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Master’s in Psychology Costs and Fees: Ways to Pay for Your Graduate Degree

Written by Grad School Center Team We are a passionate team of experienced educators and advisors at GradSchoolCenter.com, dedicated to guiding students through their graduate education journey. Our experts, with advanced degrees across various disciplines, offer personalized advice, up-to-date program information, and practical insights into application processes.

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Updated: December 14, 2024, Reading time: 9 minutes

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Psychology is one of the top majors in the 21st century, providing graduates with several job prospects. Even with just a bachelor’s degree, you can compete in many fields, like human resources, marketing, and social services. The average annual salary for these fields is $73,279 per year.

Now, think of what a master’s degree in psychology can do. Although the cost of a master’s in psychology can be high, its benefits often outweigh the expense.

Several benefits come with earning this advanced degree:

  1. You can specialize. Master’s in psychology degree programs offer several concentrations. These include:
  2. Boost earnings. Although specific salary rates depend on several factors, master’s in psychology graduates, on average, earn $101,175 per year. This is significantly higher than that of bachelor’s degree holders.
  3. Better job stability. The unemployment rate for people with a master’s degree is just 2.0%, much lower than for those with only a bachelor’s degree.

Ultimately, a master’s degree in psychology gives you more professional respect than a bachelor’s. With a Master’s in Psychology, you better understand people and improve empathy and communication. This helps you succeed at work and strengthens your personal relationships and outlook on life.

Contrary to popular belief, you don’t always need a bachelor’s in psychology degree to get a Master’s in Psychology. Yet, you may need to demonstrate that you’ve mastered basic psychology concepts through your undergrad coursework.

You might still get in even if you don’t have all the required courses but meet other admission requirements. Some schools let you take extra classes to catch up.

In addition, doctorate programs are available.

Psychology books, paper and pencil
Grad School Center is an advertising-supported site. Featured or trusted partner programs and all school search, finder, or match results are for schools that compensate us. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site.

How Much Does A Master’s in Psychology Program Cost?

The total cost of a master’s in psychology depends on several factors. The general rules are:

According to the Education Data Initiative, the average cost of graduate degrees in Psychology is as follows:

Online learning can be cheaper in tuition. Yet again, it varies from university to university.

Although tuition is the biggest expense, it is only one part of the total psychology master’s cost. Whether online or on-campus, pursuing a degree entails so much more than just tuition.

The total online masters in psychology cost will also include the following:

Housing and Meals

This is the second-biggest expense after tuition. On average, students at private four-year schools spend about $11,100 per year, while those at public institutions spend around $9,800.

Technology Requirements

Technology is really important in classrooms. College students often use their own laptops to take notes, talk to their professors, and apply for jobs. On average, college students spend about $700 on technology for their classes.

Online students often face higher technology costs than those on campus for several reasons:

  1. They don’t have easy access to campus computer labs.
  2. They usually pay more for online course materials.
  3. They’re required to follow specific device requirements/specs.
  4. They may not qualify for device loan programs available to on-campus students.

Additional Fees

These fees are often minimal upfront. However, when added together, they become quite significant.

Required for All Students (Online and On-Campus):

Required Mostly for On-Campus Students Only:

It’s estimated that these additional fees could cost a master’s degree student an average of $2,000 to $3,000 annually.

So, how much is the cost of a master’s in psychology in the USA? Again, it depends. But you should expect to spend $35,000 to $50,000 annually.

Psychology book

Paying for Your Psychology Graduate Degree

The estimated cost of a master’s in psychology may scare you. However, you need to know that the total cost of education doesn’t have to come all at once. You don’t have to pay them out of your own pocket.

Is there a free online master’s degree in psychology? Probably none. Most accredited programs require tuition, though some may offer financial aid or scholarships.

Here are some of the most effective ways to pay for a master’s in psychology cost:

Federal Financial Aid

As a graduate student, you’ve most likely already started building your financial profile. Financial aid from the federal government may include

  1. Scholarships and grants
  2. Tuition discounts and loans
  3. Work-study opportunities

Scholarships and Grants

Scholarships are the best form of financial aid since they do not require repayment. Grants are similar to scholarships; they’re also free money. However, some grants may require repayment if you don’t meet certain conditions.

Graduate students can seek scholarships in two main ways:

From the college or university

College-based scholarships are often easier to find and apply for. They usually require only your admissions application or a separate form. Check your school’s website or financial aid office for details.

From private or outside sources

Private scholarships can be harder to find but might have fewer applicants, increasing your chances for financial aid.

Here are some of the top scholarships for master’s in psychology students:

Employer tuition reimbursement

Basically, your company helps pay for your education as long as it fits their criteria. It’s a win-win—you get financial help for your studies, and the company gains a more skilled employee. Remember that some employers might require you to stick around for a while after you graduate.

Here’s a quick step-by-step guide on applying for and maximizing Master’s in Psychology financial assistance:

  1. Know your deadlines: Research and understand federal, state, and institutional aid deadlines to ensure timely submissions.
  2. Complete the FAFSA: Fill out the FAFSA as soon as it becomes available (October 1) to be eligible for federal aid.
  3. Research State Aid: Look into state-specific financial aid programs and apply early, as funds can be limited.
  4. Explore Institutional Aid: Check for scholarships and grants offered by the colleges you’re interested in, and follow any additional application requirements.
  5. Consider Private Scholarships: To help cover extra costs, apply for private scholarships based on academic achievements or other criteria.
  6. Review Financial Aid Offers: Evaluate the aid offers you receive, comparing the types and terms of aid to make informed decisions.
  7. Accept, Decline, or Negotiate: Decide which aid offers to accept or decline, and consider negotiating with colleges for better packages if needed.
  8. Complete additional forms: If required, fill out additional forms for specific aid types, such as work-study programs.
  9. Attend information sessions: Participate in financial aid information sessions for guidance and clarification on the process.

The average cost of a master’s degree in psychology programs is initially high. Yet, with a combination of various financial assistance, the overall expense can be significantly reduced.

How much does a master’s degree in Psychology make? $101,175 per year! If you obtain your degree from a reputable institution, you can almost guarantee a high ROI.

Top 5 Grad Schools Offering Affordable Psychology Programs

Purdue University Global

Online Master’s in Psychology

Cost per credit: $420

Credit Hours: 60–75

Available Financial Aid:

The curriculum focuses on human behavior and key psychological theories, culminating in either a thesis or capstone course. Courses include Professional Psychology, Testing and Measurement, Applied Statistics, Advanced Research Methods, and Life Span Development.

Purdue Global reports that 94% of MS in Psychology graduates are employed or continue their education within 18 months.

Southern New Hampshire University

Online Master’s in Psychology

Cost per credit: $637

Credit Hours: 36

Available Financial Aid:

The average cost of a master’s degree in psychology at SNHU is among the lowest. In-state and out-of-state students pay an average of $18,900 to earn their graduate degrees.

While affordable, the curriculum for this online master’s in psychology is among the most comprehensive. It covers Research Methods, Cognitive and Social Psychology, and Ethical Practice, focusing on Applying Psychological Research.

Salem State University

Traditional Master’s in Industrial/Organizational Psychology

Cost per credit: $486.55

Credit Hours: 42

Available Financial Aid:

This on-campus I/O Psychology degree emphasizes the scientific method, aligning with STEM fields, and includes business-related courses from the Bertolon School of Business.

The program features a well-rounded curriculum, a 300-hour customized internship, expert faculty, and flexible class formats. It can be completed in two years full-time or three to four years part-time, with students worldwide.

Westfield State University

Traditional MA in Counseling

Cost per credit: $418

Credit Hours: 60

Available Financial Aid:

Westfield State University’s MA in Counseling allows students to learn from expert faculty in a supportive environment. The curriculum offers a solid foundation in theory, research, and applied skills, with concentrations tailored to career goals.

Students can choose one of the following concentrations:

Liberty University

Online Master’s in Applied Psychology

Cost per credit: $565

Credit Hours: 60

Available Financial Aid:

Liberty University’s master’s in applied psychology blends psychological science with Christian faith. The program includes five core courses in cognitive Psychology, Research Methods, and Data Analysis.

Students can specialize in General Psychology, Developmental, Industrial/Organizational, or Public Mental Health, tailoring their degree to specific interests and career goals.

Key Takeaways

While a bachelor’s degree in psychology can qualify you for some jobs, obtaining a master’s degree significantly expands your job opportunities in the field. A master’s degree will increase your potential earnings and give you better job stability.

However, the cost of a master’s in psychology can be overwhelming. To avoid high student debt, pick a university with affordable credit hour rates and good financial aid. Also, look for programs that accept many transfer credits or offer accelerated programs.

Take advantage of this great resource, too: Great Apps for Psychology Students

Additional Resources:

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