How To Pay For a Doctoral Degree: Cost & Financial Aid

Getting a doctoral degree is a significant investment in your future, but the cost can be a major concern. Fortunately, many financial aid options can help fund your doctoral or medical degree programs.

In this guide, we'll explore the different funding opportunities and strategies you can use to finance your doctoral degree, such as federal financial aid, grants, scholarships, and fellowships.

Paying For a Doctoral Degree Program

The cost of a doctoral degree can vary based on several factors. While in-person doctoral programs generally offer more resources and face-to-face interaction, they tend to be more expensive due to additional living costs. Online programs offer greater flexibility and lower fees but may lack some of the direct benefits of on-campus programs.

In-Person Doctoral Degree Programs

The cost for in-person doctoral degree programs varies significantly, with tuition averaging from $80,000 to $135,000 for the whole program.

Additional fees can add another $1,000 to $3,000 annually. Living expenses, including housing, food, transportation, and personal costs, can range from $15,000 to $30,000 per year. Students must also budget around $1,000 to $2,000 per year for books and supplies.

Public universities are going to charge less for tuition than private schools. However, if you are an out-of-state student, public tuition will be much higher.

In-person programs offer several advantages, such as access to on-campus resources like libraries and laboratories, and opportunities for networking. Plus, direct interaction with faculty and peers is more accessible, and many programs offer teaching or research assistantships that provide stipends and tuition waivers.

However, the overall cost is higher due to living expenses, and students may need to relocate or commute, with less flexibility in scheduling.

Online Doctoral Degree Programs

Online doctoral programs have around the same tuition as in-person programs. However, the fees are lower, generally around $500 to $1,500 per year.

Since students can live at home, living expenses are significantly reduced. Books and supplies costs are similar to in-person programs, approximately $1,000 to $2,000 per year.

The primary advantages of online programs include lower overall costs and greater flexibility, allowing students to continue working while studying since there is no need for relocation or commuting.

However, online programs have some disadvantages, including limited access to on-campus resources, less face-to-face interaction with faculty and peers, and potential unsuitability for programs requiring hands-on experience or lab work.

Cost Differences Based on Type of Doctoral Degree

The cost of a doctorate also depends on the type of program. Here is a breakdown of the average total cost of different programs.

• PhD (Doctor of Philosophy): $81,900
• EdD (Doctor of Education): $62,780
• PsyD (Doctor of Psychology): $132,200
• DBA (Doctor of Business Administration): $50,000 to $100,000
• MD (Doctor of Medicine): $161,000 to $264,000
• JD (Juris Doctor): $220,000

How To Pay For Your Doctoral Degree Program

Earning a doctorate is a significant academic and financial commitment. However, there are many financial aid options available to help, including scholarships, grants, assistantships, and loans.

1. Scholarships

Scholarships are a valuable way to finance your doctorate because they don't need to be repaid. Many universities and external organizations offer scholarships specifically for doctoral students based on academic merit, research potential, or specific fields of study.

These scholarships can significantly reduce your education costs, allowing you to focus more on your studies and less on financial stress. It's important to research and apply for scholarships early because they can be competitive and have strict deadlines.

2. Grants

Grants, like scholarships, do not require repayment and are often based on financial need, academic performance, or research proposals. Doctoral students can apply for federal and state grants, as well as institutional grants provided by their universities.

Additionally, many private foundations and organizations offer grants to support specific research projects, especially in fields like science, technology, engineering, and mathematics (STEM). Applying for grants requires careful preparation, often including a detailed research proposal, so it's crucial to start the process early.

3. Fellowships

Fellowships are another excellent source of funding. These are typically awarded based on academic achievement, research potential, and the student's overall contributions to their field of study.

Fellowships often provide a stipend for living expenses in addition to covering tuition and fees. Some fellowships are highly competitive and prestigious, offering not only financial support but also opportunities for professional development and networking within your field.

4. Assistantships

Graduate assistantships are a common way for doctoral students to fund their education. These positions usually involve teaching or research duties in exchange for a stipend and tuition remission.

Teaching assistantships (TAs) and research assistantships (RAs) allow students to gain valuable experience while also reducing the cost of their degree. Assistantships are typically offered through your academic department, and securing one often requires a strong academic record and relevant experience.

5. Employer Tuition Assistance

For those who are working while pursuing their doctorate, employer tuition assistance can be a significant resource. Many employers offer financial support for employees seeking advanced degrees, often covering part or all of the tuition costs.

In return, you may be required to stay with the company for a certain period after completing your degree. This option is particularly beneficial for professionals looking to advance in their current field without taking on additional debt.

6. Federal Student Loans

Federal student loans are a common way to finance a doctoral degree, particularly when other sources of funding are not sufficient. Graduate students can apply for Direct Unsubsidized Loans and Grad PLUS Loans after filling out the Free Application for Federal Student Aid (FAFSA) online.

These loans offer flexible repayment options, and in some cases, loan forgiveness programs may be available. However, it's important to borrow responsibly and explore other funding options first to minimize the debt burden after graduation.

FAQs About Paying For Your Doctorate Degree

Now that you know how much a doctoral degree costs, look over some of these frequently asked questions to ensure you are ready to earn your degree without taking on a lot of debt.

How Do I Apply For Financial Aid for a Doctoral Degree?

To apply for financial aid for a doctoral degree, first complete the FAFSA to determine your eligibility for federal loans and work-study programs.

Next, research and apply for scholarships, grants, and fellowships offered by universities, private organizations, and government agencies. Additionally, explore teaching and research assistantships within your department.

Finally, meet with an academic advisor to discuss your financial aid options and create a personalized funding plan tailored to your academic and financial needs.

Are There Payment Plans for Graduate School Tuition?

Many universities offer payment plans that allow you to spread out tuition payments over the academic year. This can make it easier to manage costs without taking on additional loans. Check with your institution's financial aid office for available options.

How Can I Pay For a PhD Without Loans?

The best way to pay for a PhD without having to take out a loan is to utilize the first five tips that we listed above. Scholarships and grants will help you most since they don't have to be repaid. Getting employer tuition assistance is your next best choice since it also gives you experience in your field.