health
These master's degrees lead to fast-growing, in-demand jobs—but offer low ROI
Getting a master's degrees in social work and psychology may not deliver the best return on investment. But job placement and fulfillment may come easier.
TL;DR
- Social work and mental health counseling jobs are expected to grow faster than average over the next decade.
- Despite high demand, these careers often require advanced degrees but offer low median incomes.
- Research indicates a negative average cost-adjusted return on investment for Master's of Social Work and psychology programs.
- Personal finance experts advise weighing earning potential and debt burden when considering these degrees.
- Higher salaries for social workers are possible in certain locations like New York City, Hawaii, New Hampshire, Nevada, Rhode Island, and the District of Columbia.
- Social workers can find roles in diverse industries beyond traditional settings.
- Financial planning strategies, such as utilizing federal loans with income-driven repayment and loan forgiveness programs, can help mitigate student debt.
- New federal loan limits for graduate students, effective July 2026, will cap borrowing amounts, particularly for non-professional degrees.
- Public Service Loan Forgiveness may be an option for those working in nonprofit services.