How do Psy.D.'s pay for school?

[edieb]

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I have seen many Psy.D.s with debts of $150K or so (undergraduate + graduate). This is because they have to pay tuition + living expenses.... However, I thought you could only get around $9,000/year in FAFSA loans. THe question is: where are they getting the rest of the money??

 

[psychwanabe]

It is not true that you can only get about $9,000 from FAFSA. I think the limit is in the mid 20's, but check online for sure. Also, FYI, some PsyD programs do have partial tuition remission as well as one or two full scholarships, and paid GA/TA positions. But one program I interviewed with had students who freely admitted they would be about $100,000 in debt at the end of their schooling.

 

[psychwhy]

You can get a subsidized and unsubsidized loan simultaneously for a total disbursement of $18,500/year.

Technically, one is also eligible for other private loans as well.

 

[GiantSteps]

How does one pay for a Psy.D.?

Easy, one has or gets a PHD.

What do I mean?

PHD = Papa Has Dough!

All joking aside, there are plenty of people whose family is paying for their non-funded Psy.D. or Ph.D..

Also, many people have their family living in the area of the school. That eliminates all living expenses. Think of the money they save in a place like NYC.

Like it or not, if you have the almighty dollar, you can get whatever degree

 

[amy203]

How does one pay for a Psy.D.?

Easy, one has or gets a PHD.

What do I mean?

PHD = Papa Has Dough!

All joking aside, there are plenty of people whose family is paying for their non-funded Psy.D. or Ph.D..

Also, many people have their family living in the area of the school. That eliminates all living expenses. Think of the money they save in a place like NYC.

Like it or not, if you have the almighty dollar, you can get whatever degree

Yep. I'm sure there are other options, but everyone I know who is attending an unfunded program (PsyD or PhD) has either a rich relative or a trust fund (I need to get one of those!)

 

[paramour]

Yep. I'm sure there are other options, but everyone I know who is attending an unfunded program (PsyD or PhD) has either a rich relative or a trust fund (I need to get one of those!)

Where's a rich, dead uncle when you need one? 😉

 

[psychwanabe]

Where's a rich, dead uncle when you need one? 😉

In the ground! Duh!!

 

[toby jones]

prostitution?

 

[RayneeDeigh]

prostitution?

Haha, my ex suggested I do porn to fund my PhD. That's what I get for asking him what kind of jobs he thought a Canadian could do in the US without a work VISA.

 

[GiantSteps]

Haha, my ex suggested I do porn to fund my PhD. That's what I get for asking him what kind of jobs he thought a Canadian could do in the US without a work VISA.

RayneeDeigh,
You have one liberal mined ex. You better just stick to re-inventing basketball like your fellow Canadian James Naismith.

Do you think anyone gets in by sleeping with or offering to sleep with his/her POI?

I once had a friend who had an affair with a Harvard professor she had for a teacher. Then she ran off with the professors colleague. But this was not for an acceptance or grade.

 

[RayneeDeigh]

RayneeDeigh,
You have one liberal mined ex. You better just stick to re-inventing basketball like your fellow Canadian James Naismith.

Do you think anyone gets in by sleeping with or offering to sleep with his/her POI?

I once had a friend who had an affair with a Harvard professor she had for a teacher. Then she ran off with the professors colleague. But this was not for an acceptance or grade.

Oh, he could probably win awards for being liberal minded. Although, that's really his only good quality.

I'm so naive, I always think that the whole "sleeping with profs" thing doesn't really happen. But I'm sure it does. I think I'll stick to the old method of emailing profs to talk about their research though.

... that is, unless I get rejected again next cycle. Then all bets are off!

 

[RayneeDeigh]

I have seen many Psy.D.s with debts of $150K or so (undergraduate + graduate). This is because they have to pay tuition + living expenses.... However, I thought you could only get around $9,000/year in FAFSA loans. THe question is: where are they getting the rest of the money??

I also have something (hopefully) helpful for you.

http://www.finaid.com/loans/

There are private student loans that you can take out. Unfortunately interest rates mostly suck and there are fees everywhere but if you can navigate all the crap inbetween, you may be able to find a good loan for yourself. I'm pretty sure that's how PsyDs who don't have rich relatives are doing it.

My friend just got accepted to a PsyD program in Missouri yesterday, and her mom re-mortgaged their home so she could accept. That's probably not a very attractive option though.

 

[paramour]

Haha, my ex suggested I do porn to fund my PhD. That's what I get for asking him what kind of jobs he thought a Canadian could do in the US without a work VISA.

Sweet--we're on the same wavelength once again. I told my husband that I was going to strip or be an escort to raise PhD funds. 😀

One of the undergrads in my lab claimed she's going to be a rapper to make money for her PsyD program.

 

[paramour]

. . .

Do you think anyone gets in by sleeping with or offering to sleep with his/her POI?

. . .

How do you think I received my eventual acceptance? 😉

I told my partner that I might be willing to sleep with someone to get an acceptance this time around but not likely since a few of my POIs turned out to be female. He replied, "You never know. She might still be willing." 🙄

And, for those of you who really think that I slept with a prof, . . . well, sorry to burst your bubble but I DID NOT HAVE SEXUAL RELATIONS WITH THAT WOMAN, or man. Take your pick.

 

[Therapist4Chnge]

....I DID NOT HAVE SEXUAL RELATIONS WITH THAT WOMAN...

....but I wanted to! (Robin Williams' quote from "Man of the Year")



btw...not that great of a movie, but decently funny if you don't expect much.

-t

 

[RayneeDeigh]

I'm laughing so hard. haha. Paramour, let's start an escort website dedicated to helping Psychology students get degrees!

 

[jhymn]

Including living expenses, clinical psych. doctoral students can get up to $35,000 per year in loans via subsidized and unsubsized government (Sallie Mae, whatever...) loans. This is how those of us who do not have parents paying off our debts are doing it. Oh yeah, and some people work, too. Such is life. Everything has its cost.

 

[Therapist4Chnge]

I'm laughing so hard. haha. Paramour, let's start an escort website dedicated to helping Psychology students get degrees!

I was joking around with some friends about the problems with dating when a professional (doctor, not the OTHER kind ).....and I was considering doing something more niche like those higher-end dating services in large cities (not escort services, but for higher network individuals), for people who don't have time to go through the dating rituals. I think I could design a better matching system, and with the right kind of population..it could work.

Then a friend told me that it sure sounded a lot like an escort service for rich people. Not exactly something i'd want to be associated with!

-t

 

[RayneeDeigh]

I was joking around with some friends about the problems with dating when a professional (doctor, not the OTHER kind ).....and I was considering doing something more niche like those higher-end dating services in large cities (not escort services, but for higher network individuals), for people who don't have time to go through the dating rituals. I think I could design a better matching system, and with the right kind of population..it could work.

Then a friend told me that it sure sounded a lot like an escort service for rich people. Not exactly something i'd want to be associated with!

-t

That happened on the O.C.!

Uh oh, now everyone will know I have bad taste in TV.

But there's certainly money to be made in the dating/matching arena. I'm sure the minds behind eharmony are just rolling in money now.

 

[misskatie]

I was voted "Most Likely to Sleep with a Professor" in my high school class' unofficial superlatives. :X

 

[Therapist4Chnge]

That happened on the O.C.!

Uh oh, now everyone will know I have bad taste in TV.

I've seen half an episode of the OC and I just shook my head. Of course, I probably can still remember some of the plot lines from 90210....not a show I watched all of the time, but enough to embarrass myself if asked.

-t

 

[paramour]

I'm laughing so hard. haha. Paramour, let's start an escort website dedicated to helping Psychology students get degrees!

I was joking around with some friends about the problems with dating when a professional (doctor, not the OTHER kind ).....and I was considering doing something more niche like those higher-end dating services in large cities (not escort services, but for higher network individuals), for people who don't have time to go through the dating rituals. I think I could design a better matching system, and with the right kind of population..it could work.

Then a friend told me that it sure sounded a lot like an escort service for rich people. Not exactly something i'd want to be associated with!

-t

I think an escort service for rich people with professional psych students sounds like an awesome idea! 😛 For some bizarre reason, I was looking up escorts once and ran across some of those "high-class" professionals. There were a few who actually claimed to hold their doctorates--and they charged a crapload of money for their 'services'. Hell, a few nights alone would likely pay for a semester's tuition. I think with our savvy & insight, we could definitely make it work . . . with anonymity protected to the highest means possible, of course.

 

[Therapist4Chnge]

There was a great L&O:SVU that had a dad (businessman) who ran a service using his daughter's college friends. They made bank....but the dead escort sorta put a crimp in his business. whoops!

btw...if anyone wants to contribute to the OPs topic, that is great too.

-t

 

[lakewood]

I thought it was quite common for graduate students to finish with debt beyond $100k. I was planning on using loans to cover the entire cost, but because I thought this was the norm, I have not really worried about it too much. Can the maximum FAFSA loans cover a full PsyD tuition plus living expenses, or are private loans really necessary? I was under the impression FAFSA would be able to cover everything. Any advice here? (and PS: I do not have undergrad loans, so these will be my first loans)

 

[RayneeDeigh]

I thought it was quite common for graduate students to finish with debt beyond $100k. I was planning on using loans to cover the entire cost, but because I thought this was the norm, I have not really worried about it too much. Can the maximum FAFSA loans cover a full PsyD tuition plus living expenses, or are private loans really necessary? I was under the impression FAFSA would be able to cover everything. Any advice here? (and PS: I do not have undergrad loans, so these will be my first loans)

Most psych grads graduate with $30,000 or less in debt, I read that somewhere the other night while researching it. But of course that includes fully-funded PhDs as well as PsyDs that cost significantly more.

I'm pretty sure that private loans are necessary for grad school but I could be wrong.

 

[edieb]

I thought it was quite common for graduate students to finish with debt beyond $100k. I was planning on using loans to cover the entire cost, but because I thought this was the norm, I have not really worried about it too much. Can the maximum FAFSA loans cover a full PsyD tuition plus living expenses, or are private loans really necessary? I was under the impression FAFSA would be able to cover everything. Any advice here? (and PS: I do not have undergrad loans, so these will be my first loans)

Because private (bank) loans have to be repaid while still in shcool, I can't imagine why someone would take them out...

 

[paramour]

Most psych grads graduate with $30,000 or less in debt, I read that somewhere the other night while researching it. But of course that includes fully-funded PhDs as well as PsyDs that cost significantly more.

I'm pretty sure that private loans are necessary for grad school but I could be wrong.

pfft, I have that much in undergrad alone. 🙁

 

[psych00]

Well good, I'm glad I am not the only person who has mentioned entry into stripperdom or prostitution to fund higher education (joking...orr was I? 😉).

 

[RayneeDeigh]

Because private (bank) loans have to be repaid while still in shcool, I can't imagine why someone would take them out...

There are lots of 'em that you can defer for up to 9 months after you graduate.

I looked last night, there are about 20 billion different loans (okay so that's hyperbole, but still...)

 

[RayneeDeigh]

pfft, I have that much in undergrad alone. 🙁

Don't worry, our escort business will be a HUGE hit and we'll be able to pay off our debt and pay for everyone else here. 😀

 

[lakewood]

I thought FAFSA max was close to 40k, which is about the average total cost for a year of most psyd programs?

What is the timetable for private loans, I'm not too late am I?

 

[RayneeDeigh]

I thought FAFSA max was close to 40k, which is about the average total cost for a year of most psyd programs?

What is the timetable for private loans, I'm not too late am I?

Here ya go.

http://www.finaid.com/loans/privatestudentloans.phtml

If you just click enough of them, you're bound to end up on a page with deadlines sooner or later.

I'm pretty sure that you can apply until July or something like that, but getting the actual money takes a while so the sooner the better.

And be careful. Reading through it all last night, I came to realize that not all interest rates are the same, not all payment plans are the same, etc. It looks like it would take a lot of research to find the best one.

 

[amy203]

I thought it was quite common for graduate students to finish with debt beyond $100k. I was planning on using loans to cover the entire cost, but because I thought this was the norm, I have not really worried about it too much. Can the maximum FAFSA loans cover a full PsyD tuition plus living expenses, or are private loans really necessary? I was under the impression FAFSA would be able to cover everything. Any advice here? (and PS: I do not have undergrad loans, so these will be my first loans)

I don't want to start a big discussion on this, but I think the major concern that psych majors have with taking out loans (as opposed to people going to medical or law school) is that there's no guarantee we'll be able to pay them off when we get out. Check out the threads on average salaries for psychologists. It's a very personal decision (I think it has as much or more to do with how willing you are to live with debt as it has to do with how much you want to go to graduate school), but you should probably run the numbers before you commit.

 

[paramour]

Don't worry, our escort business will be a HUGE hit and we'll be able to pay off our debt and pay for everyone else here. 😀

Sweet, we can start our own non-profit/charity . . . can I be the first to embezzle?

 

[RayneeDeigh]

Sweet, we can start our own non-profit/charity . . . can I be the first to embezzle?

Hahaha sure!

I come from a long line of tax evaders, so I'm sure it's in my blood. 😀

 

[Ollie123]

I just want to say thanks for starting this thread since I've always wondered this myself. I was expecting some hefty loans when I was planning on law school but with salaries in the area I was intending to enter starting at around 125k paying them back was not a concern.

One of the things I was hesitant about when I was deciding whether to switch to psychology was concern over paying loans back since I was completely oblivious of the fact that PhDs were frequently funded and was expecting to be sinking 150k or more in loans and then getting a 40k a year starting salary.

I have a serious respect for anyone who is so dedicated to the field that they are willing to rack up the costs of some of the professional PsyD programs. I've changed my career goals quite a bit in my life, and I truly believe I would have backed down and gone another route if placed in that situation so I am very impressed when people can be THAT certain about what they want to do.

Even if it means funding yourself through a "porn/prostitution" fellowship😉 That would be afun one to include on your CV. One of those things that will be CERTAIN to draw a question at the interview🙂

 

[paramour]

Even if it means funding yourself through a "porn/prostitution" fellowship😉 That would be afun one to include on your CV. One of those things that will be CERTAIN to draw a question at the interview🙂

Makes a nice icebreaker, eh? 😉

My husband was in EOD (explosive ordinance disposal, basically a military bomb squad) for several years and had an appointment at one time to Clinton's secret service detail. Even though his current position is nothing even close to this, he still includes it in his resume because someone always brings it up and he finds that they tend to be more relaxed with/interested in him afterwards.