Is student loan debt worth it?

By Ellen Anderson, Ph.D
July 31st, 2024

“I’m trying to decide whether I should become a licensed professional counselor or a psychologist. Do you have any advice?” I wasn’t surprised to hear this question from my client, a 21-year-old psychology major. He sought out therapy and found the process of self-discovery helpful. He had been accepted into both psychology doctoral programs and counseling master’s programs, both of which would make him eligible for licensure.
We talked about his motivations and the differences in the curriculum between a Psy.D, versus Ph.D versus licensed professional counselor. Eventually, he asked whether it is worth going into debt to become a psychologist.
I have strong personal feelings about student loan debt. Many psychologists who entered the workf...

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