters or doctorate) to enhance the potential richness of the data. Q ualitative M ethodology Researchers. The primary research team consisted of three individuals: one White, female, counseling psychology graduate student who identifies her social class background as “uppermiddle class”; another White, female, counseling psychology graduate student who identifies her social class background as “working class”; and one White, male, counseling psychology graduate student who identifies his social class background as “middle class.” These researcher identities are reported given social class and race or ethnicity may relate to debt accrual and perceptions (Drentea & Lavrakas, 2000). Within the present study, our epistemological stance in relation to our participants was constructivist. In other words, we viewed our role as reporters uncovering the meaning of our participants' experiences. Re­ searchers discussed their assumptions, perspectives, and expected outcomes prior to analyzing the data, and individually answered all interview questions. One collective perspective that emerged from this discussion was that we all believed that debt causes a signif­ icant amount of stress, and that individuals must find ways of making meaning of or explaining their debt in order to cope. Additionally, we all agreed that denial and avoidance were com­ mon ways of coping with debt, but ultimately detrimental to handling the reality of debt and paying back loans. Furthermore, each researcher felt that one’s social class background plays an

integral role in the amount of financial debt, as well as the perception and effect of debt. Finally, we all agreed that heavy financial debt negatively influences one’s sense of well-being, causing individuals to feel concerned about their future. Because the primary research team consisted entirely of gradu­ ate students and was relatively homogeneous, power differentials were minimal, and the research environment promoted equal re­ spect for feedback. To increase racial/ethnic diversity and variety of perspective, we sought supervision from an Asian, female, assistant professor who also served as the internal auditor of the data. Furthermore, we consulted with a Latina, associate professor unfamiliar with the project who served as the external auditor. Throughout data collection, researchers processed emotions that arose from participants’ responses and reactions to the interview, and also attempted to remain aware of and temper biases and emotions during data analysis. Interviewees. Twelve participants were invited and 11 agreed to complete interviews. Of the 11 interviewees, nine identified as female and two as male. The mean age of participants was 28.5 (range = 22 to 35 years). Ten participants identified as “White/ Caucasian,” and one participant identified as “Middle Eastern.” Seven of the participants were working toward their PhD, and four toward their master’s degrees. Two participants identified as les­ bian, while all others did not specify their sexual orientation. Eight participants identified as partnered or married, while three speci­ fied single. In addition, three participants indicated having depen­ dents in the home. Eight of the participants were attending public institutions, while three were attending private institutions. The combined household annual income for interviewees ranged be­ tween $9,000 and $120,000, and total financial debt ranged be­ tween $36,000 and $240,000 (these amounts include both student and consumer debts). Interviewees with a broad range of income levels were included in the study, as we hoped to capture percep­ tions and reactions to financial debt across students with varied financial resources. We believed this would lead to a more com­ plete description of students’ experiences with debt stress. Con­ sumer debt was included in the study, as young adults tend to accumulate consumer debt (e.g., credit card debt) while in college and graduate school. Interview protocol. The interview was developed using a semistructured format, with questions organized to elicit natural discussion. The 17 questions were followed with various probes, as needed, to examine and explore emerging issues in the inter­ views, and to obtain specific desired information (Hill, Thompson, & Williams, 1997). Questions were initially developed from ex­ isting literature on financial debt stress (Cooke et al., 2004; Norvilitis et ah, 2003; Ross et ah, 2006) and the social class worldview model (Liu et ah, 2004). The open-ended format was designed to encourage participants to reflect on their overall experiences with financial debt. Specifically, the questions asked participants to consider their (a) past and present social class statuses and the influence of social class on financial debt (e.g., “What role, if any, do you think your social class of origin plays in your current financial debt?”), (b) cognitive, affective, and behavioral reactions regarding debt (e.g., “How do you feel when you think about your debt?”), and (c) strategies for coping with and reducing debt (e.g., “What plans, if any, do you have to reduce your debt?”). Probes varied from interview to interview, but overall elicited participants to respond in a deeper way (e.g., “Please say more

EXPERIENCES WITH FINANCIAL DEBT STRESS

about that?” “How so?”), or to provide clarification (e.g., “Did you talk to anyone else in the program about your debt?” “What makes you believe everything will work out?”). Before interviews were conducted, researchers pilot-tested the interview with two coun­ seling psychology graduate students who reported high levels of stress due to their financial debt. Upon completion of the pilot interviews, the two students provided feedback to the research team about clarifying, adding, and eliminating questions. The two White, female research team members conducted all interviews as both had previous training and experience in interviewing and counseling techniques and had served as interviewers in previous qualitative research studies. Interviewing and transcribing. Eight of the interviews were conducted over the phone, while the remaining three were con­ ducted in person. All interviews were audiotaped, and lasted between 45 and 60 minutes. Participants were compensated $15 for their participation in the interview. All three researchers tran­ scribed the interviews verbatim, and all identifying information was removed from each transcript. Qualitative data analysis. The consensual qualitative re­ search method (CQR: Hill et ah, 1997, 2005) guided data analysis. A team consisting of the three primary researchers began by reading through an assigned transcript from one of the participants. The team developed a general list of common themes that were present throughout the transcript. The team met in the first meeting to discuss the general themes and come to consensus on a begin­ ning list of domains. Within CQR, domains reflect a collection of common themes derived across participant interviews. After an initial list of domains were created, the team divided the remaining eight interviews among one another, and reviewed and coded individually for domains across participants. After each team member individually reviewed and coded the interviews, the team convened for a second meeting to reassess the developed domains. The team next reviewed the transcripts individually for core ideas, which in CQR summarize and describe the content of each do­ main. In a third meeting, the team reviewed and came to consensus on the core ideas. After these three meetings, additional domains emerged and several existing domains within the start list were reworded or combined to better reflect the data. After the third meeting, team members again read through all the transcripts and final consensus on domains and core ideas was reached. In total, each transcript was reviewed three times. After coming to consensus on domains and core ideas, the team began developing categories and subcategories that appeared to emerge within the domains. Both categories and subcategories were used in this study to help organize the data and also reflect deeper meaning within each domain. During a period of cross­ analysis, team members discussed their conceptualizations of com­ mon themes across cases, and consensus was reached on all domain, category, and subcategory labels. Confusion regarding specific quotes was addressed and final consensus was built on all items of data. As suggested by Hill et al. (2005), the team characterized the occurrence of the domains, categories, and subcategories by count­ ing the frequency of each across all the participants. “General” results were given for those domains, categories, and subcategories that were mentioned by either all, or all but one participant. “Typical” results were applied to data that was evident in more

205

than half of the cases, and “variant” results were given to data that occurred in at least two of the cases (Hill et al., 2005). An Asian, female, assistant professor of counseling psychology supervised the project and conducted an independent, internal audit. She reviewed the entire cross analysis, noting whether the topic domains and core ideas accurately reflected the data. The auditor provided the team with a number of suggestions regarding the coding of specific quotations, and several of these suggested changes were implemented in the results section. A Latina, asso­ ciate professor of counseling psychology who was not connected to the study conducted an independent, external audit. Similar to the internal auditor, the external auditor reviewed the cross anal­ ysis and provided feedback regarding the wording of labels and definitions, and the coding of specific quotations within the data. Adjustments were made based on a final consensus from the research team. Within the qualitative portion of the study, reflexivity was achieved through processing of researcher biases prior to data collection as well as discussion of emergent themes and reactions to interviews throughout data analyses. Trustworthiness was achieved through selection and implementation of an accepted approach to qualitative inquiry, attempting to interview partici­ pants from a variety of backgrounds, and use of one transcript as a validity check upon developing a final coding structure. Rigor was achieved through use of internal and external auditors as well as the consensus process used to develop codes. Q uantitative M ethodology Survey respondents. A total of 287 students completed the survey, with 82.5% being female (n = 236) and 81.4% (n = 233) self-identifying as White/European American. By race/ethnicity, the remainder of the sample identified as Asian American (4.9%, n = 14), Latina/o (4.6%, n = 13), African American/Black (4.2%, n = 12), and Multiracial (2.7%, n = 7). The majority of respon­ dents (66%, n = 189) were pursuing a doctoral degree. In terms of year of study, 18.4% (n = 33) of doctoral students were in their first year, 21.8% (n = 39) were in their second year, 11.2% (n = 20) were in their third year, 16.8% (n = 30) were in their fourth year, and 28.5% (n = 51) were in their fifth year or beyond. Sixteen participants did not provide this information. Among mas­ ter’s students, 59.8% (n = 58) were in their first year, 25.8% (n = 25) were in their second year, and 9.3% (n = 9) were in their third or fourth year. Five participants did not provide this information. Three participants reported completing a specialist degree. The average amount of total debt reported by all participants was $63,239 (median = $41,000) and the average amount of debt accumulated in graduate school was $32,248 (median = $25,000). The average amount of total debt reported by participants was significantly higher than the national average for graduate students ($47,503) and comparable to the average reported by counseling psychology graduate students ($63,000) nationally (Michalski et ah, 2011). Instrum ents Demographic form. A brief demographic form completed by participants was used to collect information about participants’ age, gender, year in school, subjective social class status, and

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OLSON-GARRIOTT, GARRIOTT, RIGALI-OILER, AND CHAO

race/ethnicity. Additionally, the demographic form sought infor­ mation regarding participants’ income, parental income, parental education level, debt amount, and relationship status. Participants completed this form prior to being sought for participation in the interview. Coping. Participants’ coping responses were measured with the B rief COPE (Carver, 1997). The Brief COPE is a 28-item short-form version of the COPE Inventory (Carver, Scheier, & Weintraub, 1989) that assesses various coping responses. Based on recommendations from past research (e.g., Boals, vanDellen, & Banks, 2011), items were combined to form subscales measuring problem-focused and avoidant coping. Items are rated on a Likertscale ranging from 0 (/ haven’t been doing this at all) to 3 (/ have been doing this a lot) with high scores indicative of high levels of a particular coping strategy. Participants were asked to rate items in terms of how they were coping with stress related to their financial debt. Coefficient alphas for scores on the problemfocused and avoidant subscales have ranged from .76 to .81 and .70 to .79, respectively (Boals et al., 2011; Eisenbarth, 2012). Validity has been established via relations between the coping subscales and depression (Eisenbarth, 2012). Coefficient alpha for avoidant and problem-focused subscales in the present study were .72 and .81, respectively. Debt stress. Debt stress was measured with the Debt Stress Index (DSI; Drentea & Lavrakas, 2000). Participants rated three items which assessed (a) worry related to debt (0 = not at all to 4 = all o f the time), (b) stress related to debt (0 = no stress at all to 4 = quite a bit o f stress), and (c) concern related to debt (0 = not at all concerned to 4 = very concerned). Scale scores for the DSI are computed by adding items and multiplying the sum by 8.3 to achieve a score between zero and 100 (Drentea & Lavrakas, 2000). High scores are indicative of high debt stress. Scores for the DSI have exhibited adequate reliability (.86), and validity for the scale has been established through positive relationships with credit card debt in an adult community sample (Drentea & Lavra­ kas, 2000). Coefficient alpha for scores on the DSI in the present study was .89. Psychological distress. Psychological distress was assessed with the Mental Health Inventory (MHI; Veit & Ware, 1983). The MHI is a 38-item instrument developed to measure distress and well-being in the general population. Items are anchored on a scale ranging from 1 (all o f the time) to 6 {none o f the time). A coefficient alpha of .92 has been reported for scores on the MHI distress subscale and validity has been established through ob­ served correlations in the expected direction between MHI sub­ scales (Veit & Ware, 1983). To aid in interpretation, MHI scores were reverse-scored, summed, and averaged so that high scores indicated high psychological distress. Coefficient alpha for scores on the MHI distress subscale in the present study was .91. Subjective social class. The M acarthur Scale of Subjective Social Status (Adler, Epel, Castellazzo, & Ickovics, 2000) assessed subjective social class. This measure was selected given its suc­ cessful use in prior research and unavailability of other measures of subjective social class in the literature. Participants were given an image of a ladder with numbers ranging from 1 to 10 and were instructed to rate where they believed they fell on the ladder in terms of social class. The M acarthur Scale has been significantly correlated with depression and physical health in past research and has demonstrated superior performance as a measure of social

class compared to other indicators such as income and occupation (Adler et al., 2000; Goodman et al., 2001). High scores on the M acarthur Scale are indicative of high subjective social class. Quantitative data analysis. Path analysis was used to test the hypothesized model of debt stress, coping, and psychological distress. Using the maximum-likelihood (ML) estimation method with the statistical software package AMOS 16.0 (Arbuckle, 2008), several indices to evaluate model fit were examined, in­ cluding: the comparative fit index (CFI), the root-mean-square error of approximation (RMSEA), and the standardized root mean residual (SRMR). Generally, RMSEA values < .05, CFI values > .95, and SRMR values < .08 represent very close model-to-data fit (Kline, 2005; Martens, 2005; Weston & Gore, 2006). The trans­ actional model of stress and coping (Lazarus & Folkman, 1984) and social class worldview model (SCWM; Liu et al., 2004) informed hypothesized relations between variables. Based on the work of Lazarus and Folkman (1984), debt stress was modeled as a form of primary appraisal that then predicted problem-focused and avoidant coping strategies. Coping strategies then predicted distress. Because it has been suggested that researchers test alter­ native models (e.g., Martens, 2005), a model with paths added from subjective social class to the coping strategies variables was examined. This model reflected the suggestion that social class may be related to one’s coping resources and strategies (Glanz, Rimer, & Lewis, 2002). The indirect effects of debt stress on distress through coping were tested using bootstrapping procedures. Specifically, 10,000 randomly generated bootstrap samples were created using AMOS 16.0. The 95% bias-corrected confidence intervals were examined with statistically significant confidence intervals not including zero evidence of a mediation effect (Mallinckrodt, Abraham, Wei, & Russell, 2006). The PRODCLIN program (MacKinnon, Fritz, W illiams, & Lockwood, 2007; Tofighi & MacKinnon, 2011) was used to determine the significance of specific indirect paths. A multiple group analysis was conducted to explore potential differ­ ences in relations among variables between m aster’s and doctoral students. Regression analyses were conducted to examine the potential moderating effects o f problem-focused and avoidant cop­ ing on the relationships between debt stress and psychological distress. We hypothesized that problem-focused coping would buffer the relationship between debt stress and distress while avoidant coping would exacerbate this relationship.

Results Qualitative Results A complete listing of domains, categories, and subcategories is included in Table 1. Six domains emerged across all participant interviews. These included social class contributions, institutional contributions, long-term effects, coping mechanisms, personal re­ lationships, and effect on well-being. Social class contributions and institutional contributions reflect the contextual effects of social class and institutional factors on how much debt one accu­ mulates, and how he or she views and resolves their debt. The following four domains (e.g., long-term effects, coping mecha­ nisms, personal relationships, and effect on well-being) all address the outcomes and reactions one has to financial debt. Please see

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207

T able 1

Domains, Categories, Subcategories, Frequencies and Core Ideas Domains, categories and subcategories Social Class Contributions 1. Values and expectations • Social class influences debt perception and attitudes • Social class affects lifestyle expectations

Frequency

Category

Coding criteria

ii

General

ii

General

a

General

Past and current social class contributes to participants’ debt perceptions Social class contributes to participants’ values and expectations regarding debt and lifestyle Social class of origin affects participants’ debt perception and attitudes Social class of origin contributes to participants’ lifestyle decisions Financial resources provided or not provided to participants to help with debt and financial strain Monetary support from family to participants Support in the form of guidance and knowledge regarding debt Social class identity issues arise in participants with debt stress Participants experience uncertainty and discomfort with identifying social class status Participants experience a transition from one social class to another Participants think about and make attempts to maintain a certain type of social class lifestyle Participants experience concern over potential lowering of social class status as a result of debt Participants currently attempt to maintain a certain type of social class lifestyle Institutions contribute to participants’ debt and debt stress Societal values and policies negatively affect participants’ debt and debt stress Social Policies and legislation negatively contribute to debt stress Participants’ finances are negatively affected by society’s values regarding the mental health field Participants’ training programs contribute to or help alleviate participants’ debt stress Participants’ debt and debt stress is affected by funding opportunities in their program Participants voice appreciation for discussion and experience silence about debt in their programs Debt affects participants’ future decisions Participants’ decisions about their professional plans are affected by debt Participants’ professional options are limited by debt Participants’ career goals are delayed because of debt Participants’ decisions regarding their personal future are affected by debt Participants consider debt when considering decisions regarding family planning Participants’ decisions regarding financial investments are affected by debt Participants’ lifestyle choices are affected by debt Participants attempt to cope with debt stress and financial strain Active attempts on behalf of participants to deal with debt stress Participants attempt to manage current finances and plan for the future Participants seek guidance and reassurance from others Participants purposely avoid or deny financial problems and debt stress Participants deny the reality of issues related to debt problems Participants avoid dealing with debt issues problems Participants use cognitive strategies to cope with debt stress (table continues)

5

Variant

10

General

9 4

Typical Variant

10

General

• Experiencing confusion and dissonance

8

Typical

• Experiencing class transitions

5

Variant

5

Variant

• Future concerns regarding social class

4

Variant

• Attempts to maintain current sifestyle

5

Variant

Institutional Contributions

11

General

1. Societal influences

4

Variant

• Social policy affects debt stress

3

Variant

• Social values affect debt stress

4

Variant

11

General

10

General

9

Typical

11 9

General Typical

• Debt narrows career options • Debt delays career goals 2. Personal life

9 4 11

Typical Variant General

• Debt affects family planning

7

Typical

• Debt affects financial investments

8

Typical

9 11

Typical General

11

General

11

General

8 10

Typical General

5

Variant

9 11

Typical General

2. Resources • Family’s financial support • Access to financial guidance and knowledge 3. Social class identity

4. Maintaining social class

2. Training program influences • Funding opportunities contribute to debt and debt stress • Discussion about debt Long-Term Effects 1. Professional plans

• Debt affects lifestyle decisions Coping Mechanisms 1. Problem solving • Financial planning and management • Seeking guidance and reassurance 2. Avoidant coping • Denial • Avoidance 3. Cognitive strategies

OLSON-GARRIOTT, GARRIOTT, RIGALI-OILER, AND CHAO

208 Table 1 (continued)

Frequency

Category

Coding criteria

• Hopefulness • Broadening and changing perspective

9 10

Typical General

• Making justifications

10

General

3 11

Variant General

11

General

• Distance and tension with family

7

Typical

• Social support from family

9

Typical

8 3

Typical Variant

5

Variant

11

General

11 11

General General

6 8

Typical Typical

• Self-care is limited by debt • Missed life opportunities

2 8

Variant Typical

• Career confusion and doubt

4

Variant

Participants attempt to remain hopeful about the future Participants seek to broaden and change perspective on debt Participants justify having debt or not actively coping with debt stress Participants use humor to cope with debt stress Debt stress affects participants’ personal relationships with others Debt stress affects participants’ relationships with family members Debt and debt stress cause distance and tension between participants and family members Participants receive or do not receive support from family members Debt stress affects participants’ relationships with peers Participants express feeling alone in the amount of debt and debt stress they have Participants receive or do not receive support from friends Debt stress negatively affects participants’ psychological well being Debt stress causes distress for participants Debt stress causes participants to have negative thoughts and feelings Debt stress affects participants somatically Debt stress causes participants to have less satisfaction with their life Participants find it difficult to engage in self-care Participants feel they have missed certain opportunities because of debt and debt stress Participants question their career choice

Domains, categories and subcategories

• Using humor Personal Relationships 1. Family relationships

2. Peer relationships • Feelings of isolation • Availability of social support Effect on Well Being 1. Distress • Negative thoughts and feelings • Somatic complaints 2. Less satisfaction with life

Note.

N = 11; General = 10-11 cases; Typical = 6 -9 cases; Variant = 2-5 cases.

Table 1 for a full list of domains, categories, subcategories, fre­ quencies, and core ideas.

Social Class Contributions All 11 participants discussed the contribution of past and current social class standing on their financial debt perceptions. Specifi­ cally, four categories were identified. Values and expectations. Participants in = 11) talked about the values and expectations they have regarding financial debt and wealth originating from their social class of origin. In the first subcategory, social class influences debt perception and attitudes, participants (n = 11) explained that their perceptions of and attitudes toward financial debt were based upon subjective social class of origin. Participants from more privileged social class backgrounds tended to view debt as necessary to fund their edu­ cations. In contrast, those from less privileged backgrounds tended to feel more ambivalent about their debt, noting that it was nec­ essary but required justification to others. For example, one par­ ticipant explained how her financial needs and expectations were in accordance with her experience growing up in an upper-middle class home: If you’re in a position when you’ve always had everything that you need and more, then you kind of expect that you need those things, or that you can just go ahead and get them. You don’t have to wait, you don’t have to save. “I work hard; I deserve this kind of thing” (Participant 2).

Another participant spoke of how difficult it was for her to justify the debt she has because of the values she has learned coming from a working-class family. It is sometimes hard to justify what I'm doing and why I’m here when I could be working. I think I’m pulled in a couple of different directions being from a lower social class. My family are all manual labors and they produce things physically so it is kind of hard to describe why I would want to be so far in debt to do something when I’m not getting anything out of it (Participant 4).

In the second subcategory, social class affects lifestyle ex­ pectations, participants (n = 5) discussed how their current and past social class statuses have contributed to the specific life­ style decisions they have made. One participant talked about the expectations she had for her life according to what she was taught when she was younger, and how this led to her buying a home: “Of course we own our own house and I felt that was something I was expected to do once I got married and have a job. Of course I should be a homeowner” (Participant 7). Thus, those from more privileged social class backgrounds expressed higher anxiety regarding not being able to maintain a certain lifestyle with their current level of debt. Resources. In the first subcategory of the resources category (n = 10), family’s financial support, participants (n = 9) discussed the monetary support they received from their families as decreas­ ing their overall stress while those with no financial support discussed how their debt mounted. For example, one participant

EXPERIENCES WITH FINANCIAL DEBT STRESS

explained how fortunate she has been since her parents have been able and willing to help her pay for school: “I’ve been fortunate in that my parents have been able to absorb part of the debt and so they’re helping me pay off the private loans that I took out from my master’s program” (Participant 10). The second subcategory, access to financial guidance and knowledge, included responses from participants (n = 4) that discussed how not having access to financial guidance and to financial-related knowledge increased insecurity about their debt. Some participants acknowledged having access to this type of guidance, while others, like Participant 11, had little information about handling finances: “You know what 1 don’t feel secure about? Being from a working-class family, I know nothing about financial management, like a long-term plan . . . I have no clue.” Social class identity. Items in this domain reflected partici­ pants’ experiences with their social class identity (n = 10) as a result of accumulating significant amounts of debt. The first sub­ category, experiencing confusion and dissonance (n = 8), ad­ dressed the experience of uncertainty and discomfort with identi­ fying one’s current social class status. Participant 7 articulated the confusion she experiences when trying to identify her current social class: I would say middle class but it is probably more really lower-middle class just in terms of the amount of money coming in—it is not too far away from the poverty line . . . I feel like I identify with this upper class which is how I was raised which when you look at it, it is not that way.

In the second subcategory, experiencing class transitions, par­ ticipants {n = 5) discussed experiencing a transition from one social class to another while attending graduate school, and as a result of financial debt. While some participants anticipated their social class status to become more privileged over time, others expressed frustration with the downward social class transition resulting from being graduate students. For example, one partici­ pant noted her desire to soon be out of her current financial situation and social class standing: “I keep thinking, wow, when 1 start to make more money I can get out of this living paycheck to paycheck kind of thing” (Participant 7). Maintaining social class. The final category (n = 5) in the social class contributions domain addressed participants’ thoughts about and attempts to maintain a certain type of social class lifestyle. In the first subcategory, future concerns regarding social class, participants (n = 4) discussed their concern about the potential lowering of their social class status as a result of having financial debt. Participant 1, for example, mentioned her desire to be able to live the lifestyle that her family had growing up: “Because growing up we were comfortable with money, and I just hope I get there soon, you know?” The second subcategory, attempts to maintain current lifestyle, contained responses from participants in = 5) about current at­ tempts to maintain a specific lifestyle regardless of the financial debt they obtain. Participant 6 discussed when she realized that she was living above her means: I ’m sure I could have cut back on my affection for shopping before 1 did. I think it was well into my second year before I said, “you know what, I don’t need all these clothes; I don’t need 18 pairs of shoes.”

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While some participants noted that they often live above their means, and maintained a lifestyle that they truly could not afford, others discussed how they have attempted to adjust their way of living to lessen the amount of debt they accrue over their graduate education.

Institutional C ontributions All of the participants noted how institutions such as their university, specific program, and society at large have contributed to their financial debt. Two categories emerged. Societal influences. The first subcategory in societal influ­ ences (n = 4), social policy affects debt stress, included discussion by some of the participants in = 3) regarding social policies and legislation that have negatively contributed to their debt stress. For example, one participant discussed the policies in place for samesex couples that make her life financially difficult: My partner and I being a same-sex couple, we’re not seen as a couple by the federal government, so that actually adds an additional burden because if we were an officially married couple, we would be able to combine our financial aid in consideration of how much we pay back every month (Participant 11).

Social values affect debt stress, the second subcategory in = 4), addressed how personal finances and income are negatively af­ fected by society’s values regarding the mental health field. Par­ ticipant 6 expressed her frustration with the lack of importance society places on mental health and her role in helping others: You are a PhD, you just spent the last 5 years of your life educating yourself on the art of helping people heal, but we don’t value that enough as a society to warrant more than $26,000 a year. It is ridiculous!

Training program influences. The second category in the institutional contributions domain focused on participants’ (n = 11) training programs and how they add to or help alleviate participants’ levels of debt stress. The subcategory, funding op­ portunities contribute to debt and debt stress, reflected partici­ pants’ in = 10) reports of how their debt and debt stress are affected by funding opportunities within their given academic program. For example, some participants discussed being able to secure funding through their programs, helping to alleviate their debt stress. Others received little to no funding, causing debt and associated debt stress to rise: We are a big R1 institution and it is a public school so funding isn’t guaranteed and our program does what they can to help us with assistantships but we are pretty much independent. The basic message is that if you want funding you really need to tty to find it (Participant 4).

The other subcategory, discussion about debt, specifically ad­ dressed how participants in = 9) have experienced a lack of discussion or silence about debt in their programs and institutions. For example, one student talked about how conversations sur­ rounding debt have been avoided and rarely discussed within her program: This topic is so scary and taboo and nobody wants to talk about it. So even when we do have panels of past students or talk to people who are getting ready to graduate or who already have, if somebody does

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meekly bring it up, it’s not the thing that’s really discussed in depth and I think everybody is really frightened about it (Participant 9).

Long-Term Effects All 11 of the participants discussed the effect of debt on their future plans and decisions. Two categories arose from this domain. Professional plans. Participants (.n = 9) discussed how their future professional plans are limited by the amount of debt they carry. First, in the debt narrows career options subcategory, par­ ticipants (n = 9) discussed how financial debt had led them to eliminate or restrict career choices they may have otherwise con­ sidered. Specifically, one participant discussed how he had to reconsider his original professional plans because of the amount of debt he has: “There are some things that, you know, like a postdoc that I might have considered beforehand but in light of the finan­ cial debt and wanting to have a family, I don’t know that I’m willing to pursue those” (Participant 3). The second subcategory, debt delays career goals, was devel­ oped for those participants (n = 4) who reported having to delay their career goals because of their financial debt. Specifically, participants discussed how mounting debt led to slowed progress through their training and delayed educational aspirations. For example, one participant mentioned how they most likely would have pursued a doctoral degree if they were not currently in so much debt and had more financial freedom: “I also think that I would’ve gotten a PhD if I could have afforded to” (Participant 5). Personal life. Financial debt also appeared to influence par­ ticipants’ (n = 11) decisions regarding their personal future. The first subcategory, debt affects family planning, was created for those (n = 7) who discussed how debt delayed their plans for having children. Specifically, most participants talked about the dilemma of wanting to have children and the concern about not being able to financially care for them: “And oh my god, how can I ever plan to have a family when I have this much student loan debt?” (Participant 6). Participants (n = 8) also brought up their inability to make financial investments, such as buying homes, having an emergency fund, and saving money for college for their children when they carry significant financial debt. The subcategory, debt affects financial investments, was created to capture these responses. It would be really nice not to have debt. I think I would have a savings account. I would have an emergency fund. I would have a 529 plan started for my daughter for saving for college. I would have stocks. I would be investing in things (Participant 7).

Finally, in the debt affects lifestyle decisions subcategory, participants (n = 9) talked about how they tended to live more frugally given the presence of their financial debt. For example, one participant discussed how she would attempt to restrict herself financially so that she could live the life she desires in the future. “I was thinking, like just live as poor as I can for a few years and put all my money toward paying that [loans] back” (Participant 2).

Coping Mechanisms Another theme discussed by all participants was coping with financial debt and debt stress. Three main strategies were evident

across participants and were developed into categories: problem solving, avoidant coping, and cognitive strategies. Problem solving. Participants (n = 11) who used problem solving strategies for coping with financial debt described using very active attempts to deal with their debt, such as making budgets, enlisting a financial planner, and seeking financial advice from peers, family and/or faculty/staff. The first subcategory iden­ tified within this category was financial planning and manage­ ment, which highlighted participants’ (n = 11) attempts to manage their money and financial debt in order to reduce associated stress. For example, one participant talked about how making a budget helps ease her mind when it comes to having debt: “I also enjoy making a budget; it makes me feel more in control. I like to make sure everything is paid on time and there is enough money for food and for electricity” (Participant 7). The other subcategory, seeking guidance and reassurance, re­ flected participants’ (n = 8) attempts to seek out advice and support from variety of individuals to help ease concern regarding financial debt. Participant 2 said that she has found talking to her peers in her program helpful in feeling better about the amount of debt and debt stress she has: “Sometimes you can kind of talk to the folks in similar situations, because the bottom line is we’re all going to need help, or everybody is going to come out with a similar amount of debt.” Avoidant coping. Some participants (n = 10) attempted to avoid thinking about or take action related to their financial debt, while others simply stated that they lived in a state of denial about the amount of debt they have. Those (n = 5) who reported using avoidance to cope either put away any physical evidence of their debt (e.g., bank statements, loan repayment notices) or, like Par­ ticipant 8, attempted to not think about their current financial situation as a result of their perceived inability to reduce their debt: “If I don’t think about it in my life right now, it’s better for my well-being that I don’t right now because it’s not possible to really pay more right now.” Those (n = 9) who described denial as their coping strategy of choice explained how they attempted to eliminate thoughts about finances and live as though they did not have debt. Participant 9 articulated this experience, stating: “It’s easy to, well not easy, but relatively easy to not look that far ahead with it [debt] and to selectively think about the fact that it’s not really my money.” Cognitive strategies. Participants (n = 11) also discussed certain cognitive strategies they use to cope with their debt. Spe­ cifically, four subcategories emerged: hopefulness, broadening and changing perspective, making justifications, and using humor. Those responses (n = 9) that revealed how participants attempted to remain hopeful about their debt situation were coded in the hopefulness subcategory. Within this subcategory, participants tended to express hope that they would eventually be able to manage their debt. For example, one participant said: But there is also a part of me that is like—“you don’t need to worry about it. You don’t need to worry about it, you will figure it out. Things will fall into place the way they are supposed to” (Participant 6).

Responses (n = 10) describing attempts to look at the big picture, or comparisons with others who are less fortunate were coded into the broadening and changing perspective subcategory.

EXPERIENCES WITH FINANCIAL DEBT STRESS

Participant 3 spoke about his attempts to view his situation in a different light: I tend to focus on my problems pretty intensely, and certainly the more I zero in on my problems, the less I’m seeing things in my periphery. So those problems seem incredibly important, and they seem overwhelming. But as I kind of step back and we start joking around, and have a little perspective on the lives of other people, it doesn’t seem quite so bad or quite so important.

The third subcategory, making justifications, reflected responses (n = 10) in which participants attempted to make justifications and rationalize their debt in order to reduce associated stress. Specif­ ically, participants reported feeling that their career decision was worth the financial debt accrued throughout their training. Others justified their debt by stating they were willing to pay more for a good education or for the prestige of a certain school. For example, Participant 8 stated: Part of the reason I picked [school name] and my undergrad was because of the name and it’s like you pay for a little bit more for prestige and I'm okay with that in hopes of getting a better job and putting me into maybe an even higher middle class.

A few participants (n = 3) reported that they used humor as a way to alleviate some of the stress of having debt. For example, one participant stated: “Humor helps quite a bit. My wife and I joke around about it a lot, about how ridiculously in debt that we are, and how poor we are” (Participant 3).

Personal Relationships Debt stress also appeared to affect participants’ ( n = 11) per­ sonal relationships with others. Participants reported that having debt and debt stress affects relationships with family as well as their relationships with peers. Both of the relationship categories contained two subcategories. Family relationships. Participants (n = 11) discussed how debt affected their relationships with family members. In the first subcategory, distance and tension with family, participants (n = 7) talked about how their debt and debt stress had caused isolation and strain between them and their family. For example, Participant 8 addressed the arguments that arose with her parents resulting from a discussion about taking out more loans:

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Peer relationships. Participants (n = 8) talked about how their debt has also affected their relationships with peers and friends. The first subcategory, feelings o f isolation, reflected par­ ticipants’ (n = 3) sense of feeling alone in the amount of debt and debt stress they have compared to their friends and peers in their program. For example. Participant 4 described her feelings as: “I don’t see everyone in the cohort struggling in the same way and if they are, I just don’t know.” The second subcategory, availability o f social support, was created in response to participants’ (n = 5) feelings about the support or lack of support they receive from their friends regarding the amount of debt and debt stress they have. Participants seemed to feel they were not able to take part in the same activities as their peers, and as a result, felt left out, not understood, or resentful: “If there is another class that we have to take or something like that and everyone’s taking it or thinking about taking it and I can’t because I didn’t budget for it, then there’s a resentment” (Participant 10).

Effect on Well-Being The last domain that emerged from the data was participants’ negative reactions to debt and the distress it caused within their lives. The two categories are detailed below. Distress. Two forms of distress were noted by participants (n = 11). In the subcategory, negative thoughts and feelings, participants (n = 11) described how their debt stirs up painful emotions and thoughts. These included stress, fear, anger, frustra­ tion, confusion, resentment, and anxiety. Participant 9 explained: It’s a huge source of anxiety for me. I feel terrified just because it’s so abstract, but I know it’s going to hit me hard and it’s going to be fast. It’s like this constant feeling of knowing that you’re going to get punched in the face. Like that point when you know something is about to hurt. Like before you get a shot or right before you get a tooth pulled, that moment of “oh this is going to awful,” like that moment is just stretched out.

In the second subcategory, social support from family, participants (n = 9) discussed the support or lack of support they receive from their family regarding the amount of debt they are in and debt stress. Some parents appeared to be supportive and encouraging of their child’s financial situation. Others either did not discuss debt with their children or were taken aback by how much debt their child had:

The second subcategory, somatic complaints, reflected partici­ pants’ (n = 6) endorsement of physical symptoms resulting from debt stress: “There have been times where I couldn’t sleep because I was so worried . . . I was worried about it and stressed out, and my stomach hurt.” Satisfaction with life. In addition to general distress, partici­ pants spoke about how debt has lessened their overall quality of life (/; = 8). In the self-care is limited by debt subcategory, participants (n = 2) commented on how debt made it more difficult to engage in self-care strategies that help alleviate debtrelated stress. Participant 8 stated: “I’m definitely not as social as I used to be. I don’t go out as much.” The missed life opportunities subcategory addressed partici­ pants’ {n = 8) perceptions of missed opportunities as a result of debt and debt stress. Specifically, participants discussed less time to devote to other areas of life such as family, travel, work, and school. Participant 9 articulated how debt and debt stress has limited her life opportunities, stating:

They’re [parents] a little astounded by how much it [debt] is too when I tell them and I’ve told them. And they’re on the same page as me, just like “wow, good luck with that.” And that's how we talk about it (Participant 9).

I think that just the fact that I have so much anxiety and that feeling of pressure, I think that it takes a lot away from my overall health. And I think it takes away from my ability to be joyful about what’s going on right now.

I think definitely at times it stresses them [parents], for real. When I was taking out more loans, both of my parents were, you know, I got in arguments with both of them because I think they thought I was dumb about the whole situation.

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The final subcategory, career confusion and doubt, reflected participants’ (n = 4) ambivalence regarding career choice as a result of their debt and debt stress. For example, Participant 6 commented: “In the back of my mind, several times over, thinking is this worth it, a $100,000 piece of paper?”

Quantitative Results Prelim inary analyses. The means, standard deviations, inter­ correlations, and Cronbach alphas of main study variables are presented in Table 2. Significant, but modest correlations were observed between age, r = .15,p < .05, year of study, r = .22, p < .001, as well as degree type (1 = PhD, 2 = MA) and total debt, r = —.16, p < .01. No other demographic variables were signif­ icantly correlated with main study variables. The unexpected sig­ nificant negative correlation between debt stress and psychological distress indicated a third variable, such as coping, might account for the observed relationship between these two variables (Frazier, Tix, & Barron, 2004). Data were screened for excessive missing data as well as univariate and multivariate outliers, which resulted in the deletion of two cases and a final sample of N = 285. Prim ary analyses. Results of a path analysis indicated that the model fit the data well: y2 = (7) = 9.87, p = .196; CFI = .98; RMSEA = .03 (90% Cl = .03, .08); SRMR = .03. All paths in the model, with the exception of paths between problem-focused cop­ ing and distress as well as the covariance between subjective social class and debt, were significant (see Figure 1). A test of the alternative model suggested adequate fit to the data: y2 = (5) = 10.17, p = .07; CFI = .97; RMSEA = .06 (90% Cl = .00, .11); SRMR = .03. However, the paths from subjective social class to problem-focused coping ((3 = - .0 2 , p > .05) and avoidant coping (|3 = .04, p > .05) were not significant. Furthermore, the chisquare difference test between the hypothesized and alternative models was not significant, Xdifterence (2, N = 285) = .30, p > .05, indicating the additional paths did not improve model fit. There­ fore, the hypothesized model was accepted as the best representa­ tion of the data (see Figure 1). The model explained 25% of the variance in psychological distress. A multiple group analysis, with degree type as the grouping variable, was conducted to explore potential variation in relations among variables between masters and doctoral students. A base model with no parameter constraints was compared to a model in which parameters were constrained to be equal across groups. Results showed that the model was equivalent across groups, Xdifterence (6, N = 285) = 8.33, p > .05), suggesting no differences between masters and doctoral students.

Figure 1.

Results of the final path model. N = 285. * p < .001.

Mediation tests indicated a significant indirect effect from debt stress to psychological distress (Cl [—.287, —.126], p < .001). Follow-up tests to examine specific indirect paths showed that the indirect effect of debt stress on psychological distress through avoidant coping was significant (Cl [—.206, —.112]) but that the indirect path through problem-focused coping was not significant (Cl [-.1 5 5 , .479]). Tests of moderation were conducted using parallel hierarchical regressions with psychological distress as the criterion variable, debt stress as a predictor variable, and the coping variables as moderators. Predictor and moderator variables were standardized to reduce multicollinearity (Frazier et al., 2004). Centered debt stress and coping variables were entered in Step 1 of the regres­ sion. Step 2 included interaction terms for the coping variables and debt stress. For the first regression with avoidant coping as the moderator, results indicated that avoidant coping and debt stress accounted for 25% of the variance in Step 1. In Step 2, the interaction term accounted for additional variance above and be­ yond the predictor variables (AR2 = .02, p < .05) and the avoidant coping X debt stress regression coefficient was significant ((3= - .1 2 ,p < .05). The second regression with problem-focused coping as the moderator variable was not significant (ARz = .00, p > .05) indicating problem-focused coping did not moderate the relationship between debt stress and psychological distress. To further examine the avoidant coping X debt stress interac­ tion, a simple slopes analysis was conducted with values estimated at one standard deviation above and one standard deviation below the mean for avoidant coping scores (Aiken & West, 1991). Results of this analysis indicated that the relationship between debt stress and psychological distress was significant at both high levels (b = —.53, (3 = —0.60, p < .01) and low levels (b = —.03,

Table 2 Descriptive Statistics, Intercorrelations, and Cronbach’s Alphas o f the Study’s Variables Variable 1. 2. 3. 4. 5. 6.

Total debt Social class Debt stress Distress Problem-focused coping Avoidant coping

Note. N = 285. *p < .05. **p < .01.

M

SD

Range

1

2

3

4

5

6

63,239 4.69 2.95 4.54 2.65 1.54

83,102 1.45 0.91 0.55 0.51 0.42

0-837,000 1-10 1-5 1-6 1-4 1-4

_

.09

.23* .26*

.00 -.0 4 -.26* —

.00 .05 .27** -.11* —

-.0 3 .07 .34** -.48** .33** —

—

—

OC

—

— .89 .91 .81 .72

EXPERIENCES WITH FINANCIAL DEBT STRESS

3 = —0.36, p < .01) of avoidant coping. These results suggested that at higher levels of avoidant coping, the relationship between debt stress and psychological distress was stronger, with the rela­ tionship becoming weaker at lower levels o f avoidant coping (see Figure 2).

Discussion The results of this study provide insight into C PTs’ experiences with financial debt stress. Our findings are congruent with previ­ ous studies reporting that students with debt experience psychos­ ocial distress and decreased sense of well-being (e.g., Norvilitis et al., 2003). Previous research on financial debt for college and graduate students indeed link debt with distress; however, our findings elucidate the complexities involved in experiencing and coping with that distress. W hile qualitative results provide a thick description of how social class, debt, coping, and distress may manifest among CPTs, quantitative results elucidate how these variables may relate to one another. Various factors appeared to contribute to participants’ experi­ ence with financial debt. One element was the contextual lens through which students viewed their financial debt. Consistent with the SCWM (Liu et al., 2004), social class seemed to play a significant role in how participants accrued, perceived, and reacted to debt. Although the first hypothesis— that there would be a significant reciprocal relationship between subjective social class and total debt— was not supported, the second hypothesis was supported. Quantitative results suggested that higher levels of subjective social class and total debt predicted higher levels of debt stress. It may be that individuals who report higher subjective social class perceive debt as a barrier to maintaining their social class status or becom­ ing upwardly mobile. Conversely, individuals who report lower subjective social class may perceive their debt as a necessary means to achieve upward mobility. This interpretation is consistent with the SCW M ’s assumption that inability to meet the perceived demands of one’s social class referent group of aspiration may result in psychological distress (Liu et al., 2004). The students in the qualitative portion of the study varied in how they identified

Figure 2.

The relations between debt stress and psychological distress at high, medium, and low levels of avoidant coping. N = 285.

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their social class, however a pressure to achieve a particular social class was common across participants. Specifically, students dis­ cussed a desire to live, achieve, and/or maintain a lifestyle that may be less attainable with significant financial debt. Overall, these results indicate that the perception or desire to be upwardly mobile may relate to trainees’ debt stress. The third hypothesis— that debt stress would predict coping variables in the model— was partially supported, as debt stress predicted avoidant, but not problem-focused coping. Throughout qualitative interviews, students noted using various coping strate­ gies to address stress caused by their financial debt. Although several coping mechanisms were mentioned, avoidant coping, such as denial and avoidance, was consistently mentioned among interviewees. As mentioned by one participant, avoidant coping may be common among students because few options for solving the issue of financial debt exist while in graduate school. Although problem-focused coping strategies were also mentioned by inter­ viewees and have been advocated in the literature, we found that problem-focused coping did not mediate or moderate the relation­ ship between debt stress and psychological distress. These results failed to support the fourth and fifth hypotheses. It may be that problem-focused strategies are more helpful in relation to prevent­ ing accrual of debt, while avoidant strategies are more common and strongly related to coping with existing debt. Results o f the path model indicated that avoidant coping did mediate the relationship between debt stress and psychological distress, which partially supported the fourth hypothesis. Higher levels o f avoidant coping were found to predict lower levels of distress in the path model. Results of a moderation analysis sug­ gested that avoidant coping buffered the relationship between debt stress and psychological distress. This finding did not align with study hypotheses and contradicts previous stress and coping re­ search with graduate students (Sadeh et al., 2004; W adsworth et al., 2005). It is possible in the context o f debt stress and coping, that while some degree of avoidant coping is adaptive, the short­ term rewards of avoidant coping strategies could lead to long-term drawbacks such as accumulating larger amounts of debt that create greater financial burden in the future. Qualitative analyses eluci­ dated several other coping strategies used by trainees not captured in quantitative analyses, such as humor and cognitive strategies. While quantitative results suggested debt stress was negatively associated with psychological distress, qualitative results indicated debt had a negative effect on selected students’ psychological and physical health. Students discussed anticipating long-term effects of their debt. Specifically, participants anticipated future difficulties re­ lated to both professional and personal domains of life such as the ability to start a family, own a home, and remain satisfied with their current career choice. Many participants expressed career ambiva­ lence, suggesting that a job in the mental health field is often emo­ tionally and socially beneficial, but also sometimes financially bur­ densome or unfulfilling. Considered within the context of mediation and moderation analysis results, it appears the unanticipated signifi­ cant inverse relationship between debt stress and psychological dis­ tress in the present study may have resulted from the influence of a third (i.e., avoidant coping) variable. A common experience described by all participants was the effect debt stress had on personal relationships. Many students described feeling disconnected from friends and family. Additionally, lack of social support was often linked to feeling alone or misunderstood by

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OLSON-GARRIOTT, GARRIOTT, R1GALI-OILER, AND CHAO

others, especially those who did not have financial debt or chose not to talk about it within a training program. Furthermore, participants reported that problems with debt contributed to conflict with partners and family. Specifically, arguments about debt and frustrations with money were common areas of conflict that participants noted. A broader component of wellness, well-being, was also reported to be negatively affected by financial debt. Interviewees reported expe­ riencing negative thoughts, feelings and somatic complaints as a result of debt. A lowered sense of life satisfaction was also linked to the experience of financial debt. While a theme of self-care emerged, some students noted irony in the importance placed on self-care in the field of counseling psychology and their inability to take care of themselves due to diminished funds or anxiety related to spending money. It is noteworthy that despite the broad range of annual income levels of interviewees, all participants described negative conse­ quences of financial debt and debt stress. This suggests that even when existing financial resources are taken into account, CPTs still experience stress related to their financial debt.

Implications The findings of this study signify the importance of supporting counseling psychology students as they struggle with debt stress while in graduate school. These findings should also be considered in light of previous literature discussing the link between counselor distress and competence (Wise, 2008). Graduate programs may be a key source of support for graduate students experiencing distress and decreased well-being due to financial stress. Indeed, several partici­ pants expressed the desire for social, professional, and emotional support in coping with debt stress. Promoting transparency and com­ munication around the issue of financial debt may provide a buffer for debt stress and the associated costs. Initiating honest discussions of the financial commitment to grad­ uate programs and supporting an open forum within a program to facilitate peer support, validation, and advice could help transform an environment that may have previously been unresponsive to student distress surrounding debt. Counseling psychology programs that cur­ rently make efforts to inform future applicants of funding availability and potential debt accrual may serve as a model of this process. Furthermore, hosting workshops on managing debt and finances may provide much needed information on financial investing, loan repay­ ment, and financial debt in general for trainees. Students who may lack familial financial guidance may gain confidence and perceived control over their debt as a result of financial guidance from their program. Finally, given data on the disproportionate levels of financial debt accrued by CPTs and distress that appears to accompany that debt, our results have implications for counseling psychology programs’ ad­ missions processes and training procedures. Specifically, programs admitting large numbers of trainees with little or no accompanying funding may wish to consider the potential psychological toll this could take on students. Further, our data suggest financial debt can serve as a barrier to CPTs’ career aspirations and satisfaction. While institutions may reap the financial rewards of tuition-driven admis­ sions policies, current and future well-being of trainees may suffer. These issues may be particularly salient in the context of master’s programs adhering to, or aspiring to meet increased curriculum re­ quirements put forth by the Council for Accreditation of Counseling and Related Educational Programs (CACREP). The accompanying

financial increases these standards may create for students is impor­ tant to consider in light of findings from this study. Additionally, it is noteworthy that in a field that emphasizes multiculturalism and social justice, some students from backgrounds with less financial resources may be excluded from entering the profession.

Limitations While this study provides novel information regarding counseling psychology trainees’ experiences with debt stress, several limitations should be noted. Although we attempted to stratify the qualitative sample demographically, the participants in this study were restricted regarding racial and ethnic diversity. Unfortunately, the twelfth par­ ticipant invited to interview was a person of color who declined participation in the qualitative portion of the study. Those identified as having the highest levels of debt stress in this particular sample were primarily White. The coding team involved in this study was also racially homogenous. Thus, it is possible we did not fully capture the cultural context of students’ perceptions of, and reactions to, debt. For example, international students were not included in this study; thus future research should examine the unique difficulties of these stu­ dents who are often times not eligible for certain fellowships, federal grants, and other funding resources. Although quantitative results captured stress appraisal and general coping strategies, secondary appraisal of coping resources and debt-specific coping strategies (e.g., visiting a financial planner) were not sufficiently captured in the path model. Future research might address this omission. Additionally, almost all interviewees discussed fears related to paying back student loans after graduation. Future research could examine how recent psychology graduates feel about and manage their financial debt. Understanding how early career psychologists and counselors manage the burden of paying off financial debt may provide much needed information and guidance to current graduate students. Results of this study can be considered within a training context to improve support for graduate students experiencing financial debt stress. Our findings indicate that debt stress affects counseling psy­ chology trainee’s careers, relationships, and well-being. It is clear that future research and action is needed to better address graduate student needs. As results of this study indicate, improving the economic climate of graduate training has important implications for preparing future generations of counseling psychologists.

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Received March 25, 2014 Revision received July 14, 2014 Accepted October 23, 2014 ■

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