In the case that they get accredited on a contingency, is it less risky? The price isn’t as big of a concern imo, since a lot of these programs are expensive, I’m just concerned that I’ll go through the program and then not end up with a degree that’s worth much. I’m worried about licensing issues and just not having a degree that is from an accredited university.
I'd argue that your opinion on this matter is probably not very well informed. Let's do some back of the envelope math here, comparing a PsyD at HPU vs. a MSW from U Hawaii Manoa.
Basic Facts/Assumptions:
Program Costs-
-HPU tuition 170k. If you need to finance half of this (i.e. student loans) at 6.8% with a 10 year payback, you'd end up paying 202K total for the tuition. This would mean monthly payment of ~$1000 for ten years, and that right there should be a conversation stopper. I've been doing this awhile and make a decent salary, but would struggle to pay 1k per month in student loans. If you have to finance more than 1/2 of the 170k tuition, just don't- It's very unlikely to be worth it and you will be struggling to make that payment every month until you are old and bitter like me!
-MSW at UH would cost ~32k in tuition and fees for a Hawaii resident. If you aren't a resident, you could find a similar program where you live for the same costs. You could probably find something even cheaper. My daughter is currently doing her MSW, and tuition is less than that, plus our state- Mass.- gives grants to people earning degrees in high need fields such as social work or nursing. These grants cover most of tuition and fees.
-Just based on direct program costs, the HPU PSYD would cost you
170k more
Opportunity Costs-
-Assuming each program is full time and you couldn't also work for any meaningful income, the PsyD program would involve 3 more years during which you couldn't earn. If we assume with your BA you could get a full time job at $20, thats gross 41k per year. using that figure, the Psyd would cost an additional
123K in lost wages/salary. This number is somewhat conservative in that (a) many MSW programs are meant for working people (e.g., evening classes) and students can often get some wages- and supervision for licensure- with a day job. Also- if you started the MSW program at the same time you would start the PsyD, the extra years you could earn would likely be AFTER you got the degree and at a higher pay rate that the $20 per hour. On the other hand, you might be able to make a few bucks from practica/internship stipend during the PsyD. Still- let's use the 123K as a reasonable estimation.
So, the PsyD. program would cost you $293,000 more in total costs if you have to finance half of the direct program costs.
Earning Potential-
-This can be tricky to determine. From what I can find online median salary difference between Licensed Clinical Psychologist and Licensed Social worker
in general is around 30K (i.e., psychologist make about 30k more per year than a social worker). Looking at job listings for entry level clinicians doing therapy, the difference is much less (Insurance reimbursement between MA a Doctoral level therapists will not cover that 30K difference). With all that in mind, let's say the annual difference in earning potential between doctoral and masters level therapists in 20k per year (it always makes sense to assume the worst when doing these types of financial planning exercises). If we divide the 293K cost difference by 20K difference in earning potential, you'd have to work almost
15 years as a doctoral level clinician before you'd realize any of the differences in earning potential. Assuming your of typical undergrad age, you'll be in your forties before you realize any of the increase earning potential.
Also- remember that this also is based on you financing 1/2 of the costs of the PsyD and noe of the MSW, meaning that you'd have monthly student loan payments of
$1000 for a 10 year payback. You could do a 20 year payback and only have $650 monthly payments (still really sucks and will get in the way of you having nice things like fancy cars, houses, vacations, and retirement savings), but then you'd need to add another 38K in program costs to cover the extra interest. Well, what about those loan repayment/cancellation programs I've heard about? They do currently exist, but have you been watching the news lately??? Also, they tend to require working in underserved populations or for non-profits (which I believe you should do for part of your career at least), but those jobs will also tend to pay on the lower side of the median.
So, in summary, the financial benefits of the HPU PsyD vs. an MSW from any old State U. are both not as big as you think and won't be noticeable for a very long time if your goal is to be a therapist. If you have to finance more than half of the PsyD costs, then it's really not a good deal.
So, why would anyone want to be a clinical psychologist? In my case, I like what I do, my schedule and what I do is very flexible, I get to do a lot of things (assessment, treatment, consultation, admin and clinical supervision, teaching), and I get paid nicely to do so. It's a great career path
as long as you don't have to pay 300K more total (and 700-1000k per month) to do it. I run in clinical circles professionally and socially, and have many friends and colleagues with MA level clinical degrees/licenses (LiCSW; BCBA) who also like their jobs, have nice stuff, and go nice places.