How Much Does It Cost To Earn a Psychology Degree?

If you're planning to major in psychology, you want to know how much that degree is going to cost you.

The average costs for college can vary widely depending on a number of factors. Keep reading to learn more about these and to get a general idea of how much your psychology degree is going to cost.

How Much Does it Cost to Earn a Psychology Degree?

There are many schools throughout the U.S. that offer degrees in psychology and they all charge different tuition rates. They may also have differing fees and added expenses.

The best way to determine how much your psychology degree may cost is to find out the tuition rates and fees at the schools you are considering attending.

One major cost factor is the type of degree you are pursuing. Bachelor's degrees are generally less expensive than master's and doctoral degrees, but these advanced degrees are required for many psychology careers.

What's more, the cost of your degree may be impacted by whether you attend a public or private school. Public schools often charge lower tuition rates than private schools.

That said, if you are an out-of-state student, you will likely find yourself paying much higher tuition rates than your in-state classmates if you attend a public school.

Finally, the state and region where you attend school can impact the cost of your degree. Areas with a high cost of living often have higher tuition rates.

To summarize, the cost of your degree may depend on the following factors:

• type of degree
• public vs. private schools
• in-state vs. out-of-state status
• school location

With these factors in mind, bachelor's degree programs in psychology often cost anywhere between $50,000 and $150,000. Master's and doctoral programs may cost even more.

Again, though, these are only rough estimates. Some schools may offer lower tuition rates or fewer fees, diminishing the overall cost; other schools may be much costlier.

If you decide to pursue master's and doctoral degrees later, you have the cost of two or three degrees to take into account instead of just one.

Is a Psychology Degree Worth the Cost?

If the numbers have you a bit overwhelmed, you're not alone. Many aspiring psychology majors find themselves asking, is a degree in psychology worth the cost?

There are a wide variety of jobs available to those with psychology degrees. Graduates can work in fields such as healthcare, social work, business, education, and counseling.

That said, the psychology jobs you can get with only a bachelor's degree are often entry-level positions that don't pay as well as some of the top psychology careers.

Higher-paying jobs generally go to those with master's or doctoral degrees in psychology, but even those careers vary widely in terms of average salaries.

So, just because you earn a degree in psychology doesn't mean you'll be making the big bucks right after graduation. You may have to pursue additional education to be able to earn a higher salary.

Those who major in psychology really need to have a passion for the field. Psychology careers are often research-intensive, stressful, and involve speaking and collaborating with many different people.

So, if you're more of an introvert, don't handle stress well, or don't care for conducting research, getting a degree in psychology may not be worth it to you.

On the other hand, if you enjoy researching and working with people and have a passion for understanding the human mind, psychology may be the ideal career path for you.

Ultimately, no one can decide for you if getting a degree in psychology is worth it. That's a decision only you can make.

How Can You Earn a More Affordable Psychology Degree?

What if you decide that psychology is the career path you want to pursue, but you can't afford the high average cost of a degree?

The good news is, there are many ways you can cut down on your out-of-pocket expenses. The following tips can make it possible for you to afford college and limit or eliminate the need for student loans.

Financial Aid and Scholarships

There are various types of financial aid available to qualifying students. This aid is often available through state or local governments, as well as through schools, businesses, or other private organizations.

To apply for most forms of aid, you will need to fill out the Free Application for Federal Student Aid, or FAFSA. Doing this early will give you a better chance of obtaining the financial aid you need.

Scholarships are another common way to pay for college. Unlike financial aid, they are often awarded based on merit instead of financial need.

Scholarships may be awarded by schools, organizations, or individuals and may vary widely in the amount awarded.

Tuition Assistance and Payment Plans

If you have a job, find out whether your employer offers tuition assistance. Many companies offer this benefit, paying some or all tuition costs for deserving employees.

It's also a good idea to check with your school and find out if they offer payment plans. These plans allow you to pay for your education in smaller, more manageable installments throughout your college career.

Tuition assistance programs can save you money, while payment plans give you a practical solution for paying for school that most working students and their families can afford.

In-State or Online Study

Finally, if possible, consider enrolling in a public school located in your state. Generally speaking, in-state tuition rates at public schools are usually the lowest.

You could also consider pursuing an online degree. Many schools offer online degrees in psychology, and getting your degree online can save you money in several ways.

For example, many schools offer the same online tuition rates for both in-state and out-of-state students. By completing an online degree, you may also save money by living off-campus and not having to commute.

Studying in-state or getting your degree online can help you keep your college costs as low as possible, helping you obtain your psychology degree while incurring as little debt as possible.

Earn a Cost-Effective Psychology Degree Today

Psychology degree costs often range between $50,000 and $150,000. You can help keep your costs down by applying for financial aid and scholarships, making use of tuition assistance and payment plans, and studying in-state or online.