Does Financial Aid Cover the Cost of a Psychology Degree?

Financial aid can be used to pay for higher education programs and, depending on the eligibility requirements, can even cover the entire cost of your psychology degree.

Students pursuing higher education can apply for various types of financial aid, including student loans, scholarships, grants, fellowships, and work-study programs. They may be federal, state, or college-based, with some private and local organizations offering their own aid programs

You can decrease your college expenses and accumulate less student loan debt by utilizing financial assistance programs. By researching your options, speaking with your school's financial aid office, and applying to the types of aid you qualify for, you can better prepare to pay for your psychology degree.

What Is the FAFSA Form?

The Free Application for Federal Student Aid (FAFSA) is a form that college students complete annually, starting before their first year, to determine the amount and types of financial aid they qualify for.

The FAFSA form gathers your Social Security number, income, tax returns, and other financial information to assess your eligibility for various types of federal and state aid.

Eligibility

The specific criteria can vary depending on the financial aid program, but eligibility is generally based on factors like academic performance, financial need, and enrollment status. To receive aid through the FAFSA, you need to be enrolled in an accredited college program and attend classes on a part-time or full-time basis.

How Much Debt Do People Usually Have From Earning a Psychology Degree?

The amount of debt people usually accrue from earning a psychology degree varies widely depending on how much financial aid was used. College costs vary depending on the institution this includes whether it's public or private, online or on campus, and the degree level.

On average, without using financial aid or other funding sources, a bachelor's degree in psychology at a public school will result in about $15,000 in debt. This number can double if you attend a private school.

Does FAFSA Cover Graduate School?

Yes, students can complete the FAFSA to receive financial aid to help pay for graduate school. However, to be eligible for federal financial aid, the school you are attending needs to be accredited and recognized by the U.S. Department of Education.

It is important to note that some of the FAFSA's financial aid programs, like the Federal Pell Grant, do not apply to graduate students and only help cover undergrad degree programs.

Types of Financial Aid for Psychology Degrees

There are many types of financial aid that you can use to pay for a psychology degree. Some are intended for low-income students showing exceptional financial need, while others are for students studying specific subjects, such as psychology.

1. Explore Psychology Scholarships

Psychology scholarships provide various award amounts to help students pay for their education. They are an effective way to cover your degree costs and, unlike student loans, they don't need to be paid back.

Sharon Stephens Brehm Undergraduate Psychology Scholarships

Undergraduate students majoring in psychology can receive $5,000 by applying for one of the eight Sharon Stephens Brehm Undergraduate Psychology Scholarships. The need-based scholarships are awarded to students in accredited psychology programs who have at least a 3.5 GPA.

Morris K. Udall Undergraduate Scholarships

The Morris K. Udall Undergraduate Scholarships provide up to $7,000 awards to help students cover education expenses. Psychology students who are making a difference through their involvement with public service can apply to receive the scholarship.

Harry S. Truman Scholarship Foundation

Psychology students planning to pursue a master's degree and a career in public service can receive funding through the Harry S. Truman Scholarship Foundation. The scholarship awards $30,000 to help students pay for graduate school. To apply, you must be nominated by either your current or former school.

2. Look for Psychology Degree Fellowships

Psychology degree fellowships are usually offered to graduate students to help fund their advanced studies. Fellowships provide tuition waivers and stipends for education, training, research, and sometimes living expenses.

Mental Health and Substance Abuse Services (MHSAS) Doctoral Fellowship

The MHSAS Fellowship provides funding for doctoral students studying psychology and aiming to become professionals in the behavioral health services field. The fellowship provides three years of financial support to help psychology students fund their doctoral-level education and training.

Interdisciplinary Minority Fellowship Program

Minority students earning advanced degrees in psychology can apply for the Interdisciplinary Minority Fellowship. The program, which provides two years of financial support, is intended for students who are aiming to improve the quality of mental health care for ethnic and racial minorities.

Services for Transition Age Youth (STAY) Fellowship

The STAY Fellowship, which is offered through the American Psychological Association (APA), provides graduate students with $13,000 in financial support. The fellowship is intended for students in the psychology field who are aiming to become mental health practitioners for individuals between the ages of 16 and 25.

3. Discover Psychology Grants

Grants intended specifically for psychology students can provide funds for your degree, whether an undergraduate or graduate program. By applying for the ones you qualify for, you can receive financial assistance to help cover the cost of your psychology degree.

4. Evaluate Student Loan Forgiveness Programs

The federal government offers repayment plans and student loan forgiveness programs for individuals in specific careers. Because psychology degrees lead to a wide range of career paths, you could potentially avoid loan repayment by qualifying for one of the forgiveness programs.

Additionally, if you use your psychology degree to work in a non-profit, healthcare, social work, or government role you could be eligible for the Public Service Loan Forgiveness program which cancels your federal student loans after you've made 120 qualifying loan payments.

5. Complete a Work-Study Program

Work-study programs provide jobs to eligible students, allowing them to earn money to help cover the cost of their degree. They are offered based on financial need, and students who participate in a work-study program are typically paid at least the federal minimum wage.

While these opportunities are sometimes provided directly from your school, they are usually a form of federal financial aid. To find out if you qualify for a federal work-study program, you'll need to complete the FAFSA.