Bachelor’s degrees are expensive enough, on average being about $38-60K. But did you know that a PhD degree can cost over $100,000 depending on the university?
No wonder money is one of the top worries of any college graduate, or applicant for that matter, regardless of their academic performance.
But it’s important to realize that student loans are typically seen as “good credit”, provided you can keep paying them on time, and get started in a profitable career field.
Besides, there are plenty of ways you can fund your PhD degree now – whether you’re in school, starting school, or just graduating.
Let’s consider some ways that worked for other college students and that might work for you, some traditional, and some a bit unorthodox.
1. Crowdfunding
Crowdfunding always seems like a far-fetched idea – except that it gets about $17.2 billion a year in North America alone. Now, it’s true that not every case is a viral million-dollar success story. But even on average, a really good campaign can raise just over $28,000 and get about 47 backers.
Some sites may even let you keep the money, or part of it, even if you don’t meet the target goal. Every little bit helps!
You can try to stand out from the competition by creating videos, sharing the campaign with friends, and regularly updating followers who contributed to the latest news.
2. Work a job while studying
This is the most common and logical step – and it makes perfect sense if you can get hired by a smaller company eager to use your newfound expertise. Working in a job where you apply what you’re learning is one of the best ways to retain that information and pass exams later on.
Of course, working a job and going to school every day is challenging. It’s very important to plan for some vacation and downtime so that you can recharge and be back at 100% for pivotal moments in your training.
Here’s another fact people often forget. If you’re pursuing a higher degree after your PhD, you may be able to get the company you work for to pay for it – in exchange for staying with the company after a number of years.
Ask a knowledgeable person in the company’s HR department and ask about Tuition Reimbursement Assistance programs by name.
3. Find PhD scholarships or grants in your area
A number of scholarships, fellowships, and grants are given to qualifying students every year. These grants, while difficult to qualify for, don’t have repayment requirements. That’s free money, so why not exhaust every possible avenue you or others come by?
If you’re already in college, it’s not too late. You can talk to a university guidance counselor about opportunities in your particular field.
4. Pursue not just one but multiple “smaller” scholarships.
Some scholarship programs only give up to $1,000 for a grant. But it’s not all about the grade average. Sometimes it’s the “niches” that the institution’s founders care about.
There are scholarships for students on the autism spectrum, women, or minorities, or those who want to try a field in entrepreneurship, writing, broadcasting, or cancer research.
The list goes on, so try to identify your passion and then look for organizations also centered around that mission.
5. Look into federal student loans.
According to some sources, up to 43.4 million borrowers currently have federal student loan debt, indicating it’s easier to get a loan than a grant. You can pursue Grad Plus Loans, or Direct Unsubsidized Loans, as you pursue your doctorate degree.
The good news is that credit is not the only factor for federal student loans. Some professions may even have what is called a Public Service Loan Forgiveness program, for selected public services where there’s a need. Teaching is one of those select professions. Read more about what a doctorate in teaching can do for your career.
6. Private Student Loans
Of course, everyone would prefer a grant or a low-interest federal loan, but there are only so many programs that can be given every year to a huge number of applicants.
That’s why many students pursue private PhD loans, with reasonable interest rates. In fact, some students are forced to do both – take advantage of limited federal funding, and supplement the rest with a private loan.
More good news: PhD students are more likely to be approved for a loan than other college graduates. The simple reason is, that PhD graduates get paid more when they finish the course and are less of a risk.
If you’re comparing private student loans, be sure to check out as many offers as you can so you can get the best deals possible. One option to consider is SoFi private student loans, which offer competitive rates and flexible repayment options.
Reach Out!
Getting your PhD is a huge step in your career, and with increased financial responsibilities, now is the time to reach out to your local community and worldwide community for assistance.
But earning your degree is only half the assignment. Check out our article on more steps to planning a successful career before and after going to college.
