Clinical and counseling psychology doctoral programs are popular avenues for graduate education. However, little is known about the mental health and financial stress of students across the differing types of programs. We conducted as online survey of current doctoral students in APA-accredited psychology doctoral programs (n = 114 Clinical PhD, n = 80 Counseling PhD, n = 123 PsyD). We also utilized a control (n = 5,401 undergraduate psychology/social science majors). Results indicated that students in all doctoral programs had lower depression scores compared to undergraduates. Clinical PhD students demonstrated the best outcomes, though not significantly better from other doctoral programs. Undergraduates demonstrated significantly less financial stress compared to counseling PhD and PsyD students, but not clinical PhD students. Large differences were observed regarding anticipated debt-at-graduation, with PsyD students reporting the highest anticipated debt. Areas for further research, limitations, and policy implications are discussed.