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For most psychology graduate students, pursuing a master's or doctoral degree comes with a heavy debt load.
The American Psychological Association of Graduate Students (APAGS) conducted a debt study last fall. Preliminary results show that 78 percent of members who earned their doctorates in psychology between 2012 and the present had student loans with a median debt of $100,000. Further breaking down that number, 25 percent of those who borrowed money reported they owed less than $45,250 and 25 percent said they owed more than $192,750. Historically, students with a research bent tend to have lower debt levels than students in health-service provider subfields, thanks to traditional academic sources of support, such as teaching and research assistantships.
But no matter what area of psychology you're interested in, there are many ways to help finance your education. These include awards to fund your dissertation research, tuition tax credits, and travel grants that allow you to attend conferences to publicize your research and meet potential employers, says Eddy Ameen, PhD, APAGS assistant director.
"There are funds out there," he says. "Though they won't fund everyone or the entire cost of someone's education, only students who apply can reap the rewards."
You can find a comprehensive list of APA's scholarships, grants and awards for psychologists and psychology students on the APA website. The list even includes several non-APA sources, including federal, state and private funding opportunities. Here's a wrap-up of some of the money sources you may be missing out on.
Your school
Programs and awards: Most graduate schools, including many PsyD and master's degree programs, offer scholarships. Eligibility factors include financial need, merit, community involvement and minority status.
Key information: Many scholarships are made available only to new, incoming students, though some awards are open to current students.
Deadline: Varies by school.
For more information: Check your program's website for more information, or contact a financial aid officer at your school.
State psychological organizations
Programs and awards: Many state psychological associations offer scholarships to graduate students to offset research costs, reward advocacy work or help students attend the association's annual conference.
Key information: Most scholarships require the recipient to be a member of the state association. (Student membership dues are often significantly reduced or even free for the first year.)
Deadline: Varies by association.
For more information: Contact your state psychological association for more information. You can find a list of state, provincial and territorial psychological associations at www.apa.org/about/apa/organizations/associations.aspx.
The federal government
National Science Foundation
Programs and awards: National Science Foundation
Key information: The NSF Graduate Research Fellowship Program provides three years of support for graduate study leading to research-based master's or doctoral degrees. Recipients receive a $32,000 annual stipend, plus $12,000 per year is sent to their educational institution for tuition and fees.
Deadline: Early November, though specific dates vary by field of science.
For more information: National Science Foundation's Graduate Research Fellowship Program.
National Institutes of Health
Programs and awards: National Institutes of Health
Key information: The NIH provides National Research Service Awards training grants and fellowships, as well as loan-repayment programs, through its Office of Extramural Research. The grants provide partial tuition and fees, a stipend and an allowance for such costs as books, travel to scientific meetings and health insurance.
Deadline: Varies.
For more information: NIH Extramural Training Mechanisms.
Department of Defense
Programs and awards: Department of Defense
Key information: The National Defense Science and Engineering Graduate Fellowships are awarded to U.S. citizens and nationals who intend to pursue a doctoral degree in one of 15 disciplines, including cognitive, neural and behavioral sciences. Recipients receive full tuition and mandatory fee payment for three years, a yearly stipend that is $30,500 for the first year, $31,000 the second year and $31,500 the third year, and up to $1,000 a year in medical insurance.
Deadline: December.
For more information: National Defense Science and Engineering Graduate Fellowship.
Tax credits and tax deductions
Programs and awards: Tax credits and tax deductions
Key information: The federal government provides several tax incentives to defray the cost of post-secondary education. Many graduate students are eligible for the American Opportunity Tax Credit, which can be claimed for tuition and certain expenses for the first four years of post-secondary education. Students are eligible for the full $2,500 credit if their modified adjusted gross income is $80,000 or less ($160,000 or less for married couples filing a joint return). The credit is phased out for taxpayers with incomes above these levels.
Deadline: April 15.
For more information: IRS tax benefits for education.
APA
Science
Programs and awards: APA's Science Directorate sponsors several research-based awards, including an annual competition for dissertation research funding. Each year, the directorate also provides 100 student travel awards to help psychology graduate students travel to APA's Annual Convention to present their research.
Key information: Dissertation funding ranges between $1,000 and $5,000, while travel award recipients receive $300 for convention-related expenses.
Deadline: Varies.
For more information: Find a list of the APA Science Directorate awards for graduate students.
Minority Fellowship Program
Programs and awards: APA's Minority Fellowship Program
Key information: The federally funded Mental Health and Substance Abuse Services (MHSAS) Predoctoral Fellowship seeks to promote culturally competent behavioral health services and increase the number of ethnic-minority psychologists providing behavioral health services and developing policy for ethnic-minority populations. Fellows receive an annual $20,000 stipend until internship and access to a network of mentors and professional development opportunities.
Deadline: Mid-January.
For more information: Minority Fellowship Program.
American Psychological Foundation
Programs and awards: The American Psychological Foundation (APF) sponsors several scholarships, fellowships, dissertation awards and grants for research and travel aimed at helping graduate students further their education in psychology.
Key information: Prize amounts range from a $300 travel grant to a $25,000 graduate student fellowship for work related to the psychological understanding of gifted and talented children and adolescents.
Deadline: Varies.
For more information: APF lists its grants and scholarships.
American Psychological Association of Graduate Students
Programs and awards: APAGS offers several scholarships, grants and awards, including a $1,000 Basic Psychological Science Research Grant, which may be used for thesis, dissertation or other research, and the APA/APAGS Award for Distinguished Graduate Student in Professional Psychology, which honors a graduate student who has demonstrated outstanding practice and application of psychology with an underserved population.
Key information: Most of these awards require applicants to provide a detailed summary of past and current research, leadership experience or information on a student's work with underserved populations, and an abbreviated curriculum vitae. The prize committee may also request a letter of recommendation.
Deadline: Varies.
For more information: APAGS lists its scholarships, grants and awards.
Ethnic-minority psychological associations
Programs and awards: Most of the ethnic-minority psychological associations offer scholarships to graduate students to initiate or complete their dissertations in an area of importance to that ethnic minority, reward advocacy work or help students attend the association's annual conference.
Key information: Most awards require the recipient to be a member of the ethnic-minority psychological association.
Deadline: Varies by association.
For more information: Contact the appropriate ethnic-minority psychological association and find a list of ethnic-minority psychological associations.
Psi Chi
Programs and awards: Psi Chi, the international honor society for psychology, sponsors a variety of award competitions and grants each year for student research, leadership and travel to conferences. Some grants offer up to $3,000 for research or teaching assistance.
Key information: Most awards and grants are offered to Psi Chi members, leading to a smaller applicant pool than with awards from other organizations.
Deadline: Varies.
For more information: Psi Chi Awards & Grants.
Private foundations
The International Dissertation Research Fellowship Program
Programs and awards: The International Dissertation Research Fellowship Program (IDRF)
Key information: Sponsored by the Andrew W. Mellon Foundation and administered through the Social Science Research Council, the IDRF awards fellowships annually to full-time graduate students in the humanities and social sciences who are enrolled in U.S. doctoral programs and conducting dissertation research primarily outside the United States. The award amount varies depending on the research plan, with a per-fellowship average of $20,000.
Deadline: November.
For more information: IDRF.
The Beinecke Scholarship Program
Programs and awards: The Beinecke Scholarship Program
Key information: Sponsored by The Sperry Fund, this program annually provides college juniors in the arts, humanities and social sciences more than $30,000 to attend graduate school.
Deadline: February.
For more information: The Beinecke Scholarship Program.
The Harry Frank Guggenheim Foundation Dissertation Fellowships
Programs and awards: The Harry Frank Guggenheim Foundation Dissertation Fellowships
Key information: Ten $20,000 fellowships are awarded annually to PhD candidates pursuing dissertation research concerning violence and aggression in relation to social change, intergroup conflict, war, terrorism, crime and family relationships.
Deadline: Feb. 1.
For more information: Harry Frank Guggenheim Foundation Dissertation Fellowships.
The Ford Foundation
Programs and awards: The Ford Foundation
Key information: Each year, the foundation awards approximately 60 predoctoral fellowships, which provide three years of support for individuals engaged in graduate study leading to a PhD or ScD. They also offer 30 additional dissertation fellowships, which provide one year of support for individuals working to complete a dissertation leading to a PhD or ScD.
Deadline: November.
For more information: Ford Foundation Fellowship Program.
Other psychology and behavioral science associations
Programs and awards: Organizations such as the Association for Psychological Science (APS) and the Society for Neuroscience (SfN) provide funds to students in a variety of research areas and for travel to conferences.
Key information: Winners of the APS Student Research Award, for example, receive $250 and are invited to present their research at a symposium at the annual APS convention. The 12 recipients of the SfN Neuroscience Scholars Program fellowship receive two years of training and support for career development and professional networking activities outside the student's home institution.
Deadline: Varies.
For more information: Visit these organizations' websites for more details. Association for Psychological Science and the Society for Neuroscience.
APA divisions
Programs and awards: APA has 54 divisions targeted to the interests of psychology students and full-fledged psychologists. Many APA divisions sponsor scholarships and travel grants to fund graduate students pursuing work in a division's area of interest.
Key information: These awards can range from $200 to allow a student to attend a division's annual meeting to a several thousand dollars to offset graduate school expenses or dissertation research.
Deadline: Varies by division.
For more information: Visit each division's website for more information about the student awards it offers. A list of APA divisions can be found online.
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