Financial Aid and Scholarships for Psychology Majors
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One of the most popular majors, psychology has plenty of appeal. But for many students, the cost of a psychology degree can be difficult to manage.
Financial aid plays a crucial role in the higher education system, providing support to 72% of undergraduate students and 74% of graduate students, as per the Institute of Education Sciences’ 2019-2020 National Postsecondary Student Aid Study, the most recent study on the topic.
Financial aid comes in the form of low-interest federal loans, grants, scholarships, assistantships, and fellowships. While many types of financial aid are available to all students, some, like the psychology-focused options highlighted on this page, cater to students in specific disciplines.
Scholarships for Psychology Majors
Scholarships are financial awards provided by government agencies, schools, and professional organizations. In most cases, scholarships award funds to students based on a combination of merit and financial need. Some awards have additional criteria, such as location, academic discipline, and/or a commitment to postgraduate work.
The list below features some of the best and most popular nationally available psychology scholarships.
Undergraduate Psychology Scholarships
Graduate Psychology Scholarships
Assistantships for Psychology Students
Assistantships provide psychology graduate students with financial support as well as valuable teaching or research experience. For these opportunities, you’re paired with a faculty member and given a stipend and/or tuition waiver in return for your work.
While some master’s in psychology programs offer assistantships, these positions are typically reserved for doctoral candidates.
Research Assistantship
Research assistantships involve helping a faculty member with their research projects. This could mean handling data collection and analysis or writing grant proposals. You might also manage a research team or help your supervisor prepare for publication or presentations.
Typically, you’ll be appointed a faculty supervisor from your own department. Ideally, your research work will be relevant to your own studies and thesis development — your faculty supervisor likely will also be your thesis advisor. While most schools restrict proper research assistantships to graduate students, undergraduate students may find similar opportunities through work-study programs.
Teaching Assistantship
Teaching assistantships involve supporting faculty members with their classes, which may include overseeing labs, grading papers, mediating classroom discussions, and even teaching classes. As a teaching assistant, you may be asked to provide assistance to students in class or stand in for your supervisor during absences.
Most schools only offer teaching assistantships to graduate students, with doctoral students getting the majority of the assignments. You’re usually involved in classes that are relevant to your own research and thesis. The experience provided in these assistantships makes them ideal for students pursuing academic careers.
Psychology Fellowships
Psychology fellowships differ from assistantships in that they typically have no work requirements. These are usually merit-based awards that offer funding or tuition waivers to help you focus on your studies. They may also come with training and mentorship opportunities.
Most fellowships only apply to graduate students, though some schools provide opportunities for undergraduates who plan to pursue graduate study at a later date. There are also doctoral dissertation fellowships, which provide financial support to students who are working on their doctoral thesis projects.
Below are three available fellowships for psychology students.
APA Minority Fellowship Program
Provided by the American Psychological Association (APA) Leadership Development Institute, the Minority Fellowship Program provides financial support to promising graduate students and postdoctoral professionals from underrepresented groups.
Several fellowships are available, including programs focused on mental health and substance use services, transition-age youth support, aspiring and new career psychologists, and mental health services for underrepresented communities. In addition to funding, these programs offer access to training, mentorship, professional resources, and networking opportunities.
Elizabeth Munsterberg Koppitz Child Psychology Graduate Student Fellowship
Sponsored by the American Psychological Foundation, the Elizabeth Munsterberg Koppitz Fellowship program awards five financial fellowships annually for child psychology graduate students. The awards feature $23,900 in funding for one academic year.
For eligibility, you must have completed your doctoral candidacy and demonstrated research competence in the field of child psychology. You also need to submit your dissertation abstract as part of your application.
Leslie W. Joyce and Paul W. Thayer Graduate Fellowship in I-O Psychology
The Society for Industrial and Organizational Psychology (SIOP) offers the Leslie W. Joyce and Paul W. Thayer Graduate Fellowship in I-O Psychology for aspiring I-O practitioners. Two $15,000 fellowships are available annually to graduate students who demonstrate academic excellence, a quality master’s thesis, and clearly stated career goals.
To qualify, you must be a current I-O psychology graduate student and an SIOP student member who is committed to a career in talent management.
Are Doctoral Programs in Psychology Fully Funded?
Many psychology departments across the country offer fully funded programs, which means that the school pays the required tuition and fees for students. To cover the cost of tuition, schools may provide tuition waivers, stipends, or fellowships. Often, schools require students to complete research or teaching assistantships during their studies to qualify for funding.
Since many schools fund doctoral programs with assistantships, doctor of philosophy (Ph.D.) programs typically feature more fully funded opportunities than doctor of psychology (Psy.D.) programs. This is because students in research- and academia-focused Ph.D. programs tend to make better assistantship candidates.
However, the funding opportunities provided by Ph.D. programs also make them more competitive. Psy.D. students may need to rely on alternative funding, such as loans and outside scholarships and fellowships. Still, many schools provide Psy.D. students with assistantships and internal funding to help lighten their financial burden.
