Updated March 4, 2026
If you’re thinking of pursuing a doctor of philosophy (Ph.D.) degree, the highest academic degree possible, you should know these degree holders are elite. Just 4.5% of the population holds a doctoral degree according to the U.S. Census Bureau.
Besides the work and time commitment, doctoral programs require significant financial investments. You’ll be in school for anywhere from five to eight years, and doctoral programs can be well into the six-figures.
Learning how to pay for Ph.D. programs and what financial aid options are available can help make the cost more manageable.
Key Takeaways
- You can cover the cost of a Ph.D with a combination of scholarships, fellowships, grants, and student loans.
- It can take anywhere from five to eight years to earn a PhD.
- Programs can cost between $50,000 and $160,000.
University Funding
Many universities offer fully-funded Ph.D. programs that will cover the cost of tuition, fees and health insurance. They may even offer an annual stipend designed to cover living expenses. In exchange for the stipend, you may have to work as a research assistant (RA) or teaching assistant (TA) in the department.
These stipends generally range from $18,000 to $30,000 a year, and the amount depends on the university. When applying to different universities, make sure you understand if the program is fully-funded or not. This will let you know how much you’ll be financially responsible for.
Scholarships
Ph.D. students can apply for scholarships to pay for tuition and living expenses, just like they did for their undergraduate program. They can apply for scholarships directly through the university, non-profit organizations, professional associations, and companies.
For example, the Association of International Certified Professional Accountants provides awards of up to $15,000 to accounting doctoral students.
These scholarships are even more crucial for students whose Ph.D. programs are not fully funded. Many of these scholarship deadlines are due a year before, so it’s best to fill these out well ahead of time.
The Ph.D. Project maintains a database of potential scholarships and grants for doctoral students.
Fellowships
Fellowships are another source of funding for Ph.D. students. These can be competitive and hard to find but are worth applying for because most fellowships will cover all of your expenses. Plus, in most cases, you don’t have to work for the university as a TA or RA in order to earn your fellowship. This frees up more time to conduct your research.
For example, the National Science Foundation has fellowship opportunities for graduate students and recent doctorate recipients.
Learn More: Assistantships, Fellowships, and Scholarships: Key Differences to Know
State-Based Grants
While most states only offer grants to undergraduate students, some offer assistance to graduate students. These are almost exclusively available to local students attending an in-state college.
For example, the Michigan Indian Tuition Waiver allows Native American students to qualify for free tuition at public universities within the state for undergraduate, graduate, and doctoral programs.
Visit your state education agency to find out if there are programs in your state that can help with the cost of a doctorate.
Employer Assistance
Some employers will pay for you to go back and get a Ph.D. This route will likely take longer than becoming a full-time student because you’ll still have to work full-time, but you could also save a lot of money by having tuition, fees and books paid for. Ask your HR department if this is a possibility.
Federal Student Loans
If you don’t get into a fully-funded program, then federal student loans are the next best option to pay for your Ph.D. They have income-based repayment plans, extended deferment and forbearance periods and loan forgiveness options.
You have to fill out the Free Application for Federal Student Aid (FAFSA) to become eligible for federal student loans. Interest rates on federal student loans are subject to change from year-to-year but are relatively low.
The federal government offers the following student loan options for Ph.D. candidates:
Direct Loans
Ph.D. students are eligible for up to $20,500 in Direct Unsubsidized Loans each year. For loans disbursed on or after July 1, 20256, and before July 1, 2026, the interest rate is 7.94%. There is also a 1.057% loan fee that is assessed each year.
President Trump’s One Big Beautiful Bill (OBBB) implemented new annual and aggregate limits. For loans disbursed on or after July 1, 2026, graduate borrowers can take out up to $20,500 per year, with a lifetime cap of $100,000. Professional students — a distinction that applies to select fields — are limited to $50,000 per year and an aggregate limit of $200,000.
Grad PLUS Loans
Students who have maxed out their Direct Loans can apply for Grad PLUS loans. The interest rate for Grad PLUS loans is 8.94% for loans disbursed on or after July 1, 2025, and before July 1, 2026.
The limit you can borrow with Grad PLUS loans is the total annual cost of attendance subtracted from any other financial aid, like grants and scholarships. The borrower’s university determines the total cost of attendance.
Note: The OBBB ended the PLUS Loan program. No Grad PLUS Loans will be issued after July 1, 2026, so the only federal loan option will be Direct Unsubsidized loans.
Private Student Loans
If you need student loans and reach the borrowing limit on federal loans, private loans can help with the remaining cost of a Ph.D. You can usually borrow up to the total cost of attendance, and repayment options typically range between 5 and 15 years.
After Graduation: Refinancing Your Student Loans
You can refinance both federal and private student loans after graduation. You may end up with a much lower interest rate and could save thousands of dollars in total interest paid.
For example, let’s say you borrowed $30,000 in Grad PLUS loans with a 5.30% interest rate and a 10-year term. If you qualified to refinance to a 3.5% interest rate and a 10-year term. In this example, you would save $3,114 in total interest.
See what ELFI refinancing customers have reported about their average savings.
