Psychology majors: Is a PhD worth the debt?

[AmandaCross]

Okay, this is the big one. The question that keeps me up at night (besides my actual homework).

I'm a junior majoring in Psychology, and I'm at that point where everyone keeps asking "So what are you doing after graduation?" and I want to scream into a pillow.

I love psychology. I really do. Learning about why people are the way they are, how the brain works, why we do dumb things... it's fascinating. But I also know that with just a bachelor's, I'm basically qualified to be a receptionist or a "case manager" making $35k a year (no shade to case managers, you guys are heroes, but also that's not enough to live on in this economy).

So the obvious path is grad school. But here's where my brain breaks:

Option 1: PhD (Clinical or Counseling)

• Pros: Can actually be a therapist/psychologist, respected, more job options, maybe get paid more eventually.
• Cons: It's like 5-7 years, the pay during school is TERRIBLE (like $20k a year if you're lucky), and the debt is terrifying. Also, I'd have to move wherever I get in, which is scary.
• Also, I'm not sure if I want to do research. What if I just want to do therapy? Is a PhD overkill for that?

Option 2: Master's (LPC, LMFT, LCSW, etc.)

• Pros: Shorter (2-3 years), still can do therapy, more practical, less debt (maybe?).
• Cons: Less pay long-term? Less "status"? Also, I've heard master's programs are cash cows and don't always prepare you well.
• Also, do I want to do Marriage and Family Therapy or Mental Health Counseling? I have NO idea.

Option 3: Something completely different (HR, marketing, UX research)

• Pros: Money, maybe? Less school, more options.
• Cons: Feels like I'm "giving up" on my passion. Also, do I even have the skills for that?

I feel so much pressure. My parents say "follow your dreams," but they also mention my cousin the doctor a little too often. My advisor says "apply to PhDs and see what happens," which isn't helpful.

For the psych people here:

• If you did a PhD, was it worth it? Do you regret the debt/time?
• If you did a master's, do you feel limited in your career?
• If you left psych entirely, what do you do now and are you happy?

I need real talk. No sugarcoating. I'm trying to make a 5-year plan and I'm just spinning my wheels. Help a stressed junior out!

(Also sorry for the long post, I just have a lot of feelings lol)