Finance Options for Your Doctorate Degree

If you’re about to take on a doctorate, or considering one in the future, you may be worried about how to finance it. Further study can be very expensive, but with such a difficult and intense course set to take up a lot of your time and attention, you don’t want to be thinking about money. Make sure you know how you’re going to finance it, and have money to live, before you start, so it’s one less thing to worry about. Whether you’re looking to get financial aid, or to pay for it yourself, you’ve got options, which should hopefully leave you with enough money to eat for the next 4 to 6 years.

Funding

Many people are put off even applying for a doctorate program, because they don’t think they will be able to afford it. Depending on what course you’re studying and at which institution, you may find it’s possible to get your course fully funded through the university, so it’s definitely worth looking into. However, this funding is unlikely to be enough to keep up with your expenses, so even if it is available to you, you might want to look at other alternatives also.

Financial Assistance

Again, many people studying for a doctorate overlook this as a possibility, especially people who have left education and are planning to return. A nurse, for example, looking to take on a doctor of nursing practice, might still be eligible for a grant from their university of choice. There are also many scholarship programs you should look into.

Universities offer many different grants and scholarships for doctorate students; from departmental scholarships to those aimed at a certain demographic, there are over 4000 scholarships available at a doctorate level.  Look at the website for the university you are interested in, as they will probably have some guidance on what you can apply for and how to go about it.

Another option to finance your studies is taking out a federal loan. A grant or scholarship would be preferable, as you don’t have to pay them back. But a loan is always an option if you need it.

Earning Extra Money

This might be an option you have to take, even if you do have access to any of the others I’ve mentioned. You may find you need, or want extra. Consider continuing to work while you study. This might be easier if you are studying online, like these DNP online courses from Bradley University. As a doctorate student, you shouldn’t have a problem getting a job in your chosen field with your current level of education and experience. You could also try making some extra money online. Start a blog cataloguing your studies, you might make some extra money and also some useful contacts. Or if you’re crafty you could make and sell via Etsy.

You’ll probably find to finance your doctorate; you’ll need a combination of these options. Through funding and grants or scholarships, you may be able to get the course fees completely paid for with some left over. If not, a research job is a fantastic option for you to look in to. A doctorate can be very expensive, but in the end, you’ll find it was well worth it.