Is a Psychology Degree Worth the Debt? | Pros & Cons
Before pursuing a psychology degree, students must consider the cost of their degree, whether they will seek graduate degrees, and whether their salary will cover education costs.
Many college students find themselves drawn to the field of psychology. Studying the inner workings of the mind and how to help members of the community is an immensely rewarding field for many. But you must also consider the long-term benefits of being a psychologist.
Many psychology degrees require education beyond an undergrad degree, and aspiring psychologists will likely find themselves in graduate or even doctoral programs. A psychology degree salary goes up the more education one has, but that also means more time in school and potentially more student debt.
But there are definite benefits to being a psychologist, including constant variety of work, flexibility, and the opportunity to help others. Let's take a look at some of the pros and cons of a psychology major.
The following salary information was sourced from the U.S. Bureau of Labor Statistics (BLS), which provides official data on wages, employment trends, and job outlooks across various industries. Please note that these salaries are based on national averages. The actual salary will vary depending on experience level, geographic area, and other factors.
Is a Psychology Degree Worth It?
Psychology seems to be one of those degrees that many consider a waste of time. But this field can open up a wide range of career choices and, with hard work, lead to a very successful career. Before getting a psychology degree, ask yourself a few questions:
- Do I plan to go to grad school, pursue a doctoral degree, or even a PsyD?
- Do I plan to take out student loans?
- What is the average salary of my intended job when I finish school?
A psychology career can be satisfying and lucrative, but you want to have a plan for the future before beginning your degree program. While there are some career options for those with a bachelor's degree, the median salary goes up significantly for those who've completed a master's program or have their doctorate.
The U.S. Bureau of Labor Statistics reports that a school psychologist makes about $85,000 per year on average, while most clinical and counseling psychologist will make about $96,000 per year. On average, licensed psychologists take about 12 years to complete their education.
Job opportunities for those with higher degrees may be better, but ask yourself how much student debt you could incur in graduate school and if you will be able to make the monthly payments once those loans are due. Researching grants, scholarships, or cheaper online programs can help mitigate costs.
Psychology students have a wide range of options when it comes to career choice, from education to forensics. But these jobs can also cause significant stress, require a lot of flexibility, therefore making it necessary that you prioritize your mental health along the way. Prospective students should weigh all of this before getting a psychology degree.
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How Much Does a Bachelor's Degree in Psychology Cost?
The cost of a bachelor's degree in psychology varies by state and school. On average, a college degree costs between $50,000 and $150,000. Online classes can be a cheaper option for many students; U.S. News & World Report says that the University of Florida has the cheapest online psychology degree, at $15,501 for in-state students.
Attending a private school, an out-of-state school, or an Ivy League school can all increase the price of your degree. However, taking AP classes in high school or completing courses at a local community college can help you get lower-level classes out of the way and complete your degree faster.
Graduate degrees and beyond can get expensive, but the more education a psychologist has, the better their job prospects. A master's degree in clinical psychology costs about $62,650, while a PhD program costs about $115,500.
Types of Psychology Degrees and Career Paths
After completing a bachelor's degree in psychology, graduate students can start to specialize. Options include:
- counseling
- rehabilitation
- forensic psychology
- sports psychology
- clinical psychology
- engineering psychology
- child psychology
A master's in counseling allows you to work with individuals to manage mental health needs. Forensic psychologists work with law enforcement and the criminal justice system. Sports psychologists counsel athletes and coaches, helping them focus to train and perform at their best. Child psychologists can work in a school setting as a counselor.
These are just a few of the exciting career options for psych majors. A psychology major salary will depend on your education level and geographic location, but there are many paths you can take to a successful career.
Using a Federal Student Loan for a Psych Degree
If you would benefit from some financial assistance while pursuing your psychology degree, then a federal student loan may be your best option. Loans from the federal government usually have more benefits than private loans. For example, the interest rates on federal loans are fixed and are usually lower than private loans.
To apply for a federal loan, you'll first need to fill out a Free Application for Federal Student Aid (FAFSA) form. If your results determine you are eligible, then your school will send you a financial aid offer and explain how to accept all or part of the offered loan.
Before accepting the money, you will also need to complete entrance counseling, which makes sure you understand your obligation and how to make loan payments. You will also have to sign a master promissory note.
You'll have to start making loan repayments six to nine months after you graduate, leave school, or drop below half-time enrollment. You will automatically be placed on a standard repayment plan, but you can request different repayment options anytime you wish.
Steps To Reduce Student Loan Debt
Interest on student loans can add up quickly, especially if you are fresh out of school and getting experience at a low-paying job. But there are ways to ease student loan debt and not fall too far behind.
Make sure you don't take out too much. When starting school, it may feel easy to take out a large loan and cover all your expenses, but remember that money will be due with interest. Research the average salary for the jobs you'll be looking at out of college, and make sure it's enough to cover loan repayment once you graduate.
Make your payments on time every time so you don't fall behind, and keep in touch with your loan servicer. Let them know if you are having trouble making payments and ask how they can help.
Submit the FAFSA for Financial Aid Eligibility
You must fill out the FAFSA in order to be eligible for financial aid. Many schools will also take the information from your FAFSA to determine if you are eligible for further state funding, including grants and scholarships. The form takes most people about an hour to fill out, and you can send the information to up to 20 schools.
If you are an undergraduate student who has not previously pursued higher education, then you may be eligible for the Pell Grant. Unlike a federal loan, the Pell Grant does not have to be repaid, except under special circumstances.
Apply for Scholarships
Most schools also offer scholarships that can help reduce the cost of your education. If you fill out the FAFSA, many schools will also automatically consider you for certain scholarships. However, you should still look into any other scholarships you may be eligible for to help bring down costs.
Look Into Transfer Credits, CLEP, and AP Credits
Finally, taking some classes at a community college, taking AP classes in high school, or participating in a college level examination program (CLEP) can all bring in transfer credits that reduce your overall cost. Fewer classes at a four-year university means you can work full-time to complete your degree quickly and get to work faster.
FAQs About Psychology Degree Programs
There's a lot to consider before beginning a degree program. If you still have questions about earning a psychology degree, then take a look at our answers to some frequently asked questions below.
Is Psychology a Good Major?
A psychology major opens up a wide range of job opportunities, from sports to education to law enforcement. Students who are passionate about the ins and outs of the human brain will find this a fascinating and fulfilling field of study, and if you are committed to working hard and putting in the effort, then it can lead to a good paying, successful career.
Is a Bachelor's in Psychology Worth It?
A bachelor's degree in psychology is a necessary stepping stone to higher education, but if you are not interested in graduate school, then your options may be somewhat limited. Most jobs working with clients in a clinical setting require a higher degree than a bachelor's. But that's not to say that there's nothing on the job market for someone with a bachelor's degree, so consider your career options before making this decision.
Is a Master's Degree in Psychology Worth It?
A master's degree in psychology opens up many more career paths, from clinical work to engineering psychology. A master's degree will be more expensive, so take into consideration any financial aid that you will need. Most jobs at this level will have a higher salary, making this a great option for many.
Is a PsyD Worth It?
From beginning a bachelor's degree to finishing a Doctor of Psychology degree, you can easily spend 12 years in higher education. This degree opens up the highest paying jobs in the field, some over six figures. However, students must consider the time constraints and high level of study that such a degree will entail.
Pursue an Online Bachelor's Degree Today
An online bachelor's degree in psychology can be the first step to a fulfilling career helping people achieve their best. If you're ready to start pursuing your psychology degree today, then take a look at some of the accredited schools on Learn.org and reach out to one today.
