AIA study examines impact of student debt on profession

{"version":"0.3.0","atoms":[],"cards":[],"markups":[["strong"],["b"],["a",["href","https:\/\/www.aia.org\/landing-pages\/6475169-advocacy"]]],"sections":[[1,"p",[[0,[0],0,"WASHINGTON - Dec. 6, 2022"],[0,[1],2," \u2013 "],[0,[],0,"The American Institute\nof Architects (AIA) commissioned a study that examines student loan debt to\ngain a better understanding of how these challenges affect the profession and\ndifferent architect demographic groups.\n\n"]]],[1,"p",[[0,[],0,"The study examines\nthe ways in which student loan debt impacts architects, from jobs taken to life\nchoices made. Global market research company Ipsos was commissioned to conduct\nthe study, which included over 700 AIA member interviews. "]]],[1,"p",[[0,[],0,"\u201cThis data provides critical insight into how\nstudent debt is harming the profession,\u201d said AIA EVP\/Chief Executive Officer\nLakisha Ann Woods, CAE. \u201cThrough a better understanding of how debt impacts\ndifferent demographic groups among our membership, this data will help us break\nbarriers to the profession that disproportionately impact Black, Indigenous,\nand people of color. Our goal is to propel all architects to new professional\nheights.\u201d"]]],[1,"p",[[0,[0],1,"Key findings of the\nstudent debt study include:"]]],[1,"p",[[0,[],0,"Student loan debt affects AIA members and their\nlife choices in fundamental ways, but the impact differs greatly by age and\nsomewhat by gender and ethnicity. Whether somebody was a first-generation\nstudent also plays a role."]]],[3,"ul",[[[0,[],0,"Three in four AIA members (73 percent) had to borrow\nmoney to pay for college, and of those who did, a large majority took out\nfederal loans (87 percent). "]],[[0,[],0,"Younger design professionals are most burdened by\ndebt\u201489 percent of AIA members under 35 reported taking out loans, compared to\n66 percent of those between 55 and 64 (86 percent and 75 percent of members\n35-44 and 45-54, respectively, also reported taking out loans). Since underrepresented\nmembers are significantly younger than their white male counterparts, they are\nbearing higher debt burdens. "]],[[0,[],0,"First-Generation students were significantly more\nlikely to borrow compared to those with college experience in the family (78\npercent vs. 71 percent)."]],[[0,[],0,"While age was the most highly correlated with\nborrowing, across age cohorts, underrepresented students reported significantly\nhigher borrowing amounts."]]]],[1,"p",[[0,[],0,"As a result, different\ngroups of members report making different life choices, related to their level\nof debt."]]],[3,"ul",[[[0,[],0,"While fewer than one in three AIA members report\nstudent debt impacted their choice of firm (29 percent), nearly half of those\nwho are still paying off loans today reported it did (47 percent), and female\nmembers are nearly twice as likely to report such an impact than their male\npeers (44 percent vs. 23 percent)."]],[[0,[],0,"When it comes to choosing where to live, the impact\nof debt was slightly larger (40 percent overall), but again it mattered\nsignificantly more to those still paying back loans compared to those paid off\n(57 percent vs. 29 percent); and results also differed by gender (59 percent\nfemale vs. 33 percent male)."]]]],[1,"p",[[0,[],0,"Almost half of AIA\nmembers who borrowed money for college have considered leaving architecture or\nhave already done so (44 percent)."]]],[3,"ul",[[[0,[],0,"Changing to a related field is the most common idea.\nOne in five members with loans have considered it or already done so (22\npercent)."]],[[0,[],0,"Female members are significantly more likely to have\nthought about leaving than males (57 percent vs. 39 percent), and the same is\nseen for members still paying off loans compared to those fully paid (57\npercent vs. 36 percent)."]]]],[1,"p",[[0,[],0,"Learn more about AIA\u0027s\nadvocacy efforts by visiting "],[0,[2],1,"www.aia.org"],[0,[],0,"."]]],[1,"p",[[0,[1],1,"About AIA"]]],[1,"p",[[0,[],0,"Founded\nin 1857, AIA consistently works to create more valuable, healthy, secure, and\nsustainable buildings, neighborhoods, and communities. Through more than 200 international,\nstate and local chapters, AIA advocates for public policies that promote\neconomic vitality and public wellbeing."]]],[1,"p",[[0,[],0,"AIA provides members with tools and resources to assist them\nin their careers and business as well as engaging civic and government leaders\nand the public to find solutions to pressing issues facing our communities,\ninstitutions, nation, and world. Members adhere to a code of ethics and conduct\nto ensure the highest professional standards."]]]]}