Pursuing a PhD is a significant commitment of your finances and time. From tuition, living expenses, books, travel, research, and other costs, doctoral programs can cost over $100,000. Determining how to pay for this investment in your education and future career can feel like a full-time job all on its own.
The good news is that PhD candidates have several funding options beyond taking out daunting student loans.
Whether you’re currently applying to PhD programs or you’re already admitted, this blog will teach you how to reduce the financial burden of a doctoral program through scholarships, assistantships, employer assistance, and more. With the right planning, funding your PhD without breaking the bank is possible.
How Do I Fund My PhD?
There are more ways than ever to fund a PhD program. Below, we’ve broken down some of the best ways to pay for your graduate education.
Look for Fully-Funded PhD Programs
In a fully-funded PhD program, students typically join the department as faculty members. This means working for the university in some capacity, like through teaching assistantships and research assistantships. In these positions, PhD students get paid to teach courses, TA for professors, and help students in their own academic journeys. Research assistantships allow PhD students more time to focus on the research for their dissertation and provide research to their institution.
Fellowships are also a popular option for PhD students. These programs can be paired with assistantships or other funding opportunities, and they help you focus on your research.
Apply for Scholarships and Grants
Both scholarships and grants are helpful ways to cover your tuition costs and other expenses like travel and rent. Most schools have special scholarships for graduate students, so research what opportunities they provide for students to make the most of their PhD experiences.
Don’t Forget the Small Scholarships
If you only focus on the more prominent and national fellowships, you’ll miss out on smaller scholarships and niche funding options. Scholarships exist for countless circumstances and unique research paths, so make sure you know all the options available and apply to more than one scholarship.
Choose a Graduate Program With More Than One Fellowship and Grant
Sometimes, the competition for funding can get intense, especially if there are only a few options for PhD students at your institution. When you’re considering PhD programs, take some time to research each school’s fellowships, grants and scholarships to find a school that has plenty of options for their programs. Doing this research ahead of time will help you stress less in the application process.
Ask Your Employer to Help
Depending on your field of interest, your employer may be willing to help cover some of your expenses if you prove that a PhD will help you excel in your position and field. Even if they can’t help you cover the total cost of tuition, your employer can help you manage your workload as you start PhD classes, and they might be able to connect you with relevant industry partners and internships.
Don’t Rely On Just One Funding Source
As you apply for PhD funding, you should ensure you can receive funding from multiple sources. Take funding preparation seriously and have an action plan in case one of your supporters falls through. Not only will it set you up for success in your program, but it might take worrying about your funding off your plate.
SMU: Fully-Funding PhD Students Every Semester
At SMU, we understand the importance of getting a graduate education and how crucial proper funding is. That’s why we offer various funding options for our graduate students, including scholarships, assistantships, grants, and more.
To learn more about what funding opportunities are available for SMU students, check out our guide to getting your doctoral degree. You can also request more information.
Ready to make SMU part of your PhD experience? Apply now to secure your spot!
