To pay for a Ph.D., exhaust options for free money, including scholarships and grants, first. Your school can help you find them. Then consider federal and private student loans to cover additional costs of your Ph.D. program.
The post How to Pay for a PhD appeared first on LendEDU.
Getting a doctorate is a big commitment. Like any form of higher education, it takes a lot of time and can cost a lot of money.
Fortunately, you can tap into many resources to pay for it. In this guide, we’ll explain how to pay for a Ph.D., and we’ll also provide tips for getting your degree without incurring a ton of student debt.
In this guide:
There are several funding opportunities to pay for your doctoral program. To minimize student loan debt, explore all your funding options for free money before you borrow.
Here’s the smartest way to approach the process:
Scholarships and grants (including fellowships and teaching assistantships) should be your first sources of funding because they give you cash you don’t have to pay back. If you tap into these sources first, you could avoid taking out student loans altogether or minimize the amount you need to borrow.
To find options for scholarships and grants, meet with your university guidance counselor or someone in the financial aid department.
If you’re earning a doctorate as part of your career development and are employed, you can also ask someone in your company’s human resources department about tuition reimbursement assistance programs.
Through such a program, you could potentially get your employer to pick up all or part of the cost of your degree if you commit to staying with the company for a certain time after graduation.
There are many scholarships available to grad students. Here are a few examples to get you started:
To find additional scholarships to apply for, contact your department and your college’s financial aid office.
There are also a number of grants that are available for Ph.D. candidates. Some have broad granting criteria while others are focused on specific fields of study. Here are some examples:
If you are looking for additional grants, contact your department or school’s financial aid office.
After you’ve tapped all your options for free funding, you might need to borrow to fund additional costs. Exhaust federal student aid before exploring private student loan options.
Federal student loans, including Grad PLUS Loans and Direct Unsubsidized Loans, can be affordable ways to pay for your doctoral education. There is currently no subsidized loan option for graduate students.
Direct Unsubsidized Loans are best for any student who needs federal student loans for graduate school. They have an interest rate of 6.08% for graduate and professional students in 2019–20, and you can borrow up to $20,500 per year.
You may be able to qualify for these loans even if you don’t have great credit.
>> Read more: Federal Direct Loans
If you need additional funding, you can take out a Grad PLUS Loan. Unlike some other Direct loans, you’ll have to qualify for these loans through a credit check. They carry an interest rate of 7.08% in 2019–20, and you can borrow up to the total cost of attendance calculated by your school.
Federal loans come with flexible repayment options and the possibility for Public Service Loan Forgiveness if you go into public service, such as teaching. Federal loans also have relatively low interest rates compared to some private loans.
To apply for federal loans, complete the Free Application for Federal Student Aid (FAFSA). Using information from the FAFSA, your school will put together a financial aid package detailing the loans you’re eligible for.
Private Ph.D. student loans do not have the same borrower protections as federal student loans, but they can help cover additional costs once you’ve exhausted federal loans each year.
As a Ph.D. student, you are likely to qualify for competitive rates on private loans because people with doctorates tend to be high earners. But before applying for a loan, you should compare rates from several lenders to find the most affordable loan for your situation.
The post How to Pay for a PhD appeared first on LendEDU.