The Best Practices For Fully Funding Your Doctorate
Pursuing a doctorate degree can be exciting and rewarding.
Whether you are thinking of pursuing it for professional development or personal development, a doctorate can be life-changing for both.
However, when it comes to the total cost of the degree, many aspiring students lose hope.
Thankfully, various student loan plans have now made it possible for every student to pursue their academic passion.
Apart from the student loans, there are many other funding options that can help you achieve the title of doctor.
Some of the popular options include research council grants, postgraduate loans, employer sponsorship, studentship, crowdfunding, charities, scholarships and grants, fellowships, assistantships, employer tuition reimbursement, and much more.
Keep reading to learn more about funding options that are making it easier for students to pursue doctorate degrees.
Student Loan Options
When it comes to funding a doctoral degree, a student loan ranks among the most widely chosen options by aspiring students.
The loans cover all the costs including the college's fees, education costs, campus fees, room and board charges, and other common expenses.
Let’s take a closer look at some of the favorable loan options available for students.
Federal Loans
Federal loans are among the primary sources for funding a doctoral degree.
Federal loans come in two different options which are Grad PLUS loans and Direct Unsubsidized loans.
Direct Unsubsidized Loans
Also termed an Unsubsidized Stafford Loan, this is an ideal option for students seeking professional courses or graduate degree courses including a Ph.D.
Unsubsidized loans are a little different from Federal Subsidized loans given that the latter are only available for undergraduate degree programs.
This loan option comes with an annual limit of $20,500 for students with interest rates currently sitting at 6.08%.
Students can apply for the loan based on financial need and interest is only charged on the amount a student borrows up to the total approved loan amount.
Grad Plus Loans
When students still lack the required funds to pursue a doctorate degree, the Grad PLUS loan is the next option worth exploring.
Students can borrow an amount which is equivalent to the total attendance cost minus other financial aid that has already been received.
Grad PLUS Loans have a fixed 7.08% interest rate along with a costly origination fee of 4.236% that is deducted from the total loan amount.
Repayments for Grad PLUS loans are entitled to a 6-month grace period after graduation.
Private Loans
Are Federal student loan options enough to fund your doctorate? If not, private student loans are available to help you cover the difference.
There are various private lenders in the market which offer graduate student loans that are designed for students seeking professional or graduate degrees like a doctorate.
The basic requirement for obtaining a private student loan is creditworthiness.
Students might need the help of any cosigner to qualify for a private loan.
If you have a good credit score and payment history, private loans might be available at a lower interest rate than comparable federal loans.
In most cases, lenders don’t help with access to federal repayment options and protections such as forbearance and deferment.
However, given the number of private lenders catering to students, it is easier to compare the most attractive loan offerings.
Other Financing Options
Apart from loans, there are other funding options available for the students seeking financial assistance when pursuing a Ph.D.
Some of the popular options include:
- Grants And Scholarships - One of the best options for free money is grants and scholarships which do not have to be repaid after disbursement. Grants are typically need-based whereas scholarships are usually merit-based. Qualifying for either is an ideal way of funding a doctorate without any repayment obligations. There are many schools that provide eligible and bright students with such opportunities.
- Fellowships - Fellowships are obtained either from a university or from various external sources that include both the government and corporate entities. Fellowships are offered to support studies without any kind of obligation to research or teach. Many colleges and universities provide financial help. Accordingly, before checking on any external source, it is better to check with the school first.
- Assistantships - Assistantships are offered to students who are looking for work, interested in teaching, as well as taking on research opportunities when pursuing their doctorate certification. The assistantship not only pays the tuition fees of the certification, but also helps students with health insurance and an annual salary. For further details and other inquiries, it is best to check out these options directly with the institution in question.
Bottom Line
Earning a doctorate is an expensive endeavor, and if you are absent the necessary funding, it can seem absolutely unattainable.
When considering assistance with funding a doctoral degree, make sure you explore options without any repayment obligations first before contemplating loans to reduce the burden of any student loan debt repayment.
Selecting one applicable funding source comes highly recommended rather than approaching financing from more than one source.
Moreover, if you are on the hunt for loans to help cover the cost of your doctorate, consider every option before applying to ensure you have the best likelihood of quick student loan repayment.
