How To Pay For a Psychology Degree

A psychology degree opens doors to numerous career paths. You can become a psychologist or work in a related field like human resources or criminal justice.

However, earning a degree can be difficult for students struggling to pay tuition out of pocket. The good news is there are many ways to finance your college education. Applying for financial aid and pursuing scholarships and fellowships are just a few ways to pay for your psychology degree.

If you're eager to start a psychology career, ensuring you can cover the cost of a degree is important. Below, we'll discuss what you might expect to pay in a psychology program. We'll also review financial aid options for paying for your psychology degree.

Are Psychology Degrees Expensive?

A psychology degree program could be costly or affordable depending on your selected school. Here are additional factors that can impact the amount you pay:

• degree type (bachelor's, master's, or doctoral degree)
• course load (part-time vs. full-time status)
• course level (1000-level courses vs. 4000-level courses)
• residency (in-state vs. out-of-state)
• on-campus vs. online degree

The National Center for Education Statistics (NCES) estimates that full-time undergraduate students paid $15,200 during the 2022-2023 academic year to attend a four-year public institution. Full-time graduate students (enrolling in at least nine credit hours) paid $11,554 at public postsecondary institutions in the same academic year.

We've explored the average cost of undergraduate and graduate studies and factors that can impact what you pay. Next, we'll examine the tuition you could pay as a psychology major.

What Is the Average Cost of a Psychology Program?

One of the best ways to determine the cost of psychology programs is to research schools. Below, we'll explore examples of specific psychology degree program costs.

Bachelor's Degree

Bachelor's degrees in psychology explore the brain, human behavior, and mental processes. Psychology students also learn about data analysis, research design, neuroscience, child psychology, and cognitive psychology.

The cost of a bachelor's degree in psychology varies by school. For example, an online Bachelor of Science (BS) in psychology from Purdue Global costs just over $370 per credit. This differs from Arizona State University, which charges about $620 per credit for a 12-credit semester in the Bachelor of Arts (BA) psychology program.

Master's Degree

A master's degree in psychology is often the minimum educational requirement for individuals who want to become psychologists. Some programs prepare students for professional licensure while others give students the understanding of the field needed to excel in leadership roles.

Capella University students can expect to pay $510 per credit when earning a Master of Science (MS) in psychology via the GuidedPath. Capella's FlexPath charges as little as $2,950 per 12-week billing session. At the University of Phoenix, students pay $698 per credit for the MS in psychology.

Doctoral Degree

Students interested in a doctoral degree in psychology can choose from the Doctor of Philosophy (PhD) or the Doctor of Psychology (PsyD). The PhD emphasizes research and requires a dissertation. The PsyD prepares students to work with clients or patients. Clinical psychologists typically need a doctoral degree to practice.

At Nova Southeastern University, students earning a PhD or PsyD in clinical psychology pay $1,352 per credit. The PhD in clinical psychology at Fordham University costs $1,732 per credit. Marywood University charges $1,000 per credit for their Doctor of Clinical Psychology (PsyD).

Tips for Paying for a Psychology Degree

Many options are available for students who need help paying for their undergraduate or graduate degree in psychology. Let's explore a few.

1. Complete the FAFSA

The federal government's Free Application for Federal Student Aid (FAFSA) helps students with financial need qualify for different types of financial aid. You might receive:

• federal grants
• work-study jobs
• student loans

The FAFSA form sometimes helps students qualify for aid from private aid providers. State and school aid providers might also use the form to determine eligibility.

2. Explore Psychology Scholarship Programs

Scholarships are essentially free money students can use to cover tuition and other school costs. Here are some psychology-related scholarships.

Inez Beverly Prosser Scholarship for Women of Color

The Inez Beverly Prosser Scholarship for Women of Color helps students complete their educational journeys and pursue advanced degrees in psychology. Award recipients are granted a $3,000 annual scholarship to cover tuition costs, institutional fees, and required textbooks.

Sharon Stephens Brehm Undergraduate Psychology Scholarship

The Sharon Stephens Brehm Undergraduate Psychology Scholarships offer $5,000 to undergraduate psychology students who demonstrate financial need. The funds can help cover direct educational costs like tuition and textbooks. Applicants must have a minimum 3.5 cumulative GPA to qualify.

The Melanie Foundation Scholarship

The Melanie Foundation Scholarship awards $2,500 to students pursuing a master's or doctoral degree in the mental health field. Eligibility is granted to students enrolled in an accredited graduate program and majoring in mental health.

3. Review Grants for Psychology Majors

Grants, similar to scholarships, award students with free money that doesn't have to be repaid. They're often based on financial need. The following are grants to consider for psychology majors.

Psi Chi Undergraduate Research Grants

The International Honor Society in Psychology offers undergraduate Psi Chi student members individual grants of up to $1,500 to work on an original, empirical, research project. An additional $2,000 is available for students experiencing financial hardships.

Janet Hyde Graduate Student Research Grant

The Janet Hyde Graduate Student Research Grant from Division 35 of the Society for the Psychology of Women awards doctoral psychology students with $500 grants. These grants support feminist research on the psychology of gender and women.

Douglas W. Bray and Ann Howard Research Grant

The Society for Industrial and Organizational Psychology Foundation (SIOP) offers the Douglas W. Bray and Ann Howard Research Grant. Applicants researching assessment center methods and the development of managers and leaders could qualify for this $10,000 grant.

4. Discover Fellowship Programs

Fellowship programs grant students funds to work on an academic, professional, or personal endeavor. These awards typically have competitive eligibility requirements. Examples of psychology fellowships include:

• Elizabeth Munsterberger Koppitz Child Psychology Graduate Fellowship ($25,000)
• Esther Katz Rosen Fund Grants ($50,000)
• Beckman Institute Fellows Program ($63,000 annual salary and $25,000 research budget)

5. Consider Student Loan Options

Student loans are borrowed funds that require repayment with interest. Psychology students can fill out the FAFSA form to qualify for federal student loans, including Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans for grads. Students can also apply for private student loans from banks, credit unions, and other private lenders.

What Is the Job Market Like for Psychology Graduates?

The field of psychology is booming for degree holders who want to become psychologists. According to the U.S. Bureau of Labor Statistics (BLS), employment of psychologists is projected to grow faster than average at 6 percent from 2022 to 2032. This is one of many career paths for psychology program graduates.

What Can I Do With a Psychology Degree?

Becoming a psychologist is one of the most common uses of a psychology degree. Depending on your area of interest, you could enter a psychology subdiscipline like the following:

• forensic psychology
• industrial-organizational psychology
• school psychology
• clinical psychology
• counseling psychology

Most psychologist roles require an advanced degree. However, there are some psychology jobs available to bachelor's degree holders. For instance, you could find roles in healthcare administration, guidance counseling, social work, and case management.

What Field of Psychology Makes the Most Money?

The amount you can earn in the field of psychology depends on the degree you earn, the experience you attain, and the sector in which you work. However, psychologists generally have higher average salaries than school counselors, mental health counselors, and social workers. If you want to earn even more, consider becoming a sociologist.