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The median annual wage for psychologists in the U.S. is $94,310, according to the latest data from the U.S. Bureau of Labor Statistics (BLS). But salaries can vary significantly, ranging from less than $55,000 to more than $155,000.

How much money you can make as a psychologist may depend on several factors, including the industry you choose to work in, the level of education you attain, and where your job is located. Here’s a look at what psychologists do and how they are paid.

What Are Psychologists?

Psychologists are mental health professionals who are trained to help individuals and groups understand and address various behavioral, emotional, and organizational challenges. There are several different types of psychologists, including:

•   Clinical and counseling psychologists, who evaluate, diagnose, and treat mental, emotional, and behavioral disorders such as depression, anxiety, grief, anger, and addiction. The majority of psychologists fall into this group.

•   Industrial/organizational psychologists, who help organizations solve workplace issues and improve work-life balance.

•   School psychologists, who specialize in dealing with problems that can affect students’ behaviors and learning.

•   Neuropsychologists, who study how damage to a person’s brain or body can impact behavior and cognition.

•   Forensic psychologists, who may collaborate with various law enforcement agencies, attorneys, judges, and others on certain aspects of a legal case.

It’s important to note that a psychologist is not the same thing as a psychiatrist, though they are often confused. A psychiatrist is a medical doctor who can prescribe medications. A psychologist typically holds a doctoral degree in psychology, which is a social science .Similarly, while a psychologist may be considered a therapist, not all therapists are psychologists, since therapists are not typically required to hold doctoral degrees.

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What Does It Take to Become a Psychologist?

Do you have good observational skills? Are you a problem solver? Do you pride yourself on your ability to build a rapport with others? Do you have empathy for people who are experiencing emotional or behavioral issues?

If so, you may find you’re well-suited for a career as a psychologist. But you’ll also have to get the education and training necessary for the job.

Psychologists usually must have at least a master’s degree to get into the field, and depending on what type of work you hope to do, you may need a doctoral degree as well. Clinical and counseling psychologists, for example, typically need a Doctor of Philosophy (Ph.D.) in psychology or a Doctor of Psychology (Psy.D.) degree.

Industrial-organizational psychologists usually earn at least a master’s degree, with coursework that focuses on understanding how people behave in the workplace. School psychologists also may need at least a master’s degree with a focus on student development and other educational issues. And most degree programs can also require an internship and clinical experience.

Most states also require psychologists to obtain a license. And there are several certifications available that specific employers may require.

Recommended: High-Paying Trade Jobs in Demand

How Much Do Starting Psychologists Make a Year?

According to ZipRecruiter, as of late 2025, entry-level salaries for clinical psychologists may range from $69,000 to $159,000 or more.

Of course, the work you do, your education level, your certifications, and even your work location can impact how much you might earn as a beginning psychologist.

What Is the Average Salary for a Psychologist?

So, how much can you make per year if you choose a career as a psychologist?

The BLS lists a mean annual salary of $106,850 for clinical and consulting psychologists. The majority of psychologists fall into this category, but there are also specialists like industrial-organizational, school, and forensic psychologists.You can expect your specialty to influence how much you earn. According to BLS statistics, industrial-organizational psychologists currently earn the highest salaries, with a mean of $134,400, while school psychologists earn the least, with a mean of $93,610 per year.

Staying up to date by continuing your education and training may help boost your salary as well. And building a reputation through research and publishing can also make a psychologist more valuable to employers and clients.

If you’re hoping to negotiate for a more competitive paycheck, it’s important to remember that salaries — or how much a psychologist makes an hour — may be affected by the cost of living or demand in a particular region.

Here’s how clinical and counseling psychologists’ average annual salaries break down by state, according to the BLS. (Data is not available for all states.)

Average Clinical and Counseling Psychologist Salary by State

Source: U.S. Bureau of Labor Statistics

Recommended: Cost of Living by State

Psychologist Job Considerations for Pay and Benefits

Besides a pretty good paycheck, another plus to becoming a psychologist is that you may not have to worry about job security. The BLS is projecting overall employment of psychologists will grow by 6% from 2024 to 2034, which is faster than the average for all occupations combined. And job growth for those who specialize in clinical and counseling psychology is projected to grow by 11%.

Of course, the pay and perks you’ll receive as a psychologist will likely be tied to the specialty you choose and the salary negotiation tactics you use. Whether you’re a school psychologist or work for a major corporation, you can expect to be offered benefits such as health insurance, a retirement plan, paid time off, and opportunities for continuing education.

Depending on the type of work you do, you may also be able to participate in profit-sharing, receive regular bonuses, work a flexible schedule, or earn income from consulting or writing books.

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of a Psychologist’s Salary

Probably the biggest downside of choosing a career as a psychologist is the amount of time and money it can take just to get started. After getting your bachelor’s degree, it may take two or more years to complete your master’s degree, and then another four to seven years to earn your doctorate degree. Add on even more time for training — and to study for your license — and it could be several years before you can pursue the job you want. And by that time, you may have some substantial student debt to pay down.

On the plus side, you’ll be in a career that can be both personally and financially rewarding.

Here are some more pros and cons to consider:

Pros

•  You’ll be helping people. As a psychologist, you can have a meaningful impact on others, whether you’re working with children or adults.

•  The demand (and respect) for psychological services is increasing, as mental health is now considered an important part of our overall well-being.

•  Whether you’re drawn to research, counseling, or clinical practice, a career in psychology can offer a wide array of job options. You may even be able to design a job and flexible schedule that suit your needs.

•  You may benefit personally from skills like empathy, critical thinking, and creative problem-solving that you gain as a psychologist.

Cons

•  Trying to help people who have behavioral and emotional issues can be stressful. It may be difficult to leave work at work.

•  You may run into ethical dilemmas that make dealing with a client and/or employer a challenge.

•  If you decide to open your own practice, you’ll have to deal with the business side of things as well as the work you’re doing with clients.

•  Depending on the type of work you do, your job may be dangerous at times. You may have to counsel a person with anger issues, for example, or someone who has committed a violent crime, which could put you at risk.

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The Takeaway

Working as a psychologist can be a fulfilling career, and finding and keeping a job in this growing field shouldn’t be too difficult. But you can expect to make a substantial investment in time and money before you finally get the job you want. And how much money you make as a psychologist can depend on several factors, especially when you’re starting out. The specialty you choose, who your employer is, and where your job is located can all affect your earning potential.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

Can you make $100,000 a year as a psychologist?

Yes. According to the latest U.S. Bureau of Labor Statistics data, psychologists make a median annual salary of $94,310, which suggests that a significant number of psychologists make more than $100,000 a year.

Do people like being a psychologist?

Psychologists who responded to the website CareerExplorer’s ongoing survey on job satisfaction rated their career happiness a 3.5 out of 5 stars.

Is it hard to get hired as a psychologist?

According to the U.S. Bureau of Labor Statistics, job growth for psychologists is expected to be strong through the next decade. If you get the proper education and training, and have a passion for helping others, it shouldn’t be too hard to find work in this profession.

Photo credit: iStock/Dean Mitchell

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SORL-Q425-049

A marine biologist can make an average base salary of $43,396 a year in the United States, according to ZipRecruiter. This can be an exciting career choice for those who love the water — being in it or near it — and are curious about the mysteries of aquatic life.

How much you can make as a marine biologist depends on a variety of factors, including where you live, how much experience you have, and your area of expertise. Let’s dive into how you might pursue your passion for the sea, while keeping your finances afloat.

What Are Marine Biologists?

A marine biologist is a scientist who studies the life forms and ecosystems of oceans and saltwater lakes. They typically enjoy collecting data and patiently observing natural phenomena. Marine biologists can play an important role in protecting marine life and promoting environmental sustainability.

While some may imagine marine biology as a solitary job, working quietly in a lab or swimming silently alongside dolphins, it’s not necessarily a job for introverts. Most marine biologists make their salaries by collaborating with teams of other people and sharing findings within the scientific community.

Some of the duties of a marine biologist can include:

•   Observing animals, microorganisms, and plants in oceans and saltwater lakes

•   Conducting studies on various species of sea animals and their ecosystems

•   Collecting samples of water, ocean plants, and microorganisms for laboratory research

•   Performing laboratory experiments, using specialized equipment to assist their research

•   Administering medical care to injured or ill marine animals

•   Tracking migration and the reproductive patterns of fish and marine mammals

•   Studying geological oceanography to learn about ocean features such as ridges, trenches, and rises that affect marine environments

•   Developing ways to preserve marine life

•   Promoting environmental sustainability

•   Collaborating and sharing data with other specialists in marine biology

•   Composing scientific papers and reports for peers and the public

•   Giving presentations at educational institutions and museums on marine life

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How Much Do Starting Marine Biologists Make a Year?

Starting out, marine biologists can be paid hourly or receive a yearly salary.

The hourly rate for an early-career marine biologist is estimated to be around $16.83 — definitely higher than the federal minimum wage.

As the field typically requires professional expertise and commitment to long-term studies, marine biologists are usually paid a yearly salary. An entry level salary for a marine biologist in the United States tends to be around $35,000.

Most professions, including marine biology, probably aren’t going to offer $100,000 salaries to newcomers in the field. But there are ways to turn your passion for the ocean into more competitive pay opportunities.

What Is the Average Salary for a Marine Biologist?

A typical salary for a marine biologist is $43,396 a year. Here’s a bit more information: According to ZipRecruiter, the average competitive pay for a marine biologist as of October 2025 can range from $25,000 to $57,000. But some marine biology jobs can pay more.

How much a marine biologist makes can rely on their degree status, experience, and area of specialization. For example:

•  The national average for an oceanographer is $55,952 a year.

•  A marine veterinarian, who cares for animals such as sea turtles, fish, and whales, can earn a yearly salary of around $165,527.

•  Other high-paying marine biology jobs include marine biochemists, marine ecologists, marine mammal biologists, and marine geneticists. Some of these occupations can sometimes pay as much as $80,000 per year.

While a marine biologist can traditionally be a hands-on occupation, it is viewed as a scientific profession rather than a trade job.

Working marine biologists almost always have a minimum of a bachelor’s degree, with many acquiring a master’s or doctorate in a chosen area. Advanced degrees are often needed for higher-paying positions. (These, in turn, can leave a job seeker with student loan debt.)

What Is the Average Marine Biologist Salary by State?

A big factor in how much money a marine biologist makes depends on where they live. This means that state by state salaries will fluctuate. Here’s a look at average salaries by state, arranged alphabetically.

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Marine Biologist Job Considerations for Pay and Benefits

You can increase your salary range as a marine biologist if you are willing to move to a higher-paying state, acquire an advanced degree, or specialize in certain areas of the field. But some factors that determine your salary are out of your control, including:

•  Funding/budget for your organization

•  Type of organization, meaning private vs. public

•  Economic conditions

•  Demand for your skill set

Since the majority of marine biologists earn a yearly salary, you may receive the following job benefits, among others:

•  Health coverage

•  Paid sick leave

•  Vacation days

•  Retirement plan participation

While pursuing a salaried position as a marine biologist, make sure you understand how much you need to make to maintain a comfortable lifestyle. Try creating a budget and check out financial tools that can help track your expenses vs. your income.

Pros and Cons of Being a Marine Biologist

If you have a scientific mind and love the water and marine life, being a marine biologist could be a dream job for you. Of course, even dream jobs can have their downsides.

Here are some of the pros and cons of working in the field of marine biology

Pros:

•  Traveling to new locations. Many marine biologists travel the world, with the oceans as their laboratories.

•  Working with a network of diverse people. Marine biologists work collaboratively, sharing data and consulting with a range of experts in the field.

•  Using state-of-the-art equipment. Marine biologists can have access to sophisticated high-tech gear in order to further their studies.

•  Evolving your career. There are many ways to branch out into specialized fields in marine biology, so you can continue to exercise your mind and, potentially, raise your salary.

•  Making a difference. Marine biologists have a chance to make an impact on serious environmental issues, especially in the areas of conservation and preservation.

•  Earning a good salary for something you love, especially if you pursue advanced degrees that open doors for highly paid positions.

Cons:

•  Long, isolated working hours. A marine biologist can be assigned to a research position out at sea for long periods of time. Being away from friends and family can take an emotional toll.

•  Physically demanding. Out in the field, you may be subject to severe weather conditions — extreme cold and sweltering heat.

•  Dangerous conditions. Typhoons, hurricanes, and storms at sea can put marine biologists at risk for injury.

•  Emotionally draining. Some marine biologists, when they see firsthand how humans are affecting the environment, may feel powerless to reverse the harm, which can be upsetting.

The Takeaway

The average figure for how much a marine biologist makes a year is $43,396. A career as a marine biologist can provide a sense of adventure and help protect the earth’s waters and aquatic creatures. It can involve travel and exploration which, depending on your outlook, can be a real plus, while allowing you to earn a living.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

Can you make 100K a year as a marine biologist?

Some specialized marine biologists can command a salary of $100,000 or more a year, including marine veterinarians and marine mammal biologists. The average marine biologist, however, may only earn around half that amount.

What do people like about being a marine biologist?

Some marine biologists love traveling to distant places, working with marine life, meeting new people, and working toward having a positive impact on the environment.

Is it hard to get hired as a marine biologist?

Finding a job as a marine biologist can depend on your field of expertise. Most marine biologists have, at a minimum, a bachelor’s degree, with many acquiring a master’s or doctorate. In addition, job opportunities will rely heavily on being able to relocate, if needed, to an area being studied.

Photo credit: iStock/Rainer von Brandis

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SORL-Q425-041

On March 20, 2025, President Trump signed an executive order to begin shutting down several functions within the Education Department. He also ordered Education Secretary Linda McMahon to facilitate her department’s closure within the confines of the law.

A day later, Trump announced that the Small Business Administration (SBA) would take over the Education Department’s $1.7 trillion federal student loan portfolio. In May 2025, however, a federal judge blocked the transfer, and it is now on hold. But the situation remains uncertain and in flux, creating confusion for student loan borrowers.

If the order blocking the transfer is reversed, and the SBA does take over the federal student loan program, what would that mean for borrowers? And what changes might take place for student loans, the SBA, and the Education Department? Read on to learn about the possible ramifications and what borrowers can do.

What’s Being Proposed: Transferring Student Loans to the SBA

The SBA is an independent federal agency dedicated to helping small business owners by providing counseling, capital, and contract expertise. It was created in 1953 under the Small Business Act to develop small businesses after the Great Depression, World War II, and the Korean War.

President Trump has said that moving student loans to the SBA would result in more effective loan management. The SBA does have some experience handling loans: In fiscal year 2024, the SBA supported financing for 103,000 small businesses, the highest level since 2008. The agency increased its annual capital impact to $56 billion, a 7% increase over fiscal year 2023.

However, the SBA does not directly provide loans. Instead, it acts as a guarantor for loans to make it easier for small businesses to secure financing. By comparison, the Education Department offers federal student loans directly to students and their parents through the Federal Direct Loan program. In fiscal year 2024, the ED gave out $85.8 billion in loans to more than 6.7 million borrowers. By taking over the duties of ED, the SBA would likely need to provide billions of dollars in loans directly to millions of individuals each year, something the agency has never done.

The SBA would also need to take on other responsibilities. In addition to loan portfolio management, the agency would assume functions of the Office of Federal Student Aid (FSA), such as managing and administering the FAFSA; loan disbursements; oversight and compliance of borrowers, schools, and financial entities; program reviews, loan cancellation programs, loan default management, and collections of federal student loans.

Despite Trump’s executive order, it’s possible the Executive Branch does not have the statutory authority to move the federal student loan program from the Education Department to the SBA. According to the Higher Education Act of 1965, the Education Department is solely responsible for the administration of student loans. Transferring this program to the SBA might very well require an act of Congress.

Recommended: Student Loan Debt Guide

Challenges of Moving Student Loans to the SBA

The biggest challenge of moving student loans to the SBA is whether the agency could handle such a major undertaking. On March 21, 2025, the same day President Trump said that the student loan portfolio would be transferred to the SBA, the SBA announced that it would cut 43% of its staff. With significantly fewer employees, the agency would likely have a difficult time managing the extensive and complex student loan program.

The Education Department currently oversees and contracts with five different loan servicers that handle the billing, payments, and management of student loan accounts. Loan servicers also provide customer service, like assisting borrowers with repayment plans, providing information and assistance regarding student loan forgiveness programs, and answering questions. Under the transfer, the SBA would be in charge of overseeing all of this, which could prove to be an immense operational challenge.

Additionally, the SBA’s work with business loans is very different from what the agency would need to do to service student loans. Pivoting from aiding about 100,000 small businesses to managing complex consumer student loan debt for tens of millions of borrowers — and having to balance both tasks at the same time — could indeed prove demanding. Some experts have questioned the SBA’s capacity to take on student loans, particularly due to the layoffs within the agency. The SBA would need to come up with an effective strategy, put the right staffing in place, and build the correct infrastructure, all of which could be difficult, time-consuming, and disruptive to the federal student loan system.

Potential Risks to the Borrower of Moving Student Loans to the SBA

For student loan borrowers, the transfer of student loans to the SBA could be rocky. While it’s too early to say exactly what the risks might be, several potential problems could arise. (It’s important to note that these risks wouldn’t apply to borrowers with private student loans — only to federal student loan borrowers.)

Servicing Errors

The SBA may find it challenging to handle such a large number of loans and payments. As noted, the agency made just over 100,000 loans last year, while the FSA made 12.6 million loans in 2023 for an average of $7,000 per loan. Transferring such a large number of loans might lead to servicing errors — and possibly missed payments — for borrowers.

Previously, the SBA has had management issues when it had to deal with a large volume of loans. During the Covid-19 pandemic, for example, the agency distributed loans and grants worth more than $1 trillion, but it did not implement a process for managing risks of fraud until more than half of the funding was already approved, according to the Government Accountability Office (GAO). As a result, some funding went to those who sought to defraud the government, the GAO said.

The agency also suffered system outages during that time. For example, after an aid program for small businesses launched, it crashed and then kept crashing as businesses tried to apply.

It’s possible that transferring student loans to the SBA could also create systemic disruptions. That, in turn, could increase the risk that borrowers might not receive timely information about their payment due dates. As a result, they could be hit with fees and accrued interest — and possibly negative impacts to their credit — through no fault of their own.

Longer Call Waits and Processing Times

While it’s impossible to predict what might actually occur, borrowers may face longer waits and processing times. Many borrowers currently struggle with wait times to contact their loan servicers as it is; an inability to process requested changes to repayment plans, resolve errors, and communicate any changes or updates regarding their loans could potentially lead to frustration, delinquencies, and student loan defaults.

Delays in Forgiveness

Forgiveness programs such as the Public Service Loan Forgiveness (PSLF) program currently rely on the Education Department to process applications. Transferring these programs to the SBA could result in confusion and delays, pushing back or complicating the student loan forgiveness process and timelines for borrowers.

Privacy Concerns

Transferring such a massive amount of personal and financial information could result in data breaches or loss of information, some experts warn, noting that similar problems have happened during smaller transfers between loan servicers.

What Borrowers Should Do to Prepare

There are several steps federal student loan borrowers can take now, in case student loans are moved from the Education Department to the SBA. Here’s what to do to help protect yourself.

Download and Save All Loan Records

Make copies of your student loan information. This includes:

•  Loan balances and payment history

•  Loan servicer contact information

•  Repayment plan and terms

•  Qualifying payments on any forgiveness program

You can download your federal loan information through your loan servicer or at StudentAid.gov by logging in with your FSA ID. Click on “My Aid” to view your loan summary and download a full copy. You can also take screenshots of your main dashboard, which will show your loan balances, payment progress, and other details, including payment information and approval letters if you are working toward PSLF.

Monitor Servicer Communications Closely

Your loan servicer is your main point of communication. They provide information about billing, student loan repayment, and the possible loan transfer process, typically by mail and email. Keep an eye out for updates, and respond to any requests for information as soon as possible.

Not sure who your federal student loan servicer is? You can visit your FSA account dashboard to find out. Click on the “My Loan Servicers” section or call the Federal Student Aid Information Center (FSAIC) at 800-433-3243.

Consider Private Refinancing for Stability

If you’re worried about what might happen with federal student loans, you could consider student loan refinancing. When you refinance student loans, you exchange your old loans for a new private loan. You might also be able to qualify for a lower interest rate, which could lower your monthly payments. Instead of the ED or SBA, you’ll be dealing with a private lender.

It’s important to be aware, however, that refinancing federal student loans means you’ll forfeit federal benefits, including income-driven repayment, forgiveness, and student loan deferment. If you think you may need these protections at some point, refinancing may not be right for you.

The Takeaway

The Education Department continues to manage student loans for now. However, the SBA is said to be working with the White House, the ED, and Congress to finalize plans to transfer the student loan program to the SBA if the legal hold is lifted. In the meantime, borrowers should continue making payments to their current loan servicers and watch closely for any updates regarding student loans moving to the SBA.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

What would it mean if student loans are moved to the SBA?

As of November 2025, federal loans still fall under the jurisdiction of the Education Department. If student loans do move to the SBA at some point, it would be a massive undertaking and mean a shift in loan management. Such a transfer could potentially affect loan applications, data handling, and customer service, among other things.

How could transferring student loans to the SBA affect borrowers?

There is no way to predict exactly how transferring student loans to the SBA will affect borrowers. However, given recent deep cuts to the SBA workforce under President Trump, there is concern that the organization will be ill-prepared to manage such a vast expansion of their responsibilities if they take on the student loan portfolio. Borrowers should closely monitor all communications with their loan servicers and keep records of their payments and other loan details in case of errors during the transition.

Could federal student loan protections be lost if loans move to the SBA?

It’s unclear how or if the SBA would change federal student loan protections. Borrowers should keep up with student loan news and stay in touch with their loan servicers. Some borrowers might also want to consider a switch to private student loans through refinancing if they’re worried about potential changes. But keep in mind that you’ll lose federal benefits, such as forgiveness benefits and deferment options, if you decide to refinance.

What should borrowers do to prepare for changes in loan servicing?

Borrowers should document their loan accounts. This means making copies of their student loan information, downloading their federal loan information through StudentAid.gov and/or their loan servicer, and taking screenshots of their main FSA dashboard, which includes loan balances, payment progress, and other details. In addition, they should closely monitor all communication with their loan servicers.

Photo credit: iStock/damircudic

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