We’ve spent the last two episodes talking about student loan debt. It’s reshaping the mental health professions. Two doctoral students were kind enough to share with us their own personal stories. In this episode, we talk about the great hope for many who are in the deep end of student loan debt: Public Service Loan Forgiveness.
Fears about Public Service Loan Forgiveness are overblown
Student loan debt has been a regular topic here, as it should be. Mental health professionals need to have graduate degrees, which often means taking on significant debt. The American Psychological Association reports that PsyD students in psychology now graduate with a median of $200,000 in student debt just from their graduate studies. The federal government offers loan forgiveness for those who work in government and nonprofit organizations, through its Public Service Loan Forgiveness program.
Recently, there’s been some concern over the fate of that program. Therapists and counselors currently working in nonprofit settings wonder whether they will in fact be eligible — or whether the program will still exist — by the time they complete 10 years of service. But their concern is (at least so far) not supported by what’s actually been happening.