Is It Worth Getting a Master’s Degree in Psychology?
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Cost of a Master’s in Psychology
Public In-state Tuition
Public Out-of-State Tuition
Private School Tuition
Requirements for a Master’s in Psychology
A bachelor’s degree from an accredited institution and at least 18 hours of undergraduate coursework in psychology Completed prior coursework in statistics and research methods Submit up to three letters of recommendation to be considered for admission Complete about 36 to 48 credit hours of graduate-level coursework in psychology May have to write an APA-style thesis and defend it
Pros and Cons of Psychology Master’s Degrees
May prepare you for the more advanced doctoral programs in psychology Can expose you to clinical psychology or counseling psychology Can help you find employment in research centers or social service agencies
Tuition can be costly You may need a more advanced degree like a doctorate to qualify for some employment opportunities in psychology A master’s degree may be insufficient if you wish to practice therapy
Is a Ph.D. in Psychology Worth It?
What Can You Do With a Master’s in Psychology?
Possible Salary After a Master’s in Psychology
Paying Back Student Loans Afterward
Student Loan Refinancing
For new graduates, refinancing during your grace period may be an option For subprime borrowers, it might be difficult to refinance student loans with bad credit The credit score needed to refinance student loans may be 670 or higher with certain lenders Applying for student refinance loans can hurt your credit score if the lender conducts a hard inquiry into your credit report
Income-Based Repayment Plans
Income-Contingent Repayment Plan (ICR) Revised Pay As You Earn Repayment Plan (REPAYE) Pay As You Earn Repayment Plan (PAYE) Income-Based Repayment Plan (IBR)
Student Loan Forgiveness Programs
3 Student Loan Tips
Once the pandemic-related pause on federal student loan payments ends, going back to making payments may be hard on budgets. One solution is to refinance to a lower interest rate, longer loan term, or both, depending on your situation. (The tradeoff is that you’ll be forfeiting federal benefits such as repayment programs.) Find and compare your student loan refinance options. Paying extra each month on your student loan can reduce the interest you pay and so lower your total loan cost over time. (The law prohibits prepayment penalties on federal or private student loans.) If you teach full-time for five complete and consecutive academic years in a low-income school, you may be eligible for federal student loan forgiveness.
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