I am currently in my second year of college and since I came in with credits from high school college credit courses and AP credits I have the opportunity to graduate a year early. I would get my bachelors in 3 years and I am in a 5 year masters program where I would get my masters degree in one year as compared to two. So it would take a total of 4 years to complete my bachelors and masters. I am a psych major and I am a RA in a psych child cognitive and development lab. I am also getting into doing psych related volunteer work. Is graduating early hurting my chances of getting into a PhD program? If so what can I do increase my chances? Also I currently have a 4.0 Gpa.
Everyone likes a student who is good enough to make it through college a year faster than everyone else. So no, graduating early is not going to hurt your chances in anything you choose to do in life, getting a PhD included.
The only (small) caveat I would add is that grad schools do pay attention to things you might have done outside taking regular classes -- say, internships or summer research programs or working on a research project with a professor. If you have a chance to do any of these things, go for it