Ibrahim Gardner
Doctoral degrees come with a hefty price tag, with recipients graduating with an average of $92,926 in federal student loan debt. Student loans can be used to fund doctoral research, but they should be a last resort. Before taking on student loan debt, it is recommended to explore all options for free money, work, and research programs. Scholarships and grants are considered the best source of funding for doctoral degrees, as they do not need to be repaid. Additionally, fellowships and assistantships can provide financial support, and universities may offer private grants or scholarships. For those pursuing a teaching career, PELL Grants and TEACH Grants are also available. If scholarships and grants are insufficient, federal student loans are the next best option, followed by private student loans.
| Characteristics | Values |
|---|---|
| Average debt for doctoral degree recipients | $92,926 |
| Average debt for professional degree recipients | $153,335 |
| Maximum borrowing limit for Direct Unsubsidized Loans | $20,500 per year |
| Interest rate for Direct Unsubsidized Loans | 6.08% |
| Maximum borrowing limit for graduate and professional students | $138,500 |
| Maximum borrowing limit for Subsidized Loans | $65,000 |
| Types of financial aid | Student loans, grants/scholarships, work-study, fellowships, assistantships |
| Types of student loans | Direct Unsubsidized Loans, Grad PLUS Loans, private student loans |
| Requirements for private student loans | Credit-based, may require a cosigner |
| Suggested order of preference for loans | Scholarships and grants, federal student loans, private student loans |
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What You'll Learn
Scholarships and grants
Doctoral programs are the final step in a long academic career, and they are not cheap. Scholarships and grants for doctoral students provide critical financial lifelines to enable students to continue living while studying.
Most universities will have private grants or scholarships available, so it is always worth talking to the financial aid office about these options. Some universities have fellowships or assistantships available, which can be used for tuition, fees, and housing. Fellowships are career- and research-oriented, aimed at furthering the interests of the fellow, the community, the institution, and the industry. They are generally awarded to PhDs and researchers already established in their fields. Fellowships often include teaching, speaking, and/or research requirements, as well as terms of residency.
The first step in applying for financial aid is to fill out the Free Application for Federal Student Aid, or FAFSA form. This form determines a student's eligibility for federal and state funding. Governmental programs provide direct support to doctoral candidates in specific areas of study, such as social studies and health. For example, the federal government offers agency-specific grants for both study support and research ventures.
There are also many private scholarships and grants available for doctoral students. For example, the Stevens Institute of Technology provides the Innovation & Entrepreneurship Doctoral Fellowship, which supports students pursuing research in innovation and science-based disruptive technology advancement. The University of Michigan School of Social Work fully funds most doctoral candidates through their five-year joint program in social work and social science. The Summer Doctoral Research Scholarship Program awards $5,000 to help doctoral students focus on research during the summer. The Hispanic Scholarship is another example of a private grant, which helps Hispanic graduate and undergraduate students complete their degrees in all fields of study.
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Fellowships and assistantships
Fellowships
Fellowships are highly sought after by PhD students as they are usually free money, with no need to pay anything back to the granting organization. They are often specific to a student's academic track, targeting a certain research topic or project at the graduate level. Many institutions offer internal fellowships to their own PhD students to advance their research or dissertation work. These fellowships can cover much, if not all, of a student's tuition, fees, and living expenses.
There are thousands of fellowships available, with varying requirements and durations. For example, the U.S. Department of Energy Science Graduate Fellowship Program (DoE SCGF) is for doctorate-level students in STEM fields, while the Kress Institutional Fellowships in the History of European Art are for pre-doctoral candidates in art history and related disciplines.
Assistantships
Assistantships are a more stable source of funding as they are essentially jobs within the university. TAs may earn a stipend for leading undergraduate discussion groups or grading assignments, while GRAs may help professors compile research for their manuscripts.
Some universities offer assistantships in conjunction with fellowships. For example, NYU's GSAS offers teaching opportunities that provide additional compensation on top of the MacCracken fellowship package.
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Federal student loans
There are several types of federal student loans available, each with its own eligibility criteria. Some require a credit check, while others do not. Some require students to be enrolled at least half-time, while others do not specify. Some loans are based on individual financial needs, while others are not. Direct Unsubsidized Loans and Grad PLUS Loans are the only loans available to graduate students, and students are responsible for all interest accrued on these loans. The interest rate on Grad PLUS Loans is higher than that of Direct Unsubsidized Loans, and a credit check is required.
In addition to federal student loans, there are other ways to fund doctoral research. Many universities offer assistantships that provide stipends, health benefits, and tuition remission in exchange for research or teaching duties. Graduate students can also apply for work-study programs, scholarships, and fellowships to help fund their education. Private institutions often offer significant financial aid packages, including scholarships and grants. It is important to research all available options and compare interest rates, deferral options, repayment schedules, and terms and conditions before committing to any loan program.
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Private student loans
It is important to compare rates and lending partners to find the best option for your specific needs. Some private lenders, such as Sallie Mae, offer loans for graduate students seeking various degrees, including master's and doctorate programs. Sallie Mae provides loans for up to 100% of your certified educational expenses, with repayment terms of up to 15 years. Other popular private lenders include Earnest, which offers private student loans and the ability to refinance, and SoFi, which provides extensive member benefits, including financial planning resources.
When choosing a private student loan, look for competitive interest rates, flexible repayment terms, and low or no fees. Keep in mind that most private student loans for PhD programs will require you to pay interest charges, and the higher the interest rate, the more you will pay over time. For example, a $50,000 loan with a 7% interest rate will accrue $19,665 in interest charges over 10 years, while a 10% interest rate will result in $29,290 in interest charges over the same period.
In conclusion, private student loans can be a viable option to fund your doctoral research, but it is important to carefully consider the costs and explore all available alternatives before committing to any loan.
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Work-study programs
To be eligible for a work-study program, students typically need to demonstrate financial need and maintain satisfactory academic progress. At the University of Denver, for example, students can only hold one work-study-funded position at a time and cannot simultaneously hold a work-study position and a graduate teaching/research assistantship in the same quarter. UCLA's Graduate Work-Study Program has similar requirements, limiting students to a maximum of 20 working hours per week during the academic year and requiring them to maintain a minimum of four units of academic coursework credit per quarter to access federal student aid.
Students can find work-study positions both on and off-campus. At DU, work-study positions are posted on Pioneer Careers Online, the job and internship listing site for students. UCLA also offers a range of opportunities, including paid internships, community service, research projects, and other endeavours closely related to students' academic degree programs.
To apply for a work-study program, students usually need to complete the Free Application for Federal Student Aid (FAFSA) and meet specific citizenship or residency requirements. Additionally, they may need to provide proof of income and other financial information to demonstrate their financial need.
It is important to note that work-study programs are just one of several financial aid options available to graduate students. Students can also explore student loans, grants, scholarships, fellowships, and assistantships, depending on their university and individual circumstances. By combining different sources of funding, students can reduce their reliance on loans and ease their financial burden.
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Frequently asked questions
Yes, you can take out student loans while pursuing a PhD. However, it is recommended that you explore other options, such as scholarships, grants, fellowships, and assistantships, before taking on additional debt.
There are two main types of student loans available for PhD students: Direct Unsubsidized Loans and Grad PLUS Loans. Direct Unsubsidized Loans have a maximum borrowing limit of $20,500 per year, while Grad PLUS Loans allow you to borrow up to your cost of attendance, minus any financial aid received.
To apply for student loans for a PhD program, you will need to fill out the Free Application for Federal Student Aid (FAFSA). This will determine your eligibility for different types of loans and financial aid.
Yes, there are several alternatives to student loans for funding your PhD. These include scholarships, grants, fellowships, assistantships, and tuition reimbursement from your employer. It is recommended to explore these options before taking out student loans.
