FAFSA loan limits for MFT/Psychology graduate programs - $120k+ debt worth it?

I finished my MSW two years ago with $87k in student loans (mix of subsidized, unsubsidized and Grad PLUS). Honestly, I'm STRUGGLING with payments. Income for new therapists isnt great unless you're in a major metro area with high cost of living. I'm on income-based repayment and barely making progress. With your situation being unstable already, I'd be very cautious. The FAFSA limits for grad students are basically unlimited with Grad PLUS loans which is why the debt can balloon so quickly. Have you checked if this program qualifies for PSLF?

I completed my PsyD 5 years ago with $143k total debt and I don't regret it, but my path had some advantages you should consider. First, absolutely look into PSLF if you're willing to work at qualifying non-profits for 10 years. Second, check if your program offers assistantships or scholarships - many students don't realize these exist for grad programs too. Third, while in school, work part-time in mental health settings to build your resume and earn something. Your SAI on your FAFSA will determine grant eligibility, though those are limited for grad students. Make sure to complete the FAFSA as early as possible each year to maximize aid opportunities.

$120k for a masters is INSANE imo. i ditched my counseling program after realizing the math doesn't work. you need to look at REALISTIC starting salaries in your area - not what the programs advertise. most of my classmates are making $45-55k and drowning in debt. sorry to be harsh but with your current situation you need to be practical

I completed my MFT three years ago with about $105k in federal loans. Here's what I wish I knew before starting: 1. The FAFSA will almost certainly approve your Grad PLUS loans up to the full cost of attendance, but that doesn't mean you should take that amount. 2. Look closely at your Student Aid Index (SAI) from your FAFSA results. If it's low enough, you might qualify for some (limited) graduate grants. 3. A major factor in loan repayment is your employment setting after graduation. Private practice has higher earning potential, but takes time to build. Agency work qualifies for PSLF but pays less. 4. Consider more affordable programs. Some state schools offer similar degrees at half the cost. 5. You can appeal your financial aid package for more institutional funds - many students don't realize this. With your current housing instability, borrowing $120k is very risky. Have you looked into part-time programs where you could work while studying?

When i was trying to reach the FAFSA help center about grad school loan options last year, i kept getting disconnected or facing 2+ hour wait times. i finally used a service called Claimyr (claimyr.com) that got me connected to an actual FAFSA agent in about 10 minutes. they have a video demo at https://youtu.be/TbC8dZQWYNQ that shows how it works. The agent explained my grad loan options clearly and helped me understand how much i could actually afford based on projected income. definitely worth it for making such a huge financial decision.

also consider that you're 39. honestly thats another factor. you'll have less working years to pay off the loans compared to younger students. i really wanted to be supportive but i think u need to hear the reality. my cousin did a therapist masters and is STRUGGLING with like 90k in loans and making 52k at a community mental health center

Look into income-driven repayment plans, especially SAVE. With the new SAVE plan, payments are capped at 5% of discretionary income for undergraduate loans and 10% for graduate loans. After 20-25 years, remaining balances are forgiven. Also, while debt is scary, many therapists do eventually build successful practices with six-figure incomes, especially with specializations like arts therapy which can command higher rates. It's a calculated risk, but not necessarily a bad one if you're passionate about the field.

Just wanted to say I'm in a similar situation - 42 and considering a career change to psychology. The debt is terrifying but staying in my current field feels soul crushing. No answers, just solidarity. I've been filling out my FAFSA for fall and having an existential crisis every time I look at the cost projections.

One strategy that helped me: I only borrowed what I needed for tuition and the absolute minimum for living expenses. I worked part-time throughout my program (mostly evenings/weekends) and lived with roommates to keep costs down. I still graduated with $78k in loans instead of the $130k the financial aid office projected. Another tip: check if your program requires full-time enrollment for all semesters. Some allow part-time options in later years. This lets you work more while taking fewer credits, reducing what you need to borrow on your FAFSA. Regardless of your decision, complete your 2025-2026 FAFSA now to see exactly what aid package you qualify for. Don't rely on estimates.

I'm a career counselor who works specifically with graduate students facing these decisions. Your situation is complex, but here are some concrete steps: 1) Contact the school's financial aid office immediately to discuss scholarship opportunities and payment plans - many have emergency funds for students in unstable housing situations. 2) Look into graduate assistantships that could reduce tuition costs while providing stipends. 3) Consider deferring admission for a year to stabilize your housing/financial situation - most programs allow this. 4) Research the specific job market in your area for MFTs with arts therapy specialization - salaries vary dramatically by region. The debt is concerning given your age and current instability, but don't let fear alone drive the decision. Get concrete numbers on local salary ranges and create a realistic repayment plan before deciding. Also check if your state has loan forgiveness programs for mental health professionals in underserved areas.

As someone who's been through this exact decision process, I want to add a few thoughts. First, don't underestimate the impact of your current housing instability on your ability to succeed in a demanding graduate program - mental health training is emotionally intensive and you need a stable foundation. Second, consider reaching out to local MFTs who specialize in arts therapy to get realistic salary expectations for your specific area. LinkedIn can be great for this. Third, some programs offer "bridge" or certificate programs that let you test the waters before committing to a full masters - worth investigating. Finally, remember that FAFSA applications for grad school reset each year, so even if you defer, you'll need to reapply for aid. The 39-year-old perspective isn't necessarily a disadvantage - you bring life experience that younger students don't have, which can be valuable in therapeutic work. But the financial reality needs to make sense for your specific situation.

I went through a similar decision at 35 and ended up taking a different path that might be worth considering. Instead of jumping straight into a $120k master's program, I started with a post-bacc certificate in counseling fundamentals at my local community college (about $8k total). It gave me hands-on experience working in mental health settings and helped me build relationships with professionals in the field. After two years of working as a case manager and really understanding the day-to-day realities, I felt much more confident about pursuing my master's - and by then I had saved money and qualified for more need-based aid through FAFSA. The certificate credits also transferred, reducing my overall program costs. Given your housing situation, this staged approach might give you time to stabilize while still moving toward your goal. Plus, many employers will pay for continuing education once you're working in the field. Just another perspective to consider alongside the excellent advice already shared here.

I'm in a similar boat - 41 and looking at graduate programs in counseling. One thing that's helped me get realistic about the financial commitment is using the Federal Student Aid website's loan simulator tool. You can input your expected loan amounts and see projected monthly payments under different repayment plans. It's sobering but necessary. Also, have you looked into whether your state has any mental health workforce shortage programs? Some states offer loan repayment assistance for therapists who commit to working in underserved areas for a certain number of years. California actually has several programs like this - worth researching before you make your final decision. The age factor is real, but I've also heard from several career changers that their life experience actually made them better therapists and helped them build practices faster than younger graduates. Still, the math has to work. Maybe consider setting a hard limit on how much you're willing to borrow and see if you can make the program work within that budget?