PsyD Programs Cost 2024: How to Handle the Cost

You probably want to be a clinical psychologist, but I guess you are worried about the PsyD program cost. It’s normal! Money sometimes can be a barrier, but this is when this information about how much PsyD programs cost becomes valuable.

PsyD Programs Cost

Why Do PsyD Programs Cost So Much?

The first step in tackling the terrible treatment PsyD students get at the hands of student loan policy is calling out the cost. The range of debt loads my PsyD clients have had is between $100,000 to $450,000.

The average PsyD program cost of the clients is around $270,000.

No doubt, a disproportionate number of students from for-profit schools like Argosy University reach out, but so do graduates of lower-cost programs.

Even if you leave school with $100,000, that’s still a lot given that most psychologists make less than that.

3 Recommended PsyD Loan Payment Options

PsyD Programs Cost

Basically, three paths make sense to repay the PsyD student program loan. When you meet with all three paths in my consulting business.

Maybe you’ll identify which one looks the most like you.

To illustrate each of these paths, we’ll use hypothetical psychologists and include some examples of their situations to show you how they are being analyzed below.


1. The PsyD Programs Cost with a Modest Amount of Debt Looking to Pay It Back

Anna has been practicing for about 7 years and has $120,000 of debt at a 6.5% interest rate (which she’s been paying on IBR for 6 years).

She’s married to a spouse with $80,000 in income and no student debt (lucky!) she makes $90,000 and works in a private practice setting.

We’ll assume she and her spouse get inflation level raises and they could refinance her loans at 5%. Here’s what the projected costs look like:

We like to compare the actual dollars out of your pocket cost as well as convert the cost to today’s dollars since the repayment plans are over different periods.

Meanwhile, both measures show refinancing is the cheapest option for Anna.

Thus, If she had home equity, she might also consider doing a cash-out home equity loan because of the tax deduction for mortgage interest.

2. Public or Non-Profit Sector Psychologist with a Lot of Debt

Kristina is a PsyD counselor at a local school. She makes about $65,000 a year, but she has excellent benefits and a reasonable working schedule.

Her $250,000 debt bothers her, but she has heard of the Public Service Loan Forgiveness program. She’s pretty worried about the talk of repeal and doesn’t know what to do.

She’s got a partner of several years who considers marriage optional and wants to know what the cost would look like with her significant loan balance if they got married.

Her boyfriend makes $120,000 and has already refinanced his loans with a private lender.


3. Private Sector Psychologist with a Lot of Psychology School Debt

PsyD Programs Cost

Tim’s dream was to have a private psychologist practice and He makes decent money at about $110,000.

However, his debt is a staggering $350,000 at a 7% interest rate. His wife makes $50,000 a year (with no debt), and they have 2 young children.

Tim’s monthly payment would be around $4,000 a month if he tried to pay it back in 10 years. That’s clearly not feasible if he wants to have a nice standard of living.

A private sector PsyD grad is very likely going to need to optimize their situation for loan forgiveness.

However, that’s particularly true if they went to a high-cost school like Argosy University or Alliant International University.

In conclusion, you can come up with a strategy that will save you money on your PsyD loans.

If you want professional help figuring out your plans, Student Loan Planner has counseled many PsyD grads looking for student loan answers.

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