u/Complex-Shift-5235

Hi everyone,

I’m an undergraduate junior at Boston University majoring in psychology. I have a 3.9 GPA and am currently an RA in multiple clinical/research labs. I also have a few other relevant experiences: I’ll be working on an honors thesis, I volunteer with Crisis Text Line, and I may be TAing for a Family Violence course this fall.

My long-term goal is to become a clinical-forensic psychologist, possibly with a stronger emphasis on forensic psychology than clinical work. This field genuinely excites me more than anything else I’ve explored. I had originally planned on pursuing a PhD, partly because I do enjoy research, but also because of the financial burden associated with PsyD programs. Recently, though, I realized I may have been trying to convince myself that a PhD was the better fit when, in reality, a PsyD may be what I truly want for my doctoral training.

To get to the point, I’m feeling at a bit of a crossroads. I want to be financially prudent, but across the 75+ Clinical PsyD programs in the U.S., the median tuition plus living costs seems to be around $335,000, assuming no tuition waivers, scholarships, assistantships, etc. I know the earning potential for psychologists can be strong, especially with private practice, specialization, and a niche area like forensic work, but I don’t want to take that for granted. I also keep thinking about the opportunity cost: money spent on tuition and living expenses is money that could otherwise be invested and compounding in the S&P 500 over time. Youth feels like both a blessing and a curse 🫠

I know this is the field I want to pursue, but I’m unsure how much financial freedom I realistically have. Some PsyD programs seem much more reasonable than others. Right now, I’ve shortlisted Baylor University, Indiana State University, Georgia Southern University, Appalachian State University, Marshall University, Xavier University, University of Indianapolis, and William Paterson University. That said, I know admissions can be extremely competitive.

At this point, I’m thinking it may be wise to take a year or two to build up my skills, strengthen my résumé, and gain more clinical experience before applying. What I’m really hoping for is to hear about people’s personal experiences, especially regarding finances. I’d also love to hear from anyone who was once in a similar position: whether you’re happy with the path you chose, whether you would do anything differently, and how you thought through the financial side of doctoral training.

I appreciate any advice or perspective. Thank you so much.

Hi everyone,

I’m an undergraduate junior at Boston University majoring in psychology. I have a 3.9 GPA and am currently an RA in multiple clinical/research labs. I also have a few other relevant experiences: I’ll be working on an honors thesis, I volunteer with Crisis Text Line, and I may be TAing for a Family Violence course this fall.

My long-term goal is to become a clinical-forensic psychologist, possibly with a stronger emphasis on forensic psychology than clinical work. This field genuinely excites me more than anything else I’ve explored. I had originally planned on pursuing a PhD, partly because I do enjoy research, but also because of the financial burden associated with PsyD programs. Recently, though, I realized I may have been trying to convince myself that a PhD was the better fit when, in reality, a PsyD may be what I truly want for my doctoral training.

To get to the point, I’m feeling at a bit of a crossroads. I want to be financially prudent, but across the 75+ Clinical PsyD programs in the U.S., the median tuition plus living costs seems to be around $335,000, assuming no tuition waivers, scholarships, assistantships, etc. I know the earning potential for psychologists can be strong, especially with private practice, specialization, and a niche area like forensic work, but I don’t want to take that for granted. I also keep thinking about the opportunity cost: money spent on tuition and living expenses is money that could otherwise be invested and compounding in the S&P 500 over time. Youth feels like both a blessing and a curse 🫠

I know this is the field I want to pursue, but I’m unsure how much financial freedom I realistically have. Some PsyD programs seem much more reasonable than others. Right now, I’ve shortlisted Baylor University, Indiana State University, Georgia Southern University, Appalachian State University, Marshall University, Xavier University, University of Indianapolis, and William Paterson University. That said, I know admissions can be extremely competitive.

At this point, I’m thinking it may be wise to take a year or two to build up my skills, strengthen my résumé, and gain more clinical experience before applying. What I’m really hoping for is to hear about people’s personal experiences, especially regarding finances. I’d also love to hear from anyone who was once in a similar position: whether you’re happy with the path you chose, whether you would do anything differently, and how you thought through the financial side of doctoral training.

I appreciate any advice or perspective. Thank you so much.