PsyD Student Loan Debt

Discussion in 'General Distance Learning Discussions' started by Garp, May 21, 2020.

  1. Garp

    Garp Active Member

    Here is an article discussing PsyD student loan debt. The author mentions two schools (Argosy and Alliant).

    "The average PsyD program cost of the clients contacting me is around $270,000. No doubt, a disproportionate number of students from for profit schools like Argosy University reach out, but so do graduates of lower cost programs. Even if you leave school with $100,000, that’s still a lot given that most psychologists make less than that."

    "The majority of the psychologists that I work with coming out of Argosy University and Alliant International University have had over $250,000 in debt. There’s totally still hope if you owe this much. That said, if at all possible I’d try to avoid these schools unless they were my only option."
  2. nosborne48

    nosborne48 Well-Known Member

    I wouldn't accumulate that kind of debt for anything short of an MD/DO degree. Not even a J.D. from Harvard Law is worth the horrible risk of lifetime debt servitude.
    Garp and chrisjm18 like this.
  3. JoshD

    JoshD Active Member

    It all boils down to financial management. I have a friend that is a DO that has been practicing for around 25 years. Horrible at managing his finances and still in a significant amount of debt.
    Garp and chrisjm18 like this.
  4. Garp

    Garp Active Member

    I believe Chiropractors are another group that takes out a lot of loans but their starting income is not significant. I once watched a YouTube video of Dave Ramsey. One of his callers was a Chiropractor with a lot of debt. Ramsey said normally he gets MDs calling in with that amount BUT usually their income is good enough to get rid of it. He said Chiropractor's income however is another matter. I have also seen a Chiro board where Chiros and spouses complain about this.
  5. JoshD

    JoshD Active Member

    Chiropractors do take on a large debt load without receiving the compensation to effectively drive down their debt. The main reason for this, in my opinion, is that a Chiropractor is not someone that the public feels is a necessity in their healthcare. Do I believe Chiropractors have a part in our healthcare system? Yes. However, I do not recall ever hearing someone say "I am not feeling well, I should go to the Chiropractor."
  6. Life Long Learning

    Life Long Learning Active Member

    Avg USC masters in social work are 105k in debt...stupid.

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