An estimated 79% of psychologists have student loans from graduate school and 69% of early career psychologists were not taking part in a loan forgiveness or repayment program. With their current payment plans, it would take nearly half of them (46%) more than 17 years to pay off their loans (Doran et al., 2016).
A survey of grad students and early-career psychologists by Doran and colleagues (2016) found that 43.1% of respondents had undergraduate student loan debt and 78.7% accrued graduate school debt. Of the graduate students in the sample, their expected total (undergrad and grad school) median debt was $120,000.
In a survey of how much money psychologists make from the American Psychological Association of Graduate Students (APAGS) 2014 Debt Study ,the median salary from 2010-2014 was $65,000 for PhDs and $60,000 for PsyDs (excluding post-docs). Continue reading How Much Money do Psychologists Make?