How are other early career psychologists paying off their debt?
Loan repayment programs such as the National Health Service Corps or the Public Service Loan Repayment Program are one option. “I didn’t pay a penny of my own money thanks to the National Health Service Corps loan repayment program,” recalls Cathy Word, PhD, of the Southwest Arkansas Counseling and Mental Health Center. “It’s the best-kept secret around, but we’re trying to get the word out.” Word finished her counseling psychology program at Louisiana Tech University with $85,000 in educational debts, she says. During school, she rarely thought of the debt she was accumulating, but after graduating, she did the math and realized that even if she consolidated her loans, she could be paying them off for 30 years. “That’s when it really hit me,” she says. Word considered options such as teaching and private practice, but the answer to her money woes arrived via a former classmate who told her about the loan repayment program. The program gives up to $50,000 for loan repayment on top of a
