The cost of a PhD can vary widely depending on the institution attended, the student’s field of study, and whether the student receives financial aid. This article breaks down the average cost of tuition and fees for PhD students at public and private nonprofit universities in the US, and provides tips on how to fund your PhD studies.
A PhD is the highest academic degree that can be earned, and it is a prerequisite for many careers in academia and research. However, the cost of a PhD can be daunting, especially in the United States.
The average cost of tuition and fees for PhD students at public and private nonprofit universities in the US has increased steadily over the past 5 years. In 2022-23, the average cost of tuition and fees for PhD students at public institutions is $40,320, while the average cost at private institutions is $55,240.
The following bar graph shows the price of studying for a PhD doctorate degree in the United States for the last 5 years, based on data from the Education Data Initiative:
Average Cost of Tuition and Fees for PhD Students at Public and Private Nonprofit Universities in the US, 2018-19 to 2022-23.
As you can see, the price of studying for a PhD doctorate degree has increased steadily over the past 5 years, at both public and private institutions. However, the rate of increase has been slightly higher at private institutions.
It is important to note that these figures represent the average cost of tuition and fees for PhD students. The actual cost of a PhD program can vary widely depending on a number of factors, such as the institution attended, the student’s field of study, and whether the student receives financial aid. Many PhD students also receive funding from their advisors or from teaching or research assistantships.
How to Fund Your PhD Studies:
There are a number of ways to fund your PhD studies, including:
- Tuition scholarships and fellowships: Many universities and government agencies offer scholarships and fellowships to PhD students. These awards can cover the full or partial cost of tuition and fees.
- Research assistantships: Research assistantships are paid positions that allow PhD students to work on research projects with their professors. These positions typically provide a stipend and tuition remission.
- Teaching assistantships: Teaching assistantships are paid positions that allow PhD students to teach undergraduate courses. These positions typically provide a stipend and tuition remission.
- Government loans: PhD students are eligible to take out federal student loans. These loans can be used to cover the cost of tuition, fees, and living expenses.
- Personal savings and family support: Some PhD students are able to fund their studies using personal savings or family support.
Getting funding from your employer for your PhD can be a great way to reduce the cost of your education and advance your career. There are a number of benefits to companies having doctors on their payroll, including:
- Increased innovation: Doctors are trained in research and critical thinking, which can help companies to develop new products and services and improve their existing operations.
- Enhanced reputation: Having doctors on their payroll can help companies to attract and retain top talent and improve their public image.
- Competitive advantage: In some industries, having a PhD is a competitive advantage. For example, pharmaceutical companies need to have PhD scientists to develop and test new drugs.
If you are interested in getting funding from your employer for your PhD, here are a few tips:
- Talk to your manager: Discuss your goals and how a PhD would benefit the company. Be prepared to give specific examples of how your research could lead to new products, services, or process improvements.
- Do your research: Find out if your company has any existing policies or programs for funding employee education. You may also want to research other companies in your industry to see what they are doing.
- Write a proposal: Once you have your manager’s support, write a proposal to your company’s decision-makers. The proposal should outline your research goals, how your research will benefit the company, and how you plan to fund your studies.
It is important to note that not all employers will be willing to fund their employees’ PhDs. However, if you can demonstrate the value of your research to the company, you may be able to convince them to invest in your education.
Here are a few additional benefits to companies having doctors on their payroll:
- Improved problem-solving skills: Doctors are trained to identify and solve complex problems. This can be a valuable asset to any company, regardless of industry.
- Enhanced decision-making skills: Doctors are also trained to make decisions based on evidence and analysis. This can help companies to make better decisions about their products, services, and operations.
- Stronger leadership skills: Doctors are often required to lead teams and projects. This experience can help them to become more effective leaders in the workplace.
If you are considering getting a PhD, and you work for a company that values education and innovation, then you should definitely consider talking to your employer about funding your studies.
Tips for Reducing the Cost of Your PhD:
There are a number of things you can do to reduce the cost of your PhD:
- Choose a public institution: Public universities tend to be more affordable than private universities.
- Apply for scholarships and fellowships: There are a number of scholarships and fellowships available to PhD students. Be sure to research all of your options and apply for as many awards as possible.
- Get a research assistantship or teaching assistantship: Research assistantships and teaching assistantships can provide you with a stipend and tuition remission.
- Choose an online programme so you don’t have to have a break from work to earn your PhD.
The cost of a PhD can be daunting, but it is important to remember that a PhD is an investment in your future. With a PhD, you will have access to more job opportunities, higher salaries, and greater professional satisfaction.
There are a number of ways to fund your PhD studies, including scholarships, fellowships, research assistantships, teaching assistantships, and government loans. By following the tips above, you can reduce the overall cost of your PhD and make your dream a reality.
Here are some additional tips for funding your PhD:
- Network with other PhD students and faculty: Talk to other PhD students and faculty to learn about their funding experiences. They may be able to give you advice on how to find and apply for funding opportunities.
- Attend funding workshops and seminars: Many universities offer funding workshops and seminars to help PhD students learn how to find and apply for funding.
- Be persistent: Don’t give up on your PhD dream if you don’t get funding the first time you apply. Keep applying for funding opportunities until you are successful.
Remember, a PhD is an investment in your future. By following the tips above, you can make your PhD dream a reality.
Swiss School of Business Research’s one year PhD by Portfolio programme.
Swiss School of Business Research (SSBR) offer traditional research based PhDs in Management and a Doctor of Business Administration.
Tuition fees for these are: €6,490 per year (approximately US$6,967) for a total cost of €19,470 (approximately US$20,901) for the programme if completed in 3 years
The PhD by Portfolio offered by Swiss School of Business Research (SSBR) is an innovative method for attaining a doctorate degree. It can be completed within one year, does not require research and allows professionals with decades of experience to leverage their skills. Candidates obtain academic recognition for pre-existing research, comprehensive research skills and professional subject knowledge that meets a doctoral level.
The programme is completed remotely, suitable for experienced hard-working executives who cannot afford to take time away from work. Candidates must be able to prove at least 5 to 10 years strategic management experience.
The PhD by Portfolio programme is a fast-track programme that takes place entirely ONLINE. Students can complete the programme within 1 academic year. The programme has 240 ECTS (European Transfer Credit System).
Our PhD candidates are guided throughout the entire programme by an experienced Professors and Business Mentors, working to complete 3 research-based projects.