Key Takeaways
Start your financial aid search by seeking non-repayable forms of aid like scholarships and grants.
Complete a FAFSA every year, keep borrowing to a minimum, and seek federal loans first if you need to borrow.
Financial aid availability can vary by degree level, especially for graduate students, so research school-based aid programs before applying.
Financial aid for psychology students comes in many forms, including grants, scholarships, work-study programs, assistantships, and fellowships. Additional funding options may become available at the graduate level, particularly for doctoral students.
This financial aid guide specifically focuses on undergraduate and graduate psychology programs. Explore details, connect with scholarship providers, and get the information you need to plan with confidence.
What Financial Aid Can Psychology Students Get?
As a starting point, research financial aid sources that do not require repayment. This strategy helps keep your borrowing — and your post-graduation debt — to a minimum.
Non-repayable financial aid for psychology students takes four main forms, as detailed in the table below. Pay close attention to the "Key Difference" column, as it contains important details that may affect aid availability.
| Aid Type | Who it's For | Key Difference |
|---|---|---|
| Grants | Undergraduate and graduate students with financial need | Often associated with research costs at the graduate level. |
| Scholarships | Undergraduate and graduate students | May be need- or merit-based. |
| Fellowships | Graduate students, especially those in research-focused programs. | Merit-based funding that can cover tuition and research expenses. |
| Work Study | Undergraduate and graduate students with financial need | Students earn wages through approved part-time jobs. |
| Assistantships | Graduate students, especially those in research-focused or in-person programs. | May provide tuition support or stipends, often in exchange for teaching or research work. |
Many students still face funding gaps even after taking full advantage of available non-repayable aid. In these cases, federal or private loans can help. Federal loans generally offer borrower-friendly repayment terms, so financial aid experts often recommend starting with them.
Explore further details in the table below:
| Loan Type | Who it's For | Key Difference |
|---|---|---|
| Subsidized loans | Eligible undergraduates | The government pays interest while the student is in school. |
| Unsubsidized loans | Undergraduate and graduate students | Interest starts accruing after the loan is disbursed. |
| Private Student Loans | Undergraduate and graduate students | Interest rates depend on financial history; repayment terms vary; and relief options are limited. |
How the FAFSA Works for Psychology Students
By filing a Free Application for Federal Student Aid (FAFSA) form, you will receive automatic consideration for federal financial aid programs for which you qualify. The sections below explore types of aid the FAFSA can help you access, who should submit the FAFSA, and how to complete your FAFSA online.
What the FAFSA Can Help You Access
A FAFSA form can help you qualify for both non-repayable and repayable aid from the federal government, your state government, and colleges you've been accepted to. Financial aid you can access by filling out the FAFSA include:
Federal grants
Federal work study options
Federal student loans
State financial aid
School-based grants and scholarships
Some need-based institutional aid
Who Should Submit the FAFSA?
In general, any student who wants to be considered for federal, state, or school-provided aid should complete the FAFSA. This includes:
Undergraduate psychology majors
Master's degree students
Psy.D. and Ph.D. students
Returning students and adult learners
Students unsure whether they will qualify for aid
Steps to Complete the FAFSA
The Department of Education is required to launch the FAFSA each year by October 1, with a 21-month application period. For example, the 2027-2028 FAFSA will open on October 1, 2026 and close on June 30, 2028 or the end of the academic year, whichever comes first.
According to Federal Student Aid (FSA), most students complete the FAFSA in less than an hour. You'll generally follow these steps:
Create or log in to your free StudentAid.gov account.
Provide your income and tax filing information. For many applicants, this information will be automatically transferred from federal income tax returns. If you're a dependent student, your parents will also need to provide their income and tax filing information.
Provide personal circumstances and demographic information. Some of this information will be used to determine financial aid eligibility. Other information, like sex, race, and ethnicity are for research purposes only.
Select each school you are considering attending. You can list up to 20 schools. These schools will automatically receive an electronic copy of your completed FAFSA form.
Provide your financial information. Information about your assets helps determine your ability to pay for college. If you are a dependent student, your parents will enter their financial information separately.
Provide a contributor's email address, if required. Dependent students must invite a parent to participate. Married individuals filing separately must invite their spouse to participate. Contributors will provide their financial information using their own StudentAid.gov account.
Sign and submit the FAFSA. Be sure to complete this process before federal, state, and school deadlines.
Review your financial aid offers. After you receive offer letters from schools you've been accepted to, compare each school's offer against the total cost of attendance.
Renew your FAFSA each year. You must resubmit your FAFSA form each year to remain eligible for federal, state, and school financial aid.
Understanding Financial Aid Options by Degree Level
Financial aid options for psychology students can vary by degree level. This becomes especially important at the doctoral level, where institutional funding and research grants become a larger factor.
The subsections below explore specific financial aid considerations by degree level:
Bachelor's in Psychology Programs
As a bachelor's student in psychology, the FAFSA form represents your first essential step. However, you should also research additional aid opportunities, as your FAFSA filing may not cover every available option.
With FAFSA, you will typically receive automatic consideration for Pell Grants, and subsidized and unsubsidized federal loans. Work-study programs and institutional or departmental scholarships may also be available. However, note that work-study opportunities typically require physical campus attendance.
Also, consider money-saving educational pathways. You could start your degree at a junior college and finish at a four-year school or try to graduate in three years instead of four. Public colleges also tend to offer lower tuition rates to in-state students.
Master's in Psychology Programs
As a master's student in psychology, you can submit a FAFSA form to receive automatic consideration for available aid programs. However, note that for the purposes of evaluating aid eligibility, federal aid providers consider graduate students independent. This means you will not need to report parental income.
Typical aid pathways for master's students include:
Direct Unsubsidized federal loans
Federal and institutional grants
Scholarships, fellowships, and assistantships
Some employers offer tuition benefits to eligible employees. If you plan to continue working while you study, check whether tuition support is available and what conditions apply.
As a final way to bridge any remaining funding gaps, private loans are available.
Psy.D. and Ph.D. Programs
Doctoral students in psychology may have funding options not available at other degree levels. These may include:
Stipends
Tuition waivers
Doctoral fellowships, research assistantships, or teaching assistantships
Funding availability may differ by degree type. For example, Ph.D. programs may offer more in the way of stipends, waivers, fellowships, or assistantships while students in Psy.D. programs may depend more on federal or private loans and institution-based aid packages.
Perform thorough, program-specific financial aid research when you apply for admission. Compare the net (out-of-pocket) cost of attendance, aid availability and eligibility requirements, and practical details like local living costs and other schooling-related expenses.
What Graduate and Doctoral Students Should Know About Federal Loan Changes
The One Big Beautiful Bill Act (OBBBA) introduced significant changes to federal loans for graduate students. Grad PLUS Loans, which allowed students to borrow up to their full cost of attendance, were eliminated for new borrowers effective July 1, 2026.
The OBBBA also established fixed annual and lifetime borrowing limits for "professional" and "graduate" degree programs. Psy.D. students may face loan funding gaps under these changes.
Where to Find Psychology Scholarships and Grants
Psychology scholarships and grants are especially valuable sources of financial aid because they directly reduce your costs without creating debt. Beyond the aid programs available through FAFSA, research these additional sources:
Your school's psychology department
Your state's psychology association
Local, state, or national professional associations in psychology
The Psi Chi International Honor Society in psychology
The American Psychological Association and the American Psychological Foundation
Scholarship search boards like College Board's Big Future
You can also investigate programs operated by psychology or higher education foundations in your community, and employer-based tuition assistance or scholarship programs.
Frequently Asked Questions About Financial Aid for Psychology Students
Yes, your FAFSA submission will result in automatic consideration for the aid programs for which you qualify. You can and should submit a FAFSA form at any undergraduate or graduate degree level.
