Teaching at the University level will most likely require a PhD, although you may be able to start with a Masters at the Community College level – but you would likely need a Master’s in Psychology for that.

I think a Masters in education is more beneficial to someone who might want to keep their options open to someday work at the administrative level. If you definitely want to teach psych at a university, get the Masters in psychology.

Getting a second opinion from the psychology department at a major university (the folks who would be hiring you someday) would also be wise.

On the subject of being a school counselor (K-12), you’ll need an administrative credential (assuming you’ll be working for a public school.) Again, checking with the credentialing program as to what their requirements are would be the best bet before assuming you need a Masters in Ed. I would think a Masters in psych would be just as appropriate, but this depends on the state you are in and the requirements they have for credentialing.