does student finance cover a phd

Best Ph.D. Student Loans

Expertise: Student loans, personal loans, home equity, credit, budgeting

Rebecca Safier is a personal finance writer with nearly a decade of experience writing about student loans, personal loans, budgeting, and related topics. She is certified as a student loan counselor through the National Association of Certified Credit Counselors.

Expertise: Insurance planning, education planning, retirement planning, investment planning, military benefits, behavioral finance

Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families.

Ph.D. student loans offer a pathway to finance the extensive costs of higher education, covering tuition and living expenses. We’ve identified the best Ph.D. student loans from the Department of Education and private lenders.

Consider federal Ph.D. student loans first

If you must borrow Ph.D. student loans, consider Direct Unsubsidized Loans as your first funding source. Federal student loans from the U.S. Department of Education offer fixed interest rates, provide more repayment flexibility, and may come with the potential for loan forgiveness.

The other type of federal loan available to Ph.D. students, Grad PLUS loans, charge higher rates and a more substantial origination fee, so we recommend balancing these factors with the likelihood you’ll take advantage of federal borrower benefits once you’ve maxed out your Direct Unsubsidized Loans. Private student loans might make more sense than Grad PLUS loans for certain borrowers.

Federal Direct Unsubsidized loans

The first federal loan option to consider is the Direct Unsubsidized Loan . These loans don’t require students to demonstrate financial need and allow for up to $20,500 in annual federal funding toward your Ph.D. program, depending on your actual educational expenses.

One benefit is that you don’t need a cosigner or a credit check when you apply. File the FAFSA to apply. 

Federal Grad PLUS loans

The Department of Education offers Direct PLUS Loans to graduate students to cover advanced education. If you’re eligible, you could borrow up to the school-certified cost of attendance minus any grants or scholarships.

Unlike some federal loans, Grad PLUS Loans aren’t available to you if you have an adverse credit history, and you’ll undergo a credit check to prove you don’t.

Best private Ph.D. student loans

If you need funds to pay for your doctoral degree , private Ph.D. student loans might make sense in addition to or instead of federal loans.

Private student loans can be harder to qualify for and may have less flexible repayment plans. Our team spent hours evaluating the options to choose the best Ph.D. student loans. Among other factors, we considered their options for deferment, repayment plans, cosigner policies, and grace periods .

College Ave

Best overall

Why it’s one of the best

College Ave is an online lender offering new student loans and refinancing. The company covers a variety of doctorate programs, including those for Ph.D.s. 

It stands out for its 36-month grace period. Repayment terms can reach 15 years, shorter than other lenders that let you spread payments out over 20 years. However, you can borrow anywhere from $1,000 up to the total cost of attendance each year. 

• Choose between 20 different repayment schedules
• 36-month grace period
• Deferment during postdoctoral research or internships

Best for cosigners

Sallie Mae is the largest private student loan lender in the country. It offers loans for graduate students seeking various degrees and certifications, covering up to 100% of your educational costs. Sallie Mae doesn’t have a Ph.D.-specific student loan product, but it offers graduate loans for students in master’s and doctorate programs.

Sallie Mae provides loans for up to 100% of your certified educational expenses, with no maximum loan limit. Repayment terms are up to 15 years, and cosigners can be released after 12 months of on-time payments. Student borrowers may still be eligible for loan payment deferment in 12-month increments.

• Cosigner release after 12 months of consecutive on-time payments
• Up to 48 months of deferment during postdoctoral research or internships 
• No origination or prepayment penalty

Best for large loans

Earnest is a popular online lender offering private student loans and the ability to refinance student loans. The Earnest Graduate School Loan covers Ph.D. programs in all states except Nevada. 

These can help cover between $1,000 and up to 100% of your school-certified educational costs. You can choose from five repayment terms, and Earnest provides a nine-month grace period.

Best for member benefits

SoFi stands out for its extensive member benefits, which include financial products, financial planning, and other resources to help borrowers succeed. Its no-fee structure, competitive rates, and rate discounts for return borrowers make SoFi a terrific choice for those seeking comprehensive support beyond student loans.

• Extensive member benefits
• No origination, application, or prepayment fees
• Option to prequalify without affecting your credit score
• Flexible repayment options for in-school and deferred payments

Best for student loan advisors

ELFI stands out due to its personalized customer service, offering applicants a dedicated student loan advisor to assist them throughout the application process. This personalized support ensures borrowers understand their loan terms and repayment options, making the process smoother and less stressful. ELFI’s commitment to guiding borrowers from start to finish helps them make informed financial decisions, making ELFI a top choice for those seeking expert advice and support with their student loans.

• Personalized service with a dedicated student loan advisor for each applicant
• Competitive rates with no origination, application, or prepayment fees
• Flexible repayment terms ranging from five to 15 years
• Available for undergraduate, graduate, and parent loans
• Offers forbearance for up to 12 months for financial hardship or medical difficulty

Best Graduate Student Loans

How are Ph.D. student loans different from graduate student loans?

Ph.D. student loans tend to be the same as other graduate student loans.  

When determining which loan to borrow, look for one with a competitive interest rate, flexible repayment terms, and low or no fees. Review your options for when repayment starts. Can you make immediate, interest-only, or deferred payments while in school and for several months after you graduate or start a postdoctoral research or internship program?

How much does taking out a student loan for a Ph.D. cost?

Most private student loans for Ph.D. programs don’t include an application or origination fee, but you must pay interest charges. Interest starts accruing on your loan balance from the date of disbursement. The higher your rate, the more you’ll pay in interest over time. 

Let’s say, for example, you take out a Ph.D. student loan for $50,000 with a 7% interest rate. Over 10 years of repayment, you’d pay $19,665 in total interest charges. If your rate were higher, at 10%, your total interest charges over 10 years would be $29,290. 

When taking out a private student loan, your or your cosigner’s credit score has a major impact on the rate you get. Borrowers with the best credit may qualify for a lender’s lowest rates, while those with weaker credit could pay a higher interest rate. 

If you can boost your credit score or apply with a creditworthy cosigner, you’ll improve your chances of getting a competitive interest rate on your Ph.D. student loan. 

Is a Ph.D. student loan right for you?

A Ph.D. student loan may be right for you if you need funding for school. Before borrowing a private student loan, it’s smart to consider the following: 

• Pursue gift aid you don’t need to pay back, such as grants and scholarships 
• Max out your eligibility for federal Direct Unsubsidized Loans, which come with benefits including income-driven repayment and potential eligibility for loan forgiveness 
• Work part-time to minimize the amount you must borrow in loans 

If you still have a gap in funding, consider a federal Grad PLUS loan or a private Ph.D. student loan. Federal PLUS loans offer more repayment options and protections, but private loans may give creditworthy borrowers better rates and lower costs. 

In July 2024, Grad PLUS loans have a fixed rate of 9.08% and loan fees of 4.228%, for example, whereas some private lenders offer rates starting around 4% and don’t charge origination fees. Compare both options to see which loan type would have a lower cost of borrowing for you. 

How to get a student loan for a Ph.D. program

A graduate loan can be crucial in paying for your Ph.D. program. Whether you’re looking to cover tuition and fees, housing, or miscellaneous expenses, federal and private student loans can help.

Our expert’s take on loans for Ph.D. students

Erin Kinkade

The student loans needed for a Ph.D. program will likely be more than a bachelor’s or master’s degree. But along with that, the earning potential could be greater and facilitate an easier repayment. It’s important to understand the repayment terms; try to make extra payments while pursuing the Ph.D., and don’t wait until you graduate or get a job, if possible. Of course, make room in your budget for this payment, and when job searching, ask whether the employer offers any benefits for paying back student loans, such as 401(K) employer plan matching . This will assist with “lost” retirement savings and help you gain traction to meet your retirement goals.

To gain access to these loans, you must do the following.

• Fill out the FAFSA . The Free Application for Federal Student Aid is a form you must fill out months before the deadline for each year you want financial aid. It helps determine your financial need and is required if you hope to take out federal loans for any part of your educational expenses.
• Consider federal loans . Federal student loans have protections and features private loans don’t offer. While you may be limited in how much you can borrow based on financial need and annual limits, consider borrowing as much as you can with Direct Unsubsidized Loans before turning to Grad PLUS or private loans.
• Shop around for a private loan . Shopping around is a wise step when looking for the right private student loan, and it can help you find the right loan with the right terms and rates.
• Add a cosigner . If your credit history is limited, you have a low score, or you don’t meet the income requirements for a particular lender, consider adding a creditworthy cosigner to your private loans. This cosigner is equally responsible for your loans until you refinance or release them, but adding them when you apply can often unlock lower rates and higher loan limits.
• Provide documentation . Before disbursing your loan, your new lender may want to see documentation. This could include proof of employment, academic progress, or identity.
• Get your loan . Once approved, your loan funds are sent to your school and applied to any outstanding balance. Your school should refund the difference to you after the start of the semester.

Alternatives to a Ph.D. student loan

If you’re looking for alternatives to Ph.D. student loans, consider these funding options that could help lower the cost of attendance. 

Tuition reimbursement

Look into tuition reimbursement programs with your employer—where your employer will repay a portion of your tuition costs in exchange for an employment contract.

Program support

Some Ph.D. programs offer financial support, which can be structured in several ways. The first is a fully funded Ph.D. program, which covers tuition, fees, and a stipend for living expenses. 

You can also search for Ph.D. fellowship programs. These programs offer financial help during your studies based on merit, and a service requirement may be attached to the funding. 

Which Ph.D. student loan is the best?

Federal student loans are often the best place to start your search. Federal loans offer more benefits and protections than private student loans. They may even allow you to have some of your debt forgiven later, particularly if you plan to work in public service. 

If you consider private funding, the best Ph.D. student loan for you is the one that offers approval at the lowest interest rate with the best repayment terms for your unique situation. This lender may be different for each student borrower, so it’s wise to shop around first.

Do I need a cosigner for Ph.D. student loans?

Depending on your credit history, credit score, and current income, you might need to add a cosigner to qualify for a private Ph.D. loan. In exchange for adding a creditworthy cosigner, you may be eligible for certain loans, rates, and repayment terms you didn’t qualify for. 

Depending on the lender, you could release your cosigner from this obligation after a certain number of on-time payments.

Do Ph.D. student loans cover living expenses?

A Ph.D. loan can help cover your school-certified expenses, which may include housing. It’s important to note that lenders may have annual or aggregate limits. If you take out too much for tuition and fees, you might need to consider adding a private loan to cover your living expenses.

How much can I borrow with Ph.D. student loans?

The amount you can borrow with a Ph.D. student loan depends on the type of loan and even the specific lender. Federal graduate loans limit you to a maximum of $20,500 per year (though certain healthcare fields may qualify for higher limits). With private loans, you might be able to take out up to 100% of your eligible expenses.

When does repayment on Ph.D. student loans start?

Your grace period usually begins once you drop below half-time enrollment or graduate (depending on the lender). This grace period often ranges from six to nine months, during which you don’t need to make any Ph.D. loan payments. After that grace period, repayment will start.

How we chose the best Ph.D. student loans

LendEDU evaluates student loan lenders to help readers find the best student loans. Our latest analysis reviewed 725 data points from 25 lenders and financial institutions, with 29 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of the best Ph.D. student loans

• Student Loans

How The FAFSA Differs For Grad School

Updated: Jan 30, 2024, 10:41am

Returning to school for a graduate or professional degree is a big decision that more people are choosing. In fact, the National Center for Education Statistics (NCES) estimates that enrollment in master’s, doctoral and professional degree programs will increase 6% by 2031.

Graduate school can be expensive, but many students don’t realize financial aid is available. Besides loans, you can use grants, assistantships and work-study programs to finance your degree.

To access financial aid, you must complete the Free Application for Federal Student Aid (FAFSA)—the same form you filled out during undergrad. However, the FAFSA works differently for graduate students.

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Do i need to file a fafsa for grad school.

Earning a master’s degree can help accelerate your career, but you may be worried about the high cost of graduate school—and with good reason. The average annual cost of tuition and fees is about $20,000 for full-time graduate students, according to the NCES.

However, there are many financial aid opportunities available, if, you fill out the FAFSA .

Submitting the form, which should take under an hour, could result in major savings. The most recent data from the NCES shows the following statistics for the 2019-2020 award year:

• 74% of graduate students received some form of financial aid
• 43% of graduate students received grants, averaging $11,300 per student
• 12% of graduate students received assistantships, worth an average value of $18,800
• 39% of graduate students took out direct unsubsidized loans
• 11% of graduate students loans took out direct PLUS loans

If you skip the FAFSA as a graduate student, you could miss out on valuable financial aid, including gift aid that doesn’t require repayment.

How Does the FAFSA Work for Grad School?

The FAFSA for grad school is pretty similar to the FAFSA for undergraduate students. You’ll need the following information for the FAFSA form:

• Federal Student Aid (FSA) ID to sign into StudentAid.gov
• Social Security number or Alien Registration number
• Account statements for your checking and savings accounts
• Information about investment accounts
• Federal income tax returns
• Records of untaxed income

However, the FAFSA for graduate school differs in several key ways:

• Dependency status. Almost all graduate students are considered independent for financial aid purposes . This means you’ll only have to enter your own income and asset information rather than your parents’.
• Aid options. Graduate students have different loan and aid options than undergraduate students. As a graduate student, the only loans you can qualify for are direct unsubsidized loans and grad PLUS , so you’re responsible for all interest that accrues on your loan. Most grad students are also ineligible for Pell Grants, though you may qualify for other types of grant aid.
• Borrowing limits. Undergraduate student loans have annual and aggregate borrowing limits . Graduate unsubsidized loans also have borrower caps, but grad PLUS loans have no borrower maximum. You can borrow up to the total school-certified cost of attendance.

Grad School FAFSA Eligibility

As with undergraduate students, graduate school applicants are only eligible for federal financial aid if they meet the following requirements:

• Are U.S. citizens or eligible noncitizens
• Are planning to attend an accredited university in an eligible degree program
• Demonstrate financial need for programs like grants and work-study

In general, any degree you pursue after earning a bachelor’s degree is considered graduate school from a financial aid perspective. Graduate school financial aid includes financing for master’s degrees, business school and doctorate programs, as well as law, medical or dental school.

Financial Aid Options for Grad School

There are several forms of federal financial aid you can receive as a graduate student, based on your FAFSA information:

• Student loans. The government uses the FAFSA to determine your eligibility for federal student loans, which tend to have lower interest rates and more repayment options than private student loans for graduate school .
• Grants. You may be eligible for federal, state or local grants based on your FAFSA information. Grants are a form of gift aid and don’t need to be repaid. For federal grants, graduate students pursuing an education degree may be eligible for the Teacher Education Assistance for College and Higher Education (TEACH) Grant.
• Work-study. Another federal program available to graduate students, the work-study program helps you get a part-time job to offset your education expenses.

Grad School Loan Limits and Fees

If you’re like most graduate students, you’ll borrow some money to pay for your degree. On average, graduate borrowers took out about $26,000 in loans for the 2019-20 school year alone. For federal loans, there are two borrowing options:

• Direct unsubsidized loans. Direct unsubsidized loans for graduate students have an interest rate of 7.05% for the 2023-24 school year. The annual borrowing limit is $20,500 and lifetime limit is $138,500; any federal loans you took out for your undergraduate degree also count toward the lifetime maximum. The loan disbursement fee for unsubsidized loans is 1.057%.
• Grad PLUS loans. Unlike direct unsubsidized loans, PLUS loans don’t have an annual or aggregate limit. You can borrow up to the total cost of attendance in your program. However, PLUS loans have the highest interest rate of all federal loan options, at 8.05% for the 2023-24 school year. They also have a disbursement fee of 4.228%.

What To Expect After You Submit Your Graduate FAFSA

Submit your FAFSA as soon as you can after the application opens each year. After you submit it, you’ll receive your federal Student Aid Report (SAR) . The SAR summarizes the information on your FAFSA and explains your eligibility for financial aid. For the 2024-25 award year and onward, the SAR will be replaced with the FAFSA Submission Summary.

Contact your intended school’s financial aid office to see if there are any other steps you need to complete. Some universities have their own financial aid applications you’ll have to submit, or you may have to send in additional information to be considered for scholarships or other institutional aid.

The university will review your FAFSA information and other documents to determine your financial aid awards. They will send you a financial aid award letter detailing what grants, scholarships and student loans you’re eligible for and what steps you must complete to accept.

Once you’ve received your financial aid offer from the university and are enrolled at least half-time, any federal student loans you have from your undergraduate studies should be automatically deferred. If they’re not, you should ask the school you’re attending to report your enrollment to make you eligible for in-school deferment .

Planning for Graduate School

If you’re pursuing a master’s or another professional degree, filling out the FAFSA is an essential first step in paying for grad school . While the FAFSA for grad school has slightly different requirements than it does for undergraduate students, it can help you qualify for grants, work-study programs and federal student loans. To get the maximum amount of financial aid you deserve, apply as early as possible.

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THE GRADUATE SCHOOL

• About Graduate Funding

PhD Student Funding FAQs

General funding, what are the current stipend and tuition rates.

The current stipend rate can be found  on the About Graduate Funding pag e , and current tuition rates can be found on the Student Finance website . The stipend rate is set by the dean of The Graduate School (TGS) and the budget office, and approved by the provost. This rate is typically announced during the winter quarter for the following year. Tuition rates are set by the provost’s office and approved by the Board of Trustees each spring. These rates are typically announced during the spring quarter.

Who determines a student’s funding sources (e.g., whether a student will be paid on a fellowship or graduate assistantship)?

Each program determines on a quarterly basis whether or not students will be funded using TGS funds or other sources (e.g., grants). When TGS funds are used, the program determines if this will be through a fellowship or graduate assistantship for each student. Students should refer to their admissions offer letter or program staff regarding their individual funding.

Are PhD students responsible for paying any fees out-of-pocket?

A PhD student's funding covers tuition, stipend, health services fees and the annual health insurance premium.  Any other fees, such as the activity fee, are paid by the student.

How is a PhD student’s funding affected when registered for TGS 512 (Continuous Registration)?

Students do not receive funding (stipend or tuition scholarship) when registered for TGS 512 and are not eligible for the health insurance subsidy. In addition, they do not pay the activity fee and are not eligible for U-Pass. The current tuition charge for TGS 512 is $100/quarter.

Is PhD funding different for international students?

In general, international students are funded the same as domestic students.  However, international students must pass  TGS's English Proficiency Requirement  before they can be funded as a graduate assistant/TA. 

What other funding opportunities are available?

Additional funding opportunities may be available based on eligibility through  The Office of Fellowships , the  Evanston Office of Graduate Financial Aid  (loans),  Interdisciplinary Graduate Assistantships (GAships) , or  TGS Internal Fellowships/Grants . It is the student’s responsibility to obtain approval from their program and coordinate other funding opportunities.

How do external fellowships affect my funding?

Your Northwestern funding package will be adjusted when you obtain external funding. You do not receive external fellowships on top of your full Northwestern funding.

Are financial resources available for relocation/moving expenses?

What is the process when a phd student’s tuition/fees are financially supported by direct billing to a 3rd party sponsor.

If a 3 rd party sponsor, such as an employer or scholarship sponsor, pays for a student’s tuition/fees upfront and without any stipulations, then it may fall under third party billing in which case the Student Finance department can set up a third party billing plan and invoice the sponsor directly; however, before they can do this, the student would need to provide them with an official sponsorship letter. The letter needs to be on company/sponsor letterhead and it needs to include the following information:

• Type of charges that will be covered (tuition, activity fee, student health plan, etc.)
• Coverage period (for example: Fall 2021 or 2021-2022 academic year)
• Address/email address where invoice should be sent
• Address where any refund/overpayment should be returned

Funding timeline

How many quarters of funding does a phd student receive  .

PhD students in the Humanities and Social Sciences receive 20 quarters (5 full years) of funding. In most programs additional quarters may be banked through the fifth year and used in the sixth year (see banked quarters section below). PhD students in the Sciences and Engineering are typically funded for at least five years through a combination of funding by The Graduate School (TGS) and adviser/program funding. Graduate student funding is a shared responsibility. While financial commitments are made to PhD students for a set number of years, it is important to understand that the overall graduate funding budget is dependent on a significant number of PhD students obtaining external funding.

During what months/quarters are PhD stipends paid?

PhD students are paid year round including over the breaks while they are registered full-time (excluding TGS 512). Please note that the  funding quarters do not exactly match the academic quarters . For example, the first stipend payment for new students is for the period of 9/1 – 9/30 even though classes do not start until late September. Conversely, a student who graduates in the Spring quarter (completes in May) is paid through 5/31 even though classes run a couple of weeks into June. Students receive 3 months of stipend for each quarter although the timing does not exactly match the academic schedule. Below are the funding quarters:

• Fall: September – November
• Winter: December – February
• Spring: March – May
• Summer: June- August

Is the funding for each program customized based on average time to degree?

No. The University’s funding commitment is standard across all PhD programs. It is not tied to time to degree in order to maximize the funding available to as many students as possible.

What funding from The Graduate School is limited to a PhD student’s first five years?

Any TGS quarters of funding, outside of eligible banked quarters, such as interdisciplinary GAships, cluster quarters, and competitively-awarded fellowships, such as the Nicholson Fellowship, TGS Buffet Fellowship, Ryan Fellowship etc., are limited to a PhD student’s first five years.

What funding options are available to a PhD student after their fifth year?

At the home school’s discretion, eligible banked quarters may be used through a PhD student’s sixth year in the Humanities and Social Sciences. In addition, there is no limitation on funding from outside of The Graduate School, external funding from outside of the University, or scholarships related to external funding. In addition, TGS continues to provide research assistant scholarships (RAS), health subsidies, and tuition scholarships for PhD students with external funding beyond 5 years across disciplines.

When a PhD student graduates, when does their stipend end?

A PhD student will receive a stipend payout through the end of the month in which they complete/submit all degree requirements.

Banked quarters (humanities and social sciences PhD students)

Can phd students bank some of their funding to be used later .

At the home school’s discretion, most Humanities and Social Sciences PhD students may use up to 4 banked quarters to extend their funding through their sixth year. Banked quarters are earned in years 1-5 when a student is funded on quarters outside of their 20 allocated quarters from TGS, such as through interdisciplinary GAships, external fellowships, grant funding, etc. Please check with your program staff or dean’s office to determine if your program participates in banked quarters.

Are banking policies consistent between schools?

The Weinberg College of Arts & Sciences (WCAS) has a formal banking policy that is consistent across most programs. Currently, it is standard in most programs for WCAS Humanities and Social Sciences PhD students to use banked quarters through their sixth year. Please check with your program staff or dean’s office to determine if your program participates in banked quarters.

Additional income (e.g., Permission to Work)

In addition to their stipend, can a phd student perform additional work for pay.

In order for a student to perform additional work for pay, A Permission to Work form must be submitted before the work begins if any of the following thresholds are exceeded:

• Student will work more than 10 hours/week
• Time period of service is more than one month
• Compensation is $600 or more

PhD and MFA students may work no more than 20 hours per week from all sources, including assistantships. Students are responsible for verifying that additional work for pay is permitted based on their funding source (e.g., NSF GRFP, etc.).

Payroll and Taxes

Where can i find out information about payroll, i-9 forms, fnis, direct deposit, w-4s etc.,, why can’t federal taxes be automatically withheld from graduate student fellowships.

Even though graduate student fellowships are considered taxable income, federal law does not require taxes to be withheld, and the amount to withhold varies by individual. To help avoid a significant tax payment at the end of the year, students are encouraged to  complete a W-4 Form  and indicate an amount they would like Payroll to withhold from each stipend payment. Learn more in the  Taxes section .

Where can I receive assistance with filing my taxes?

Why can’t the student activity fee be automatically deducted from stipend payments.

There is not currently a mechanism in place across the multiple University systems to automatically deduct the student activity fee. If a student activity fee is not paid on time, a registration hold may be placed on the account and a late fee may be charged. Please be sure to check your student account in CAESAR every month.

Undocumented/DACA funding 

How are undocumented or daca students funded.

Undocumented students who are not authorized to work in the U.S. must be funded on fellowships for their entire tenure in the program. DACA (Deferred Action for Childhood Arrivals, a.k.a. Dreamers) students who have work authorization may be funded on assistantships or fellowships.

Healthcare subsidy 

Who is eligible for the health care subsidy.

All TGS PhD students who are registered full-time (3-4 units), except for TGS 512, during the fall quarter are eligible for the healthcare subsidy for the full academic year (Sep 1-Aug 31). The subsidy is automatically applied during the fall quarter as long as the student is enrolled in the Northwestern health insurance plan.

More Assistance

Who should i contact with questions or issues related to my funding, who should i contact with questions or issues related to my student account in caesar.

Phd-Study-In-Uk

• PhD Loans for Doctoral Students – A Guide for 2024

Written by Mark Bennett

A UK PhD loan is worth up to £29,390 from Student Finance England or £28,655 from Student Finance Wales. The money only needs to be paid back when you earn over £21,000 a year.

On this page

You can borrow a PhD loan of up to £29,390 from Student Finance England for 2024-25 study or £28,655 from Student Finance Wales. All of the money is paid directly to your bank account . You can use it for PhD fees, research expenses, maintenance or other costs.

Doctoral loans aren't based on household income or means tested, so the amount you can borrow isn't affected by your income or savings.

It's up to you to decide how much you want to borrow (up to the maximum, of course). This amount will then be spread evenly across your PhD, in three instalments per academic year .

Frequently asked questions

Below we've answered a selection of commonly asked questions about PhD loan amounts.

Is the value of the doctoral loan linked to my fees?

No. You can borrow the same amount with a doctoral loan regardless of how much your PhD project or programme costs.

Can I change the amount I borrow?

Yes. You can change your PhD loan amount later by submitting a PhD loan request form (PDF). You can't do this online.

Can I borrow more than the cost of my PhD?

Yes. Any extra loan can be used to help with living costs or other expenses.

Do I have to borrow the full amount?

You can borrow anything between £1 and £29,390/£28,655 (for a 2024-25 PhD). Whatever you request will be divided equally across your PhD , but you can't receive more than £12,167 in any one year if your course started between 1 August 2023 and 31 July 2024, and £12,471 if your course starts on or after 1 August 2024.

Are extra loans available for maintenance?

No. You can use some of your doctoral loan for living costs, but there isn't any separate PhD maintenance loan.

Will the loan value increase?

The value of a doctoral loan usually increases slightly with inflation each year. However, this change only applies to new students. The maximum you can borrow with your PhD loan will be capped at the amount available when you began your PhD.

Why can't I borrow more than £12,167/£12,471 per year?

Capping the annual amount for a PhD loan at £12,167/£12,471 is designed to match the Masters student loan system : it means that doctoral students and Masters students can borrow the same amount per year.

The timing of your loan payments will be based on your intended submission date . This means that your loan payments may already have finished if your PhD takes longer than you expect, or you spend extra time 'writing up' your thesis. You should bear this in mind as you plan your project and budget for it.

Student eligibility

You can apply for a PhD student loan if you're a UK national and:

• You've lived in the UK for at least three years (not including time abroad for short-term travel or study)
• You are ordinarily resident in England or Wales (you don't just live there to study)
• You will be aged under 60 (59 or under) on the first day of the first academic year of your PhD (usually 1 September for degrees beginning in the autumn)
• You don't already have a PhD or other doctorate
• You won't be receiving UKRI funding for your PhD (and haven't been funded by a Research Council in the past)
• You won't be receiving other UK public funding for your doctorate, such as a Social Work or Educational Psychology bursary
• Your doctorate isn't eligible for NHS funding (if it is, you should apply for this instead)

PhD loans for Scottish and Northern Irish students

UK doctoral loans are currently only offered by Student Finance England and Student Finance Wales. You won't normally be eligible to apply for their support if you are resident in Scotland or Northern Ireland.

Student Finance Northern Ireland and Student Awards Agency Scotland may offer doctoral loans in the future. We'll let you know as soon as that happens.

PhD loans for EU students

You can apply for a UK doctoral loan as an EU student if:

• You began your PhD in the 2020-21 academic year or earlier
• You applied to the EU Settlement Scheme before 30 June 2021

EU students who are coming to study in the UK from 2021-22 onwards will count as international students (see below).

PhD loans for Irish students

Irish students can still apply for a UK PhD loan to study in either England or Wales. This right is guaranteed by the Common Travel Area and isn't affected by Brexit.

PhD loans for international students

International (non-UK) students aren't normally eligible for UK doctoral loans, but an exception may apply if:

• You have settled status in the UK
• You are an EU national and have applied to the UK's EU Settlement Scheme (see above)
• You are an Irish national (see above)
• You or a family member have been granted refugee status or humanitarian protection in the UK
• You are 18 or over and have lived in the UK for at least 20 years and / or half of your life

If you aren't sure whether you qualify for UK student finance, check advice from the UK Council for International Student Affairs (UKCISA) .

We've answered several questions about student eligibility for doctoral loans, covering residency criteria and more.

Where can I study?

If you are ordinarily resident in England or Wales before your course, you can use your PhD loan to study any UK PhD .

If you are ordinarily resident outside the UK, you can only use your PhD loan to study in England or Wales.

What if I have moved from England or Wales to another part of the UK for previous study?

You will still count as an English- or Welsh-resident student if you have studied your undergraduate degree or Masters in Scotland or Northern Ireland and want to continue straight on to a PhD. This means you will be able to apply for a doctoral loan.

What counts as being ordinarily resident in England or Wales?

To be eligible for a doctoral loan as a UK student you must be ordinarily resident in England or Wales. This means that you normally live in England or Wales and you haven’t moved there just to go to university.

You will normally count as being ordinarily resident in England or Wales if any or all of the following are true:

• You lived in England or Wales before you went to university for your Bachelors degree
• You received an undergraduate student loan from Student Finance England or Student Finance Wales
• You have lived and worked in England or Wales after graduating from university

Can I combine a PhD loan with a Research Council studentship?

No. Unfortunately you can't apply for a PhD loan if you're also receiving any form of Research Council funding from UKRI – including a 'fees-only' award.

Can I get a PhD loan now and apply for Research Council funding later?

Potentially. Some Research Council awards allow students to apply again for the second year of their PhD. Having had a PhD loan may not stop you doing this, provided you cancel it before receiving your Research Council funding.

Note that this still doesn't work the other way around: you can't apply for a PhD loan once you've been awarded Research Council funding.

Can I combine a doctoral loan with other PhD funding?

You can't combine a PhD loan with other funding from the UK Government, including Research Council studentships or Social Work, Educational Psychology or NHS bursaries. However, you can potentially top up your PhD loan with other PhD funding , including:

• A scholarship or bursary from your university
• A grant from a charity or trust
• One of our own FindAPhD scholarships

Are EU students still eligible for doctoral loans?

EU eligibility for UK student finance has changed following Brexit :

• All EU nationals can still apply for a doctoral loan for a PhD that began in the 2020-21 academic year
• EU nationals who applied to the EU Settlement Scheme before 31 December 2020 can also apply for a loan for a PhD that begins in 2021-22 or later
• EU nationals who are arriving in the UK after 1 January 2021 and beginning a PhD in the 2021-22 academic year will not normally be eligible for a doctoral loan

These criteria also apply to students from the EEA (Norway, Iceland and Liechtenstein) and Switzerland.

Are doctoral loans available for international students?

Non-UK students aren’t normally eligible for UK student loans, unless they are Irish nationals or have applied to the EU Settlement Scheme.

Exceptions may apply if you have lived in the UK legally for a very long time, have been granted humanitarian protection or have refugee status.

For more information on UK fees and finance as a postgraduate student we recommend you check the resources produced by the UK Council for International Student Affairs (UKCISA) .

And, if you can't get a loan, you might still be eligible for other international PhD funding in the UK .

Are Irish students eligible for PhD loans?

Yes, Irish students are able to apply for UK doctoral loans as part of the Common Travel Area. You will need to be doing your PhD in either England or Wales.

How will my residency be checked?

You’ll be asked to provide at least three years’ address history during your postgraduate loan application. Student Finance England may query any details that might affect your eligibility.

What if I have stayed in another part of the UK to work after university?

Living and working in a different part of the UK means you aren’t just there to go to university. This can change your residency status.

For example:

• You live in Scotland but go to university in England. After graduating you settle and work in England. If you eventually decide to study a PhD, you will now count as being ordinarily resident in England and can apply for a doctoral loan, even though you were once resident in Scotland.

The same would be true for an English student who had lived and worked elsewhere in the UK after graduating – it's possible that this could mean you are no longer classed as English-resident for student loan purposes.

If you aren’t sure about your residency status, check with Student Finance England .

What if I have moved to England or Wales from another part of the UK for previous study?

Because you only moved to England or Wales to study, your residency status won’t have changed. You will still count as being ordinarily resident elsewhere in the UK and, unfortunately, won't currently be able to apply for the PhD loan.

Are PhD loans means-tested?

No. You can borrow the same amount regardless of your income, savings or credit rating.

The only exceptions concern outstanding arrears to the Student Loans Company (for repayments you were eligible to make, but didn't). However, you may be able to apply for a loan if you clear these.

Can I get a doctoral loan if I’ve lived outside the UK in the last three years?

In order to apply for a student loan as a UK citizen you must have lived in the UK for three years prior to your course. You can travel abroad for holidays or other periods of ‘temporary absence’ during this period, but you shouldn’t have become ordinarily resident in another country.

Will a PhD loan affect my benefits?

Potentially, yes. Because the loan is paid directly to you it may be regarded as a form of income by the Department for Work and Pensions. You should check this if you are concerned about your benefit entitlement with a PhD loan.

Can I also apply for Disabled Students' Allowance?

Yes. You can have a PhD loan and receive Disabled Students' Allowance (DSA) during your PhD.

Can I have a PhD loan as well as a postgraduate Masters loan?

You can apply for a postgraduate doctoral loan if you've previously had a postgraduate Masters loan . However, you can't be receiving them both at the same time (you'll need to finish your Masters before you begin your PhD).

Course eligibility

The PhD loan is available for all types of research doctorate, in any subject . This includes academic doctorates such as a PhD and DPhil, as well as professional doctorates such as a DBA (Doctor of Business Administration) or EdD (Doctor of Education) .

However, you can't get a doctoral loan for a PhD by publication (you must be funding a programme of research and / or study).

UK students can study at any UK university . Eligible students who normally live outside the UK can use the doctoral loan to study at any English or Welsh university.

You can study full time or part time provided your PhD lasts between 3 and 8 years . You will be able to choose from different course lengths when you apply. These will be set by your university based on the intended submission date for your thesis.

Your course must have started on or after August 2018.

Below you can find the answers to a selection of questions about PhD loan course eligibility.

Can I study my PhD part time?

The loans don't actually distinguish between full-time and part-time students. Your PhD can last between 3 and 8 years, however you study.

In practice, most UK universities will regard a 3-4 year PhD as 'full time' and a 6-8 year PhD as 'part time'. You will agree the exact length of your programme with your university.

Can I get a loan for a PhD by publication?

No. You can't apply for a loan if you're submitting a PhD by published work (based on a portfolio of research you've already completed). In this case there would be no new project or programme for the loan to pay for!

Can I get a loan if my doctorate begins as an MPhil?

Yes. You can still apply for a doctoral loan for a programme that initially registers students at MPhil level before upgrading them to PhD candidacy.

However, if you are only enrolling for an MPhil, you should apply for a Masters loan instead.

Can I get a loan for a doctorate by distance learning?

Yes, provided you are living in England or Wales (depending on which loan you are applying for) on the first day of the first academic year of your PhD and living in the UK for the entire course.

You can't get a PhD loan to study by distance learning and live outside the UK.

Can I apply for a loan for a PhD that includes a Masters degree?

Yes. You can still get a loan for a PhD that also awards a Masters degree, including an integrated doctorate or a '1+3' programme. However, you must be registering to graduate with the doctorate, not the Masters.

Can I apply for a loan to 'top up' an existing qualification to PhD level?

No. To be eligible for a loan your project or programme must be a complete doctorate, begun after 1 August 2018. You can't get a loan to extend or 'top up' and existing MPhil or other qualification.

Can I get a loan for a joint doctorate?

Yes, provided the UK university is the lead institution for your PhD and you spend at least 50% of your course in the UK.

Can I study at a private university?

In order to receive a doctoral loan you must be doing your PhD at a university with Research Degree Awarding Powers (RDAPs). Most established UK universities have these powers, but your institution should be able to confirm if you aren't sure.

Can I get a loan if I've previously begun a PhD, but not completed it?

Yes, provided you haven't earned a doctoral qualification and you are starting a completely new doctorate (not continuing or resuming your previous programme or project).

However, you can't normally apply for a second doctoral loan, even if your first loan was for an incomplete qualification. Exceptions may apply if you can demonstrate compelling personal reasons for exiting your first doctorate - Student Finance England will consider your case if so.

Can I get a loan to study a doctorate abroad?

You can't get a PhD loan to study your entire doctorate abroad. However, you can spend part of your degree outside the UK, provided this does not exceed 50% of your programme and your UK university is the lead institution awarding your PhD.

Can I get a PhD loan for a professional doctorate?

Yes. All types of doctorate are eligible for PhD loans, provided the qualification is awarded for a programme of work at a UK university.

Applications

PhD loan applications are now open for doctorates beginning in 2024-25 (or earlier).

Make sure you apply to the correct student finance provider. This will be:

• Student Finance England for English-resident students or Irish students coming to study in England
• Student Finance Wales for Welsh-resident students or Irish students coming to study in Wales

If you have an existing student finance account and Customer Reference Number (CRN) you should use this to apply for your PhD loan. The application system will also ask for details about your PhD (or other doctoral degree), residency status and how much you want to borrow.

The application deadline is fairly relaxed – you have to apply within nine months of the first day of the final academic year of your doctorate. Depending on when you start your PhD during the year, there are four possible ‘first days’, which you can see in the table below.

As an example, if you start a three-year PhD on 22 October 2023, you should apply for a doctoral loan before 31 May 2026.

Remember though, that applying later in your PhD could limit the maximum amount you can borrow (you can't receive more than £12,167 in a single academic year if your course started between 1 August 2023 and 31 July 2024, or £12.471 if your course starts on or after 1 August 2024.).

If you have any further questions about applying for a PhD loan, hopefully the FAQs below will cover them.

When can I apply for a PhD loan?

Applications for 2024-25 PhD loans opened in June 2024. You can apply online or by post (PDF).

Will I receive a loan whilst I'm 'writing up' my PhD?

Only if you are still ahead of your submission date. Your university may allow you extra time to finish writing up your thesis, but you won't receive any extra payments if you've already had your full loan by that point.

When will I receive my first instalment?

You'll receive the first payment for your PhD loan once you start your PhD and your university confirms that you have registered on your project or programme.

When will I stop receiving my loan?

Your payment schedule will be based on the intended submission date for your doctoral thesis, agreed with your university at the start of your degree.

Should I apply at the beginning of my course, or wait?

This is up to you and depends on your funding circumstances.

The PhD loan is meant to be flexible though: you could apply for a loan to help support you throughout your doctorate, or use it to bridge gaps between funding or replace income from a part-time job as you focus on the later stages of your project.

Do I have to reapply in each year of my PhD?

No. You only have to apply for a doctoral loan once.

Can I use an existing student finance account?

Yes. If you have already have an account with Student Finance England you must use it to apply for your doctoral loan.

Do I need to be accepted for a PhD before I apply for a loan?

No. You will need to state which university you intend to research your doctorate at (and how long for) but you don't need to prove you've been accepted before you can apply for a PhD loan. However, you will need to register for your PhD before you receive any actual loan payments (your university should confirm this for you).

Can I apply for a loan for a PhD I've already started?

You can apply after the beginning of a PhD, but it must have started after 1 August 2018.

Doctoral loan repayments are income contingent . You only repay your PhD loan when you are earning over £21,000 a year (£1,750 a month or £404 a week) and you only repay 6% of what you earn over that threshold.

You'll begin repayments in the first April after you leave your course or in the April four years after your PhD starts (whichever is sooner). This means that you can be eligible to start repaying the doctoral loan during your PhD, but only if you're earning enough.

How you repay depends on your employment status:

• If you are employed in the UK HMRC will automatically deduct repayments from your salary on behalf of the Student Loans Company. This will usually happen monthly.
• If you are self-employed you will need to make repayments to HMRC as part of your annual tax return.
• If you are working outside the UK you will need to make repayment arrangements with the Student Loans Company. You should do this before you leave the UK.
• If you are unemployed you won't make repayments. The same applies if you are ever earning less than £21,000 a year.

You may also need to repay other student loans along wth your PhD loan:

• PhD and Masters loan repayments are combined – you will make one repayment of 6% of your income over £21,000 towards a single postgraduate loan debt
• All postgraduate loan repayments are concurrent with those for undergraduate loans – you will repay 6% of your income over £21,000 towards your Masters and / or PhD loan and 9% of your income over £26,575 towards your undergraduate loan

Interest is charged on a PhD loan at the same rate as Masters loans: RPI (the Retail Prices Index) +3%. As of June 2024, the rate is 7.8%, but this changes every year.

Any remaining PhD loan debt (including interest) is cancelled after 30 years from the point at which you begin repayments.

We've answered a few more FAQs about PhD loan repayments below.

When do repayments begin?

You will become eligible to start repaying your doctoral loan on one of the following dates:

• 6 April after your PhD ends
• 6 April four years after you begin your PhD

Note that this is slightly difference to repayments for other student loans, which only ever begin after graduation.

It means you could begin repaying your loan whilst you're still studying for your doctorate (and potentially still receiving loan payments). However, you will only ever make repayments when you're earning over £21,000 a year.

Do repayments still begin after 4 years if I study part time?

Yes, regardless of how you study, you will become eligible to repay a PhD loan (providing you're earning enough) four years after your course begins or in the April after you graduate (whichever is sooner).

Could I have to make PhD loan repayments on my pension?

Potentially, yes. If the money you receive from a pension counts as income you will need to make student loan repayments on it (alongside other potential deductions such as income tax). It's a good idea to check this with your pension plan provider.

Welsh PhD loans

Wales offers its own PhD loan for Welsh-resident UK students. You can borrow up to £28,655 for a degree that begins in 2024-25.

Welsh PhD loans work the same way as English PhD loans. The only difference is that you should apply to Student Finance Wales, not Student Finance England.

Scotland and Northern Ireland don't offer a doctoral loan yet.

Still looking for a PhD?

Head over to our PhD course listings to find the latest opportunities from around the world.

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Our detailed guides and blogs cover everything you need to know about PhD loan eligibility, applications, repayments and much more.

It's time to start applying for postgraduate student finance. Read some tips and advice from the experts at the Student Loans Company.

Have your funding applications been unsuccessful? This blog discusses what it's like to self fund with a UK doctoral loan, and what it might mean for your studies.

PhD loan applications are open! Our handy checklist will help ensure yours is simple and successful.

You can now apply for a PhD loan for 2022! Here are a few things to bear in mind before you start your application.

Don't get lost looking for PhD funding. This simple guide will help you prioritise your search.

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• PhD/Doctorate

How to fund your doctoral degree: advice from a financing coach

September 9, 2019

Earning a doctoral degree often requires a significant commitment of resources. However, you shouldn’t let tuition figures stop you from achieving your goals. With some time and research, you can create a smart finance plan that may even include ways to reduce your overall educational expenses.

Alana John, a financing coach from Capella University’s Financial Support Team, suggests a six-step plan to budget for your doctoral degree journey.

Step 1: Submit your Free Application for Federal Student Aid (FAFSA) for the upcoming year.

Completing a FAFSA allows you to see what federal financial aid you qualify for. This includes work study and federal loans.

Alana says having your FAFSA completed before speaking to a university financing coach streamlines the process. Knowing exactly what you qualify for helps you and your financing coach determine how much extra you may need to borrow.

Step 2: Know your maximum loan amount.

All loans have specific requirements, including a maximum borrowing amount. As a graduate student, you can borrow up to $138,500 in Federal Direct loans. Once you reach the graduate level, you can only borrow Federal Direct unsubsidized loans up to the lifetime aggregate limit. There is also an annual limit on Federal Direct unsubsidized loans of $20,500 per aid year.

Alana warns to be careful with these limits. “If you qualify for the maximum amount, don’t immediately jump into borrowing that much,” she says. “Understanding how much you could take out will help you create a prudent plan for borrowing what you cannot cover out-of-pocket.”

Step 3: Research non-loan options.

Alana suggests imagining your financing as a bucket. She tells students that as much of the bucket as possible should contain non-repayable financial aid, such as scholarships, Federal Work Study, or employer reimbursements. The rest of the bucket should be topped off with loans as a last resort.

Searching for scholarships, grants, and other non-repayable funding before taking out a loan can help reduce your total borrowing cost. For example, you may be eligible for a tuition discount through an affiliation your employer has with your university, through military service, or if you have a degree from an affiliated college.

Step 4: Understand what you will need to borrow.

Once you’ve found any non-loan options, you’re ready to calculate the total amount you’ll still need.

“When figuring total cost, remember to total direct and indirect costs,” says Alana. Direct costs are tuition and fees, while indirect costs range from living expenses to transportation to Internet fees.

Subtract the amount of non-loan funding you qualify for, along with any out-of-pocket contributions you can make, from the total amount you’ll need. This will help you determine how much extra you may need to borrow.

Step 5: Figure out repayment plans.

Now that you’re ready to explore your loan options, it’s important to compare repayment plans you might qualify for. Depending on the provider, you may have options as to how you can repay. From  graduated to income-based repayment , you can determine what’s best for you.

“Some loans have a six-month grace period after graduation,” explains Alana. “Once that period is over, you will be responsible for monthly payments. Think about how much you can realistically afford, and choose the loan repayment plan that works best for your budget.”

Alana recommends using the repayment estimator at  studentloans.gov  to help you determine your payment plan.

Step 6: Decide if it makes sense to borrow to fund any remaining costs.

Once you’ve done your research, it’s time to determine exactly how much you want to borrow.

“Be in the driver’s seat,” Alana says. “Understand what you have and what you want to borrow. What does this look like for your future self?”

If your monthly loan repayment will be a burden on you, reconsider. Creating a budget of your expected expenses and income, and then weighing it against your loan repayment, can help you build a feasible financial plan to pay for your doctoral degree.

Capella University offers a variety of scholarships for doctoral students to help make higher education more attainable .  Learn more  about financial aid at Capella.

You may also like

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January 8 2020

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December 11, 2019

The difference between a dissertation and doctoral capstone

November 25 2019

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• Postgraduate Doctoral Loan
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What's on this page?

• What's available?

How to apply

Eligibility, what's available.

You could get a Postgraduate Doctoral Loan of up to:

• £29,390 if your course starts on or after 1 August 2024
• £28,673 if you started between 1 August 2023 and 31 July 2024

This is to help with your course and living costs while you’re studying, and has to be repaid .

Your loan payments will be spread out across all the academic years of your course. For example, if you’re studying over five years and apply for the maximum loan amount of £29,390, your payments would be £5,878 in each academic year. The loan is paid in three instalments at the start of each term.

You can apply for a Postgraduate Doctoral Loan amount in any year of your course, but if you apply after the first year, you might not get the maximum amount.

Disabled Students' Allowance

If you have a disability, including a long-term health condition, mental health condition, or specific learning difficulty, such as dyslexia, you might be able to get Disabled Students’ Allowance. This doesn’t have to be paid back. You don’t have to be getting a Postgraduate Doctoral Loan to apply.

Find out more

Applications for 2024 to 2025 Postgraduate Doctoral courses are now open! The quickest and easiest way to apply is online at  www.gov.uk/studentfinance .

When you apply for student finance, you'll need to agree to Student Finance England's terms and conditions .

You can apply for a Postgraduate Doctoral Loan in any year of your course, but you might not get the full amount if you apply after the first year of your course.

To get a Postgraduate Doctoral Loan, you must apply no more than nine months after the first day of the final academic year of your course.

You don't need to apply each year for a Postgraduate Doctoral Loan.

If Student Finance England ask you for any evidence, send this as quickly as possible to avoid delays with your application.

If you don’t have a UK passport, you may have to send Student Finance England evidence, such as a non-UK passport, or a copy of your UK birth or adoption certificate.

You should send this as quickly as possible to avoid any delay in your application being processed. Remember to include your Customer Reference Number with everything you send them.

In some circumstances, you may be asked to send Student Finance England additional information or evidence, for example, evidence of your previous addresses or documents from the Home Office. They can’t process your application until they have everything they need, so you should send them anything they ask for as soon as possible, so your application isn’t delayed.

Changing your details

If any of your details change after you’ve applied for student finance, don’t worry – you can simply update your application. You can use your online account to make changes to your personal details before or after your course has started. To update any other details, such as your university or course, you need to send Student Finance England a completed postgraduate 'Change of circumstances' form. You can download this from www.gov.uk/doctoral-loan . 

What happens next?

Once Student Finance England has assessed your application, they’ll send you a letter confirming how much Postgraduate Doctoral Loan you’re getting. The letter will also show the dates they expect to pay your Postgraduate Doctoral Loan to you. You should keep this letter safe, as your university might ask to see it when you register.

If you’re starting a full-time or part-time postgraduate Doctoral course in the 2023 to 2024 academic year, you could get a Postgraduate Doctoral Loan to help towards your course and living costs.

Nationality and residency

To apply for a Postgraduate Doctoral Loan you must:

• be a UK national or Irish Citizen or have 'settled status' under the EU Settlement Scheme or Indefinite leave to remain, with no restrictions on how long you can stay in the UK
• normally live in England
• have lived in the UK, the Channel Islands or the Isle of Man for three continuous years before the first day of your course, apart from temporary absences such as going on holiday. You can also have been living in the UK, Islands and/or Ireland, or the UK, Islands and/or the specified British Overseas Territories.

If you’re an EU national or a family member of an EU national, you may be eligible if all of the following apply:

• you have pre-settled status under the EU settlement scheme. (Irish citizens do not need EU Settlement Scheme status but need to have been living in the UK by 31 December 2020)
• you’ve normally lived in the UK, Gibraltar, the European Economic Area, Switzerland, or the Overseas territories for the past three years (this is also known as being ‘ordinarily resident’)
• you’ll be studying at a university in England

You may also be eligible if you’re a UK national (or family member of a UK national) or an Irish citizen who either:

• was living in the EU, Switzerland, Norway, Iceland or Liechtenstein on 31 December 2021, or returned to the UK by 31 December 2020 after living in the EU, Switzerland, Norway, Iceland or Liechtenstein
• has been living in the UK, the EU, Gibraltar, Switzerland, Norway, Iceland or Liechtenstein for the past three years

You can apply for funding if:

• you’re a UK national (or the family member of a UK national) and living in the EEA or Switzerland on 31 December 2020 or living in the UK on 31 December 2020 after returning from the EEA or Switzerland on or after 1 January 2018
• you have Gibraltarian status as an EU national or family member
• you are resident in Gibraltar as a UK national or family member

You may also be able to apply for a Postgraduate Doctoral Loan if your residency status is one of the following:

• refugee (including family members)
• humanitarian protection (including family members)
• migrant worker from the EU, Switzerland, Norway, Iceland or Liechtenstein (including family members) with settled or pre-settled status
• a family member of a UK national and living in the UK and Islands for three years
• child of a Swiss national and you and your parent have settled or pre-settled status under the EU Settlement Scheme
• child of a Turkish worker who has permission to stay in the UK – you and your Turkish worker parent must have been living in the UK by 31 December 2020
• a stateless person (including family members)
• an unaccompanied child granted ‘Section 67 leave’ under the Dubs Amendment
• a child who is under the protection of someone granted ‘Section 67 leave’, who is also allowed to stay in the UK for the same period of time as the person responsible for them (known as ‘leave in line’)
• granted ‘Calais leave’ to remain
• a child of someone granted ‘Calais leave’ to remain, who is also allowed to stay in the UK for the same period of time as their parent (known as ‘leave in line’)
• you, your parent or step-parent have been given settled status (‘indefinite leave to enter or remain’) because you have been a victim of domestic violence
• you, your parent or step-parent have been granted indefinite leave to remain as a bereaved partner
• family member of a person with Settled Status in the UK
• you or your family member have been granted leave under the Afghan Relocations and Assistance Policy (ARAP) or the Afghan Citizens Resettlement Scheme (ACRS)
• you or your family member have been granted leave to enter or remain in the UK under the Ukraine Family Scheme, the Homes for Ukraine Sponsorship Scheme or the Ukraine Extension Scheme
• you’re a person of Chagossian descent and have British citizenship

You could also be eligible if you’re not a UK national and are either:

• under 18 and have lived in the UK for at least seven years
• 18 or over and have lived in the UK for at least 20 years (or at least half of your life)

To be eligible for support under the long residence category, you must have lived in the UK for three years before the first day of your course and have held a form of leave to remain in the UK issued by the Home Office during that time. You must also live in England on the first day of your course.

You must be under 60 years of age on the first day of the first academic year of your course to get a Postgraduate Doctoral Loan.

Previous study

If you have a loan from a previous undergraduate course or postgraduate master’s course, it won’t affect your eligibility for a Postgraduate Doctoral Loan.

You can only get a Postgraduate Doctoral Loan if you don’t already have an equivalent Doctoral qualification, such as a PhD.

Course eligibility

You must be studying at an eligible university in the UK and your course must be a full postgraduate Doctoral course leading to a qualification, such as:

• ​Subject specialist doctorates: a formal programme of study such as a PhD
• Integrated subject specialist doctorates:  a supervised research project carried out alongside a structured taught course, or after you’ve completed a taught course. (You must register for the doctoral degree at the outset to be eligible for Postgraduate Doctoral Loan.)
• Professional and practice-based doctorates: post-experience qualifications aimed at mid-career professionals, for example an Engineering Doctorate (EngD) ​

A Postgraduate Doctoral Loan is not available to ‘top up’ a lower-level qualification to a Doctoral degree. The course must be a full standalone Doctoral course.

You can choose to study your course at a university in person or by distance learning. Your course must last between three and eight years, and can be studied on a full-time or part-time basis.

University eligibility

Other funding.

You'll be due to start making repayments either:

• the April after you finish or leave your course
• the April four years after the start of your course, if you’re on a course longer than four years 

but only if you're earning over a certain amount of money, which is currently £21,000 a year, £1,750 a month, or £404 a week. You'll be due to start repaying the April after you finish or leave your course, but only if you're earning over a certain amount of money, which is currently £21,000 a year, £1,750 a month, or £404 a week.

Any loan remaining 30 years after you’re due to start making repayments will be cancelled.

You’ll repay 6% of what you earn over the threshold. So if you’re paid monthly and earn £2,500 per month before tax, you’ll repay 6% of the difference between what you earn and the threshold.

For example:

£2,500 - £1,750 = £750

6% of £750 = £45

The table below shows how much you’ll repay towards your loan.

A student loan repayment will be taken even if you don’t earn £21,000 in a year, but earn over the weekly or monthly threshold at any time, for example, if you work overtime or get a bonus.

Previous loans

If you’ve had a previous loan from Student Finance England, you’ll continue to repay this loan at the same time. How much you’ll repay depends on when you started your undergraduate course.

Courses that started after 1 September 2012

If you borrowed a loan for your undergraduate course that started after 1 September 2012, you’ll repay 9% of your income above ££27,295 towards that loan, and 6% of your income above £21,000 towards your Postgraduate Doctoral Loan.

If you borrowed a Postgraduate Loan for a master’s course as well as a Doctoral course, the repayment amount due will remain at 6%. This will go towards any loans borrowed for both master’s and Doctoral courses.

The table below shows how much you’ll repay towards your loans.

Courses that started before September 2012

If you borrowed a loan for your undergraduate course that started before 1 September 2012, you’ll repay 9% of your income above £19,390 towards that loan, and 6% of your income above £21,000 towards your Postgraduate Doctoral Loan.

You can find out more about repaying your loans at www.gov.uk/repaying-your-student-loan .

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Financing Your Education - Doctoral Programs

A doctoral degree is a significant investment in your future, and financing your education is a critical factor to consider. While the funding we provide covers the basic standard cost of attendance determined by Stanford University for a modest life as a graduate student, accepting an offer from a doctoral program has significant personal, professional, and financial implications. Below you’ll find information on GSE and Stanford financial support for doctoral students, as well as other important considerations when it comes to financing your PhD.

Funding guarantee

Stanford GSE offers all admitted PhD students a five-year funding package that provides tuition aid, fellowship stipend, and assistantship salary which covers the standard cost of attendance. The funding is based on meeting the basic financial need of the student alone for the first five academic years of the doctoral program and entails assistantship work. The cornerstone of the GSE doctoral experience is the apprenticeship that all students undertake, typically under the guidance of their academic advisor, but often with other Stanford faculty as well. In this apprenticeship model, doctoral students are provided with a funding package that consists of opportunities to serve as teaching and research assistants for faculty members' courses and research projects. By this means, and in combination with the coursework, students are prepared to excel as university faculty, education researchers, and leaders in the field.

All funding is contingent upon satisfactory academic progress and performance on the research and teaching assistantships. There is no separate application for this funding.

Assistantships

As part of the academic and professional training and development, students undertake assistantships which provide both salary and tuition. Research assistantships are funded by faculty research grants, other faculty funds or as needed, by the GSE Dean’s Office, and can lead to joint publications with faculty or to dissertation topics. Students who have sufficient expertise and experience may also be selected as teaching assistants for courses at the GSE or other Stanford schools and departments. Assistantships are typically secured in consultation with faculty advisors. Students work 10 hours (25% assistantship) or 20 hours (50% assistantship) a week depending on their year in the program. 

• Research assistantship (RA): Various duties for research projects
• Teaching assistantships (3 types):
• Course Assistant (CA)—course preparation and grading
• Teaching Assistant (TA)—leads regularly-scheduled discussion sections
• Teaching Affiliate (TF)—full responsibility for course

Funding Details 2023-2024

Note: The above figures reflect 2023-2024 rates. Actual amounts will be adjusted to the rates for 2024-25 and future years.

Cost of attendance

Tuition depends on the units taken by the student. In addition to tuition expenses, the cost of attendance of a PhD program involves living expenses such as rent, food, and transportation. The sum of tuition and non-tuition expenses constitutes the standard cost of attendance. 

As you consider applying to graduate school, you can use the standard cost of attendance of your program —plus any additional expenses you might have—to create your financial plan, keeping in mind that tuition and non-tuition expenses of the standard cost of attendance are set by the university on an annual basis.

What you can do now to prepare financially if admitted

• Prepare for how your standard of living may change as a graduate student, especially if you are coming from a full-time job.
• Consider the length of your program, any dependents, existing debt, and additional financial commitments you may have. Students with children may review Stanford support programs for families.
• If you have personal or special circumstances that require additional expenses above and beyond the standard cost of attendance, plan accordingly.
• Start saving as much as you are able to cover any unexpected expenses you may incur while in graduate school.
• Familiarize yourself with federal as well as private student loans, their interest rates, fees, repayment options, deferment policies, and eligibility requirements, so that you are informed if you need to borrow.
• Be ready to cover all initial expenses, since fellowships and stipends will not be disbursed until a few weeks into your first quarter. Onboarding into a PhD program often requires up front out of pocket expenses for relocation.

Additional GSE resources

Once PhD students matriculate, the GSE has a variety of resources available to support academic work and unanticipated needs.

Students are eligible for up to three travel fellowships during their time at GSE if they are attending a conference or other professional development opportunity.

GSE Student Emergency Fund assists graduate students who experience a financial emergency or unanticipated expenses causing financial hardship. This fund is meant to support those who cannot reasonably resolve their financial difficulty through fellowships, loans, or personal resources. 

GSE Dissertation Support Grants help advanced PhD students who require additional financial support for dissertation research activities. These grants, available at up to $6,500 total per student, are available to students who do not have access to other funds to cover their dissertation costs.

Stanford University resources

Knight-Hennessy Scholars (KHS) program aims to prepare the next generation of global leaders to address the increasingly complex challenges facing the world. The program selects up to 100 students each year and provides three years of financial support that is integrated into the GSE’s funding package for PhD students.

Vice Provost for Graduate Education awards various fellowships for doctoral students and maintains a list of other Stanford fellowships that students may consider.

Cardinal Care subsidy is an automatic university-wide subsidy program for graduate students. Vaden Health Center manages the university’s Cardinal Care student health insurance.

Stanford Financial Aid Office oversees a number of financial support programs specifically for graduate students with challenging financial situations. 

Additional hourly work is available to students who wish to work for pay as "casual labor" at Stanford up to eight hours a week, provided work does not adversely affect the academic program. Requires approval from the student’s advisor and the Academic Services team.

Other funding sources

External fellowships are integrated into the GSE’s funding package. There are many funding opportunities offered outside of Stanford. The GSE admissions team has compiled an external fellowships and grants document for you to explore, though you should plan to do your own research as well. International students can find additional sources of funding on the Institute of International Education’s (IIE) Funding for U.S. Study website and this publication .

Stanford is committed to providing benefits through the Yellow Ribbon Program of the Post-9/11 GI Bill® to students in degree-seeking programs. GSE students who qualify for Chapter 33 benefits at the 100% level may be eligible for additional funding through the Yellow Ribbon Program. Please note that for GSE students receiving tuition fellowship funding, the Yellow Ribbon match may reduce and in some cases replace institutional grants and scholarships. For instructions, visit the page, Activate VA Education Benefits at Stanford .

International students are guaranteed the same funding package as domestic students. However, there may be restrictions regarding the number of hours and opportunities to work during the summer months. To learn more, please contact the Bechtel International Center .

To meet immigration regulations, international students must show proof of adequate financial support to cover the length of time of their graduate program. While international students are not eligible for U.S. federal loan programs, they may qualify for private/alternative loans. Many lenders, however, require that a U.S. citizen or permanent resident co-sign the loan. You can find information and tools to help you choose private loan programs most frequently used by Stanford students here. A comprehensive list of private loan programs is available at FinAid.org .

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PhD Student Funding Overview

At Yale, you can earn your doctorate at our expense. 

Our funding packages for Yale PhD students are among the most generous in the world. Every PhD student receives a fellowship for the full cost of tuition, a stipend for living expenses, and paid health coverage, though the details of your funding package will differ depending on your academic program. On average, doctoral students receive more than $500,000 in tuition fellowships, stipends, and health premium benefits over the course of their enrollment. Full PhD funding normally extends for a minimum of five years, unless your doctoral program is of shorter duration, e.g., Investigative Medicine, Law, Nursing, and Public Health. 

The main categories of funding available to PhD students are detailed below. Our Programs & Policies handbook contains additional information about funding and fellowship opportunities available at the Graduate School, along with applicable policies. 

If you have questions about your funding, you can ask your program registrar or DGS, Graduate Financial Aid, or Associate Dean Robert Harper-Mangels.

Types of Funding for PhD Students

University Fellowships (UFs) are provided through the Graduate School and do not require teaching in Yale's Teaching Fellow Program. UFs are often used during the initial year(s) of your doctoral program to cover your stipend and tuition, when you are engaged in coursework and identifying an adviser.

For official policies governing University Fellowships, including information on deferring a UF, please see our Programs & Policies Bulletin .

In subsequent years and in most programs, your stipend will be funded by a teaching fellowship or a research assistantship.

Teaching Fellowships (TFs) are contingent on teaching Yale's Teaching Fellow Program (TFP). While you are on a TF, a portion of your stipend is compensation for teaching. The rest of your stipend will come from other sources, depending on your department or program. See the Teaching Fellow Funding page for more information.

The teaching portion of your stipend is subject to federal tax withholding, so you will notice a difference in your paycheck in teaching versus non-teaching semesters.

In lieu of teaching in the Teaching Fellow Program, PhD students in the humanities and social sciences may choose to undertake one of the available Professional Development Opportunities . These positions allow you to gain professional experience at a library, museum, or other office on campus relevant to your studies. 

If you are in the natural sciences, your funding will likely come from training grants and faculty research grants at some point during your enrollment. In most programs, you may only join a research group that has active grant funding. Please consult with your DGS, if you have questions about this aspect of your funding package.

We strongly encourage you to compete for external fellowships. Winning an external award in a national competition, whether sponsored by a public or private agency, is a significant honor. External fellowships may be subject to our Combined Award policy. Please be sure to review our External Fellowships & Awards page to understand how external awards interact with university funding.

An external fellowship may also offer you added flexibility in your program. 

• If you are a student in the natural sciences, an external fellowship may allow you to pursue a project or idea that is otherwise not eligible for financial support through your adviser’s research funding. 
• If you are a student in the humanities or social sciences, an external fellowship might allow you to defer a University Fellowship (UF) to a subsequent term or year. 

You can search for external fellowships through the Yale Student Grants Database , other university search engines (e.g., UCLA ), and commercial sites .

You must notify the Graduate School of any external awards you receive. 

• Send a copy of your award letter to the Financial Aid Office at [email protected] .
• If your award is subject to the Combined Award policy, then you will receive a combined award letter via email when your award has been processed, outlining your updated funding package. 

For any questions and concerns regarding your combined award letter, please contact the Graduate School Financial Aid Office via email at [email protected]. Associate Dean Robert Harper-Mangels can also advise regarding our Combined Award policy.

Additional GSAS Financial Support

Phd stipends.

An overview of information relevant to the PhD stipend.

Health Award

The Graduate School provides Yale Health Basic Coverage at no cost to all students (Master's and PhD) who are enrolled at least half-time in degree-seeking programs. In addition, all PhD students registered at least half-time receive a Health Fellowship Award that covers the cost of Yale Health Hospitalization/Specialty Care Coverage.

Featured Resource

Family Support Subsidy for Parenting PhD Students

PhD students who are registered full-time in any year of study are eligible for the family support subsidy to assist with child-related expenses.

Dean's Emergency Fund

The Dean’s Emergency Fund enables terminal master’s and PhD students in the Graduate School of Arts and Sciences to continue making academic progress despite unanticipated, extreme financial hardships that cannot be resolved through fellowships, loans, or personal resources. The maximum award for eligible requests is $2,000.

Conference Travel Fellowship (CTF)

https://gsa.yale.edu/ctf

By partnering with the MacMillan Center and the Graduate School of Arts and Sciences, graduate students with representatives in the Graduate Student Assembly are eligible for annual conference travel funding of up to $800.

PhD Student Travel Health Fellowship

If you are a PhD student traveling for dissertation research, the Graduate School provides a Travel Health Fellowship to cover the cost of required immunizations and prescription drugs at Yale Health.

Graduate Financial Aid Office

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• PhD Loans – 2023 Guide for Doctoral Students
• Funding a PhD
• A PhD Loan can fund a PhD in any field lasting between three to eight years .
• You can borrow up to £28,673 for courses that started on or after 1st August 2023.
• There are several eligibility restrictions, including that you must be a UK national resident and not receiving other funding (e.g. from Research Council or NHS).
• The repayments will be 6% of your annual income above  £21,000 .

What Is a PhD Loan?

A PhD loan is a form of UK Government loan made available to doctoral students residing in England or Wales. It is designed to help students fund their doctoral programme or equivalent degree, covering basic costs such as the tuition course fees and living costs.

The most common degrees they cover are:

• PhD – Doctor of Philosophy
• EngD – Doctor of Engineering
• EdD – Doctor of Education

Note: PhD Loans are formally known as Postgraduate Doctoral Loans, however, many postgraduate students commonly refer to Doctoral Loans as PhD Loans due to their primary use to fund PhDs.

Am I Eligible for a PhD Loan?

There are several requirements you must meet to be an eligible student for a PhD loan, such as your residency status. The eligibility criteria are summarised below into two categories – those that make you eligible and those that make you ineligible for a PhD loan.

Requirements That Make You Eligible:

• Be a UK or Irish citizen or have settled or pre-settled status under the EU Settlement Scheme , and ordinarily a resident of England or Wales.
• Be under the age of 60.
• Undertake a PhD (or another doctoral degree) that is three to eight years long and provided by a university in the UK.

Note: A common misunderstanding amongst university students is that a Doctoral Loan can fund an MPhil degree. As an MPhil is a Master’s degree, it does not meet the ‘Doctoral or equivalent’ requirement for being eligible for a Doctoral Loan. Therefore, if you are considering undertaking an MPhil, you should instead be applying for a Postgraduate Master’s Loan. If more appropriate for your situation, you can find out more information about Postgraduate Loans here .

Requirements That Make You Ineligible:

You must not:

• Already hold a PhD or equivalent doctoral degree.
• Already be receiving funding. This includes grants from the Research Council (studentships, stipends & scholarships etc.), a social work bursary or NHS bursary (note that being eligible for an NHS Bursary even if you’re not receiving one will make you ineligible for a PhD loan).
• Already have had a Doctoral Loan before, unless you left your course due to illness, bereavement or another serious personal reason. You are still eligible if you have received an undergraduate loan in previous study.
• Obtain your PhD through publication (as this won’t have a period of study associated with it)

Aspects That Don’t Affect Your Eligibility:

There are several aspects of your PhD course that do not affect your eligibility to receiving Doctoral Loans. These are:

• Your doctoral course – your PhD can be in any subject or field. The underlying requirement is that it is provided by a university in the UK; i.e. a university in either England, Wales, Scotland or Northern Ireland.
• Full-time or part-time course – you need not pursue your PhD full-time to be eligible. The underlying requirement is that your PhD can be completed within eight years regardless of how you allocate your time.
• Taught, research-based or a combination of both – as long as your PhD has an aspect of studying associated with it, the method of obtainment of your PhD will not affect your eligibility.

How Much Funding Can I Get?

The amount of funding you can obtain isn’t means-tested. This means that it isn’t related to your financial background or household income and therefore you can qualify for the full amount regardless of your situation.

The maximum loan amount you can borrow falls into one of three categories:

• Up to £28,673 if your course starts on or after 1st August 2023 ,
• Up to £27,892 if your course started between 1st August 2022 and 31st July 2023 ,
• Up to £27,265 if your course started between 1st August 2021 and 31 July 2022 .

You may apply for a Postgraduate Doctoral Loan in any year of study, however you may not receive the maximum amount if you apply after the first year of your PhD. For annual costs, you may receive:

• Up to £12,167 per year  if your course starts on or after 1st August 2023 ,
• Up to £11,836 per year  if your course started between 1st August 2022 and 31st July 2023 ,
• Up to £11,570 per year  if your course started between 1st August 2021 and 31 July 2022 .

When Will I Get Paid?

Your loan payments will be spread out across all academic years of your course.

Example: If you undertake a full-time PhD over 5 years and apply for a loan amount of £25,000, you will receive £5,000 in each academic year.

Further to this, the allocation for each academic year will be paid in three even instalments, with each instalment paid at the start of a new term.

Example: Continuing with the above example, the £5,000 per each academic year would be paid in three instalments of £1,667.

Your first instalment will typically be paid immediately after your course start date. This is because your university will first need to confirm to Student Finance England (SFE) or Student Finance Wales that you’ve officially enrolled with them before the student loan can be released to you.

How and When Do I Repay?

Repayment terms – You will need to start repaying your loan once you have completed your PhD and started earning an annual income over £21,000 .

Once both these conditions are met, you will start making your repayments at 6% of your income above £21,000 . This means that for the first £21,000 you earn, you won’t need to make any contributions towards your loan repayment, however, anything above £21,000 will be subject to a 6% deduction for repayment towards your student loan.

It’s worth noting that if you work for an employer after your PhD, your repayments will be automatically deducted from your salary and there isn’t anything you will directly need to do. However, if you decide to work for yourself as opposed for an employer, you will need to make the repayments yourself.

Like undergraduate loans taken for undergraduate degrees, a postgraduate Doctoral Loan is subject to interest, which will need to be paid on top of your original student loan value. The interest rate is the retail price index (RPI) plus 3%.

Example: The average UK RPI for 2019 was approximately 2.4%. This means that besides the mandatory 3% that is owed, the average interest rate on a Doctoral Loan in 2019 would have been 5.4%.

It’s worth noting that if you aren’t able to completely repay your postgraduate loan within 30 years from the date of your first payment, the remaining loan debt will be voided.

How Do I Apply?

You can apply in one of two ways – either online , by setting up an account on Student Finance England’s website, or by post , by filling in a printable form on GOV.UK ‘s website. Click the respective below to be taken directly to their websites where you can find out more. Note that you will only have to apply once for Postgraduate Doctoral Loans; Student Finance England will contact you every year to confirm the amount you will receive.

Online Application – Student Finance England

Postal Application – GOV.UK

Note: While English residents and EU students who will study in England need to apply to Student Finance England, Welsh residents and EU students who will study in Wales will need to apply to Student Finance Wales .

The application deadline is based on when your doctoral programme is due to start; you should apply within 9 months of this start date.

Finding a PhD has never been this easy – search for a PhD by keyword, location or academic area of interest.

Other PhD Funding Options

A PhD Loan is only one of several sources of funding to support your PhD studies and living expenses. The other postgraduate funding options available to you are:

• Research Council funding and studentships
• Scholarships and bursaries
• Employer sponsorship
• Charities and Trusts

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How to Get PhD Funding

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• Introduction

How much does a PhD cost? 

Phd funding from national research councils, phd funding from universities, living costs and opportunity costs, career prospects with a phd .

By Elke Schwarz

Professor Daniel Drezner of Tufts University once quipped: “Should you get a PhD? Only if you are crazy or crazy about your subject.” If you fit one of those two categories, you’ll no doubt be keen to find out how to finance your mad endeavor. Here’s a quick guide to getting  PhD funding …

First things first,  how much does a PhD cost ? Here, the answer varies considerably by country. In the UK, being a self-funded PhD student can be an expensive undertaking, with an annual tuition bill of approximately £3,000 to £6,000 (about US$3,800-7,670) for domestic students and up to £18,000 ($23,000) for international students for the first three years.

In the US, the price tag for a PhD is even higher, ranging from US$28,000 to US$40,000 per year. In Germany, on the other hand, PhD students face no tuition fees at all, aside from a nominal semester contribution of €250 (~US$320).

Before some of these high figures deter you, be reassured that there are many PhD funding opportunities available; few PhD students are self-funded.

In the UK, PhD funding is provided via seven research councils, each covering a specific academic sector. Across Europe, such funding is offered by the European Research Council . Both the US and Canada have the equivalent in their National Research Councils, which give financial support to students either individually, via scholarships, or for funded research projects, via a research group or department.

Most universities provide substantial scholarships, studentships and other PhD funding opportunities. These schemes typically cover the cost for a good proportion of the annual tuition fees, if not more. Universities often also provide some funding for doctoral students to cover the costs of field trips and conference attendance.

A further means to fund a PhD is by obtaining a PhD position, sometimes also called PhD studentships or assistantships. These are essentially jobs tied to the PhD program, involving work in teaching, research or both. This is an ideal way to support your research, while being involved in a larger, often team-based, funded research project and gaining work experience.

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Sharihan Al Mashary Emirates Academy of Hospitality Management graduate

"Our business grew thanks to Ulima’s Center for Entrepreneurship (InnovaUL), which always supported and welcomed us as if we were at home."

Carlos Vega and Natalia Tapia University of Lima graduates, entrepreneurs

"One class was taught by a CFO from a big publicly traded company, and he had a lot of insights from his professional experience, which was really great. It was a class which really changed my perspective."

Georgios Alexandros Lagogiannis Gies College of Business graduate

Other costs to be considered when calculating PhD funding are living costs and opportunity costs. Living expenses will of course vary significantly by country and city. Studying in Paris (France) or Oslo (Norway) will likely incur a substantially higher annual cost than completing a PhD in Bangkok (Thailand), for example.

In addition, opportunity costs can be high. Unlike a master’s degree, which usually takes just one or two years full-time, a PhD demands a markedly higher time investment – most programs require an absolute minimum of three years, and some require five to six, depending on the country.

During this time, full-time employment is possible only if it is in relation to the PhD program itself. Some may opt to continue working and attempt to complete a PhD part-time – but this has proven to be exceptionally challenging; some studies suggest that drop-out rates for part-time PhDs are as high as 66 percent.

But while this might all sound daunting, there are considerable benefits and advantages to getting a PhD. In other words: the prospects for careers with a PhD are good. While entry-level salaries may not be considerably higher compared to those for master’s graduates, those with a PhD do have better long-term prospects for faster career- and pay-scale advancements. And a growing number of PhD students consider a post-doc life outside of academia.

There has been a clear trend in non-academic employers (such as consultancies, think tanks, media and others) increasingly valuing not only the specialist knowledge of PhD graduates but also their maturity and soft skills. Attributes valued by PhD employers across a wide range of industries include diligence, research abilities, focus, discipline, presentation skills and the demonstrated ability to work under pressure and to a deadline.

For all those aspiring doctoral students who aim to have a quick return on their investment, a word of caution: the benefits of a PhD are not to be had in the fast lane. The value of a PhD qualification is to be found in the long-term benefits it brings, financially, professionally and intellectually. It is a labor of love, and, as we know there is always some madness in love, but for those with realistic expectations and the discipline and tenacity to complete this highest of academic degrees, it is a tremendously rewarding experience, in more ways than one.

This article was originally published in November 2013. It was last updated in December 2018. 

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PhD loans 2024

PhD loans are available in 2024/25 to help Doctoral students living in England or Wales pay for their course fees and living expenses

PhD loans at a glance

• Worth up to £29,390 for 2024/25.
• For UK nationals resident in England or Wales.
• Study at any UK university that awards PhDs.
• Repayments combined with Masters loans .

How much can I borrow?

With these government-backed postgraduate Doctoral loans, you can borrow any amount up to £28,673 if your course started between 1 August 2023 and 31 July 2024, or £29,390 if it starts on or after 1 August 2024.

PhD loans are not means-tested, so you can apply for the full amount regardless of your financial background. Also, the loan can be used however you like - to cover fees, other study-related costs or to help with your living expenses.

If you have a disability, you may be entitled to additional support in the form of Disabled Students' Allowances .

Am I eligible for a PhD loan?

• be a UK or Irish national or have settled/pre-settled status under the EU Settlement Scheme 
• be ordinarily resident in England
• have lived in the UK, Channel Islands or the Isle of Man for three years before starting the course
• be under the age of 60 on the first day of the first academic year of your course
• not already hold a PhD or equivalent qualification
• not be receiving a Research Council studentship (including fees-only), NHS funding or other government finance towards your PhD.

You can't get the loan if you began your PhD before the 2022/23 academic year.

To discover whether you qualify for PhD funding, see GOV.UK - Doctoral loan eligibility .

Is my Doctorate eligible?

Most full and part-time PhD programmes, Professional Doctorates and PhDs 'upgraded' from Master of Philosophy (MPhil) are eligible, provided they are hosted by a UK university.

Your programme must last for at least three years and no longer than eight years. There are no restrictions on what subject you can study and your PhD proposal will not be assessed as part of your loan application.

PhDs by publication are not eligible because they do not involve an active period of studying. You also can't get a PhD loan for a research Masters degree such as an MRes or a standalone MPhil - for these you should apply for a postgraduate loan instead.

If you're studying for a PhD within a Doctoral Training Partnership (DTP), Doctoral Training Centre (DTC) or Centre for Doctoral Training (CDT), your eligibility depends on whether your research is funded by a Research Council studentship. If it is, you won't be able to get a loan.

How do I apply?

Visit  GOV.UK - Apply for a Doctoral loan for full details of how to apply for PhD funding via Student Finance England.

The deadline for Doctoral loan applications is nine months after the first day of the final academic year of your PhD - meaning you can still apply after you have started studying.

How will I receive my PhD loan?

Your loan will be paid in three instalments (33%, 33% and 34%) per academic year directly into your bank account by the Student Loans Company (SLC). It will be spread evenly across your studies.

You'll stop receiving your loan if you withdraw from your PhD or transfer to an ineligible programme, but you'll still be liable to repay what you have borrowed.

When do I start repaying my loan?

Repayments will start once you have completed your PhD and you're earning at least £21,000 per year (£1,750 per month before tax and other deductions). You'll pay at a rate of 6% of your income over this threshold.

If you're employed, your repayments will be taken out of your salary automatically on a monthly basis. If you're self-employed, HM Revenue and Customs (HMRC) will calculate how much you must repay on completion of your annual self-assessment tax return.

You'll be charged interest on your loan from the date you receive the first instalment from the SLC. This is calculated at the retail price index (RPI) +3%, meaning that that the interest accrued will typically be the annually reviewed RPI percentage, plus an additional 3%. The interest rate currently stands at 7.8%.

Any outstanding balance will be written off 30 years after your loan first becomes due for repayment.

Be aware that if you have previously taken out a postgraduate loan to fund Masters-level study, this will be combined with your PhD loan. You'll therefore repay a single debt at a rate of 6% of your income over £21,000.

However, debt from your undergraduate student loan is paid concurrently rather than combined. This means you may find yourself repaying up to 15% of your income - 9% for your undergraduate loan and 6% for your postgraduate/PhD loan.

What other PhD funding is available?

• PhD studentships
• Research Council funding
• Scholarships and bursaries
• Employer sponsorship
• Crowdfunding

Remember that PhD loans cannot be combined with other public funding such as Research Council studentships or NHS funding.

PhD loans in Wales

In 2024/25, the Welsh government has confirmed that eligible students ordinarily resident in Wales are able to borrow up to £28,655 to study for a full or part-time PhD. As with the postgraduate Doctoral loan scheme for residents in England, it isn't means-tested.

If your course started in 2023/24, you can apply for a loan of up to £28,395.

Explore how and when to apply by visiting  Student Finance Wales .

Doctoral funding in Scotland and Northern Ireland 

PhD loans are not currently available in Scotland and Northern Ireland, but there are other options you can pursue in order to fund your education.

For instance, organisations such as Student Information Scotland and the Department for the Economy (DfE) provide details of the PhD scholarships available to residents of Scotland and Northern Ireland respectively.

Find out more

• Search for PhDs in the UK .
• Learn about PhD study .

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Graduate Scholarships and Financial Aid

New York Institute of Technology offers federal grants, loans, and academic scholarships and grants to graduate students.

We review applications for admission to New York Tech automatically for the scholarships and financial aid listed below.

To help you determine your costs. Graduate Tuition Calculator.

Available Scholarships & Financial Aid

Discover the full range of scholarships, grants, loans, and financial aid assistance available to our graduate students.

Federal Financial Aid

Federal financial aid is available to U.S. citizens and U.S. permanent residents in the form of federal loans. Domestic graduate students who wish to apply for federal loans must fill out the  Free Application for Federal Student Aid (FAFSA) .

• Unsubsidized Direct Stafford Loan:  Non-need-based, low-interest, fixed-rate loan available to undergraduate, graduate, or professional degree candidates registered for at least six credits in an academic program that leads to a degree. Repayment is deferred until six months after graduation, if you drop below half-time status, or take classes as a non-matriculated student. You may receive both subsidized and unsubsidized loans for the same enrollment period, but the total amount of these loans may not exceed the annual loan limit.
• Federal Graduate and Professional Student PLUS Loan:  With terms nearly identical to the Parent PLUS loan, the “Grad PLUS” is also a credit-based, federally guaranteed loan awarded to students themselves who are registered for at least six credits in graduate or professional degree programs. Similar to the Parent PLUS loan, a Graduate/Professional student must complete Graduate PLUS application, accessible on  studentaid.gov . A PLUS Loan applicant who has an adverse credit history may still be able to receive a loan by documenting existing extenuating circumstances or by obtaining an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the loan if the borrower fails to do so. Also, if a Graduate Student/Professional PLUS applicant is denied the PLUS loan, s/he must complete Credit Counseling on studentaid.gov. It will not reduce your eligibility for the Stafford Loan, but the amount of any Stafford loans you will affect the amount of your PLUS loan. The PLUS loan is limited to the cost of attendance minus other aid received, as certified by New York Tech.

The Federal College Work Study Program provides part-time employment to assist eligible enrolled students in paying for educational expenses. It is based on economic need. If you are not eligible for Federal College Work Study, you can also become a student aid. For more information, please contact  Student Employment.

New York Tech Scholarship Renewal Criteria

All graduate students must maintain a 3.3 cumulative GPA to renew their scholarship. Recipients of the New York Tech Graduate Alumni Award must maintain a 3.0 GPA to renew this award.

Graduate Scholarships

In order be eligible, you must:

• Complete the  FAFSA  each year you are enrolled at New York Tech (U.S. students only).
• Be a full-time student.
• Maintain a cumulative GPA as specified by the scholarship.
• Meet Satisfactory Academic Progress (SAP) requirements at all times.

Scholarships and grants are renewable each semester, as long you meet the scholarship requirements. They are for tuition only, divided equally between fall and spring semesters. Institutional aid is credited to a student’s account after the end of the add/drop period. They are not applicable to summer session attendance.

Scholarships are determined by a variety of factors. The minimum academic requirements for each award are listed below. The charts are based on your year of entry and include the minimum GPA you need to maintain to renew your scholarship each year.

Graduate Assistantships

Graduate assistantships are offered to qualified students enrolled in our graduate degree programs providing partial or total tuition remission. Depending on your skills and experience and the needs of a specific program, graduate assistants may be asked to work as a Graduate Assistant (GA), Research Assistant (RA), or Teaching Assistant (TA).  Learn more .

Graduate Scholar Award (GSA): Up To $3,000 Per Year

This award recognizes the talents of entering graduate students who have demonstrated a high level of academic achievement. It consists of up to $3,000 per-year tuition-only credit for a maximum of three years (six semesters) of continuous full-time enrollment (nine credits). Proration may be available for applicants taking less than nine graduate level credits per semester, but you must register for at least three graduate level credits per semester for this proration. In addition, this scholarship applies only to fall and spring semesters and is not applicable to graduate courses that are offered at a discounted tuition rate.

Typically, students with the following criteria qualify:

• Complete the  FAFSA  (U.S. students only).
• Be accepted to a matriculated graduate degree program.
• Have earned a bachelor’s degree with a 3.3 CGPA. * Please note that scholarships are awarded based on your GPA at the time of application. If your final, official GPA is higher than when you applied, the Office of Admissions will reconsider scholarship awards up until the beginning of the semester.
• Bridge students are not eligible for scholarships during the time they are taking bridge coursework. They become eligible once matriculated into their degree program. To qualify for scholarships after matriculation, bridge students must have achieved a minimum CGPA of 3.3 for their bachelor’s degree and a CGPA of 3.3 for any bridge coursework.
• If your program requires a GRE, then you must have earned a high enough combined score on the verbal and quantitative sections as determined by your academic department.
• M.B.A. applicants must have a minimum GMAT score of 400.
• International students must have a minimum TOEFL score of 79, IELTS score of 6, PTE score of 53, or Duolingo score of 105.
• All students must be fully accepted without academic conditions.

Renewal Criteria

Awards are renewable each semester if you have a FAFSA on file, meet  Satisfactory Academic Progress (SAP)  criteria, and maintain a 3.3 cumulative GPA. This award applies to fall and spring semesters only.

New York Tech Graduate Alumni Award

This award is offered to students who hold a New York Institute of Technology bachelor’s or master’s degree only. The award is NOT applicable to students in dual degree programs with the College of Osteopathic Medicine.

To be considered, all students must complete an application each academic year. This award will be allotted on an annual basis for a maximum of three (3) years or six semesters depending on the student meeting all of the following criteria required each semester.

• Allotted $1,000 tuition-only credit for every three credits, up to $6,000 per year ($3,000 per semester)
• Student must complete their degree on the Long Island or New York City campus of New York Tech.
• This award is not applicable to students enrolled in the BS/DO, BS/DPT, BS/MSOT, or BS/MSPA joint-degree undergraduate/graduate programs.
• This award is not applicable to students with tuition remission or tuition exchange or for students who take classes at an already discounted tuition rate.
• This award is not applicable to students receiving a second bachelor’s degree at New York Tech.
• This application does not guarantee an award. This award is subject to fund availability.
• Complete the  FAFSA  and submit any requested  verification documents  (excluding International students)
• Must be fully matriculated in one of New York Tech’s graduate degree-granting programs in New York
• Must have a prior baccalaureate or master’s degree from New York Tech
• Cannot be enrolled in the BS/DO, BS/DPT, BS/MSOT, or BS/MSPA joint-degree undergraduate/graduate programs at New York Tech.
• Enrolled in at least three (3) credits
• Maintain  Satisfactory Academic Progress (SAP)
• Maintain at least a 3.0 cumulative grade point average
• Complete and submit a  New York Tech Graduate Alumni Award application  annually

Application Deadlines

• For Fall Admits:  July 15
• For Spring Admits:  December 15

Life Science Achievement Award: Up To $3,975 Per Year

This scholarship is awarded only to students who are matriculated in the B.S. in Life Sciences dual degree programs in occupational therapy, physical therapy, and physician assistant studies. This award is not applicable to students enrolled in the combined Life Sciences/Doctor of Osteopathic Medicine degree program. The award bridges the gap between your undergraduate phase and your graduate or professional phase.

This one-time scholarship provides up to $3,975 for the first year (including summer if applicable) of the professional phase of the combined BS/MS.OT, BS/MS.PA and BS/DPT programs for the completion of your undergraduate degree program. Full-time attendance is required.

• Complete the  FAFSA  (U.S. students only).
• Maintain a 3.3 cumulative GPA.
• Satisfactorily complete the classes you registered for in the previous semester.
• Be matriculated in the B.S. in Life Sciences dual degree programs in occupational therapy, physical therapy, and physician assistant studies.

Mayor’s Graduate Scholar Award

This award is for students who work for the Office of the Mayor of New York. It consists of $3,000 per year for up to three years or six semesters. This scholarship cannot be combined with the New York Tech Graduate Scholar Award. Students must have a bachelor’s degree and be admitted to a New York Tech graduate program.

Funding and aid: Graduate funding and aid

At the graduate level, financial aid is largely decentralized, as available funds are managed directly by departments.

Funding is usually available from each individual department to support doctoral students for the duration of their time at MIT. Typically, at the time of admission, doctoral students receive offers of funding in the form of research and teaching appointments or fellowships, which cover the cost of full tuition and health insurance, and provide a salary or stipend. Funding for master-level students is more limited, and depends greatly on the program of study , so students may be required to seek their own sources of funding or utilize student loans .

Graduate funding may take the form of research, instructor, and teaching assistantships, fellowships, traineeships, scholarships, grants, and/or other forms of employment , such as working as a resident advisor in an undergraduate residence.

Please note: Applicants are considered for funding after they have been accepted into a graduate program. There is no separate application for financial aid prior to admission for any program of study.

Funding for students in need

MIT provides assistance to graduate students experiencing financial hardships , has established new ranges to stipends and changes to health insurance rates and plan benefits, and offers additional health and well-being support resources .

Hardship funds are tax-reportable income and may reduce eligibility for educational loans. If you want to explore how a fund of this type would impact you, please contact us to discuss your options.

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Doctoral Loan

How to apply.

You can apply now for courses that start or started in the following academic years:

• 2024 to 2025
• 2023 to 2024

Check whether you’re eligible before you apply.

You only need to apply once for the Postgraduate Doctoral Loan. Student Finance England will write to you in the summer to tell you how much you’ll get in the next academic year.

You will not be eligible for an Adult Dependants’ Grant, a Childcare Grant or Parents’ Learning Allowance from Student Finance if you’re studying a doctoral course.

Apply online

If you’ve taken out a loan with Student Finance England before, use your account to apply .

If you do not already have one, set up an account .

Apply by post

If you cannot apply online, apply by post – the address is on the form.

Courses that start in the 2024 to 2025 academic year

Fill in the ‘Postgraduate Doctoral Loan application form - 2024 to 2025’   

Read the ‘Terms and conditions - 2024 to 2025’

Courses that started in the 2023 to 2024 academic year

Fill in the ‘Postgraduate Doctoral Loan application form - 2023 to 2024’   

Read the ‘Terms and conditions - 2023 to 2024’

Courses that started before 1 August 2023

Contact Student Finance England Postgraduate Loan Team if you cannot apply online.

Read the student finance privacy notice to find out how the information you provide will be used.

When to apply by

The deadline for applying depends on when you start your course.

You need to apply within 9 months of the first day of the last academic year of the course.

The academic year

The academic year is a period of 12 months.

If your course started on 17 October 2022 and you’re studying for 3 years, you need to apply before 31 May 2025.

Proof of identity

Include valid UK passport details in your application.

Use the ‘UK passport details’ form if you need to send the details after your application. Do not send the passport itself.

If you do not have a UK passport (or it has expired), send your original birth or adoption certificate to Student Finance England.

Include your name and address. You should also include your customer reference number if you have one. This is an 11-digit number. You can find it on letters or emails you’ve had from Student Finance England.

Fill in the ‘UK passport details form - 2024 to 2025’

Fill in the ‘UK passport details form - 2023 to 2024’

If you’re an EU national

If you have settled or pre-settled status under the EU Settlement Scheme, you only need to provide your share code to prove your immigration status and identity . You do not need to send your passport. Someone will contact you to ask for your share code after you apply.

If you do not have settled or pre-settled status under the EU Settlement Scheme, send your non-UK passport or identity card the first time you apply.

Supporting information

You should use the evidence return form for extra information to support your application, for example evidence of your residency status.

You may also be asked to complete the UK employment status form.

Fill in the ‘Document return form - 2024 to 2025’

Fill in the ‘UK employment form - 2024 to 2025’

Fill in the ‘Document return form - 2023 to 2024’

Fill in the ‘UK employment form - 2023 to 2024’

Change an application

Use your online account to change your personal details, for example bank or contact details. Contact Student Finance England directly if you do not have an account.

Change the amount you’ve asked for

Use the loan request form to change the amount you’ve applied for - you cannot do this online.

Courses that start in the 2024 to 2025 academic year:

Fill in the ‘Loan request form - 2024 to 2025’

Courses that started in the 2023 to 2024 academic year:

Fill in the ‘Loan request form - 2023 to 2024’

Other changes

Use the change of circumstances form if you need to change any other details, for example your university or course. You cannot do this online.

Fill in the ‘Change of circumstances form - 2024 to 2025’

Fill in the ‘Change of circumstances form - 2023 to 2024’

Taking a break or withdrawing from your course

Contact Student Finance England Postgraduate Loan Team and your institution straight away if you need to withdraw from your course. It may affect your future payments and eligibility for funding.

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• Understanding Tuition Reimbursement
• Reimbursement vs. Student Loans

The Bottom Line

• Student Loans

Does Tuition Reimbursement Cover Student Loans?

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With tuition reimbursement programs, companies help their workers earn a degree or finish one they already started for free—or for a lower cost than they would pay without the reimbursement benefit. Current law lets employers use tuition reimbursement programs to cover student loan bills, but only through 2025.  

Learn more about how tuition reimbursement can cover student loan payments and other details on how these programs work below.

Key Takeaways

• Tuition reimbursement programs are primarily designed for ongoing education expenses, not for repaying student loans.
• Educational assistance programs can be used for student loan payments through the end of 2025. If current legislation is renewed, these educational assistance programs may be available after 2025.
• Current laws allow tax-free benefits under education assistance programs in amounts up to $5,250 per employee each year. 

Understanding Tuition Reimbursement Programs

Tuition reimbursement programs are offered by employers as part of their package of benefits. The requirements for these programs tend to vary by employer. For example, a worker may need to be employed by a firm for a number of years to qualify, or they may have to agree to a certain length of employment after they graduate from college.

Current law allows tax-free benefits under tuition assistance programs in amounts up to $5,250 per employee each year. This means workers who take advantage of this benefit can receive up to $5,250 per year in tuition reimbursement without having to count amounts received in their taxable income. However, tuition reimbursement over that amount is considered taxable income.

While these programs are typically limited to college tuition, fees, and other expenses, employers can now put the funds toward their employees’ student loan principal and interest payments through Dec. 31, 2025. This benefit is tax-free for the employee, as if the money was being used for traditional tuition reimbursement, and employers receive tax benefits on their end as well.

Tuition Reimbursement vs. Student Loans

Tuition reimbursement programs help employees learn new skills and excel in their careers with higher education. After all, these programs can provide workers with the funds they need to finish a college degree or pursue an MBA or other graduate-level degree. The Internal Revenue Service (IRS) also notes that, in a tight labor market, employers who offer this benefit may get a leg up when it comes to attracting and retaining highly qualified employees .

These programs can also help workers borrow less for college , thus lowering the amount of student loan interest they’ll pay over the life of their debt.

Through the end of 2025, employers can direct up to $5,250 toward each of their workers’ student loan debt payments as part of their compensation.

What Expenses Does Tuition Reimbursement Cover?

According to the IRS, tuition reimbursement programs offered through employers provide funding for typical educational expenses like college tuition, fees, books, equipment, and supplies. However, employers can also use these programs to pay their employees’ student loans through the end of 2025. Note that, in either case, the amount of tax-free benefits employers can provide is limited to $5,250 per employee, per year.

Do I Have to Repay Tuition Paid by My Employer if I Leave?

Some employers require workers to remain employed at the company for a certain period of time as a condition of tuition reimbursement. If an employee leaves before they agreed to, they’re required to pay back the benefit amount received.

How Does Tuition Reimbursement Work With Financial Aid?

Getting reimbursement for college tuition typically doesn’t disqualify you from receiving other types of financial aid for college. You can apply for aid as you normally would and receive scholarships, grants, and access to federal student loans . Tuition reimbursement programs pay you back for tuition, fees, and other qualified higher education expenses after the fact. Some programs will send the payments directly to your college or university instead.

Students who plan to take advantage of tuition reimbursement programs should still fill out the Free Application for Federal Student Aid (FAFSA) to find out what other types of aid they may be eligible for.

Are There Any Industries or Companies Known for Offering Tuition Reimbursement?

Companies known for paying college tuition include major corporations like Amazon, Boeing, Chipotle, Discover, and Disney. Some of these companies offer tuition reimbursement programs, whereas others like Starbucks offer fully funded degree programs for their employees.

Tuition reimbursement programs can be valuable for both employers and employees, though only for amounts of up to $5,250 per employee each year. They help companies attract and retain talented workers, all while helping employees reach their full potential through higher education.

Furthermore, these programs can be used to repay student loan principal and interest through the end of 2025. This benefit can be useful for employees who don't need to pursue higher education any longer but still have lingering student debt to pay off.

Internal Revenue Service. " Reminder: Educational Assistance Programs Can Help Pay Workers’ Student Loans .”

Internal Revenue Service. " Reminder to Employers and Employees: Educational Assistance Programs Can Be Used to Help Pay Workers’ Student Loans; Free IRS Webinar Will Offer Details ."

Federal Student Aid. " Apply for Financial Aid ."

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Private student loan interest rates rise for 5- and 10-year terms

The latest private student loan interest rates from the Credible marketplace, updated weekly. ( iStock )

During the week of Aug. 19, 2024, average private student loan rates increased for borrowers with credit scores of 720 or higher who used the Credible marketplace to take out 5-year variable-rate loans and 10-year fixed-rate loans.

• 10-year fixed rate: 7.89%, up from 7.63% the week before, +0.26
• 5-year variable rate: 9.92%, up from 9.24% the week before, +0.68

Through Credible, you can compare private student loan rates from multiple lenders.

For 10-year fixed private student loans, interest rates rose by 0.26 percentage points, while 5-year variable student loan interest spiked by 0.68 percentage points.

Borrowers with good credit may find a lower rate with a private student loan than with some federal loans. For the 2024-25 academic school year, federal student loan rates will range from 6.53% to 9.08%. Private student loan rates for borrowers with good-to-excellent credit can be lower right now.

Because federal loans come with certain benefits, like access to income-driven repayment plans, you should always exhaust federal student loan options first before turning to private student loans to cover any funding gaps. Private lenders such as banks, credit unions, and online lenders provide private student loans. You can use private loans to pay for education costs and living expenses, which might not be covered by your federal education loans. 

Interest rates and terms on private student loans can vary depending on your financial situation, credit history, and the lender you choose.

Private student loan rates (graduate and undergraduate)

Who sets federal and private interest rates?

Congress sets federal student loan interest rates each year. These fixed interest rates depend on the type of federal loan you take out, your dependency status and your year in school.

Private student loan interest rates can be fixed or variable and depend on your credit, repayment term and other factors. As a general rule, the better your credit score, the lower your interest rate is likely to be.  

You can compare rates from multiple student loan lenders using Credible.

How does student loan interest work?

An interest rate is a percentage of the loan periodically tacked onto your balance — essentially the cost of borrowing money. Interest is one way lenders can make money from loans. Your monthly payment often pays interest first, with the rest going to the amount you initially borrowed (the principal). 

Getting a low interest rate could help you save money over the life of the loan and pay off your debt faster.

What is a fixed- vs. variable-rate loan?

Here’s the difference between a fixed and variable rate:

• With a fixed rate, your monthly payment amount will stay the same over the course of your loan term.
• With a variable rate, your payments might rise or fall based on changing interest rates.

Comparison shopping for private student loan rates is easy when you use Credible.

Calculate your savings

Using a student loan interest calculator will help you estimate your monthly payments and the total amount you’ll owe over the life of your federal or private student loans.

Once you enter your information, you’ll be able to see what your estimated monthly payment will be, the total you’ll pay in interest over the life of the loan and the total amount you’ll pay back. 

About Credible

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Humphrey School Alumna in Action: Bringing a Holistic Approach to Development

Passion and ability are two attributes ascribed to Michele Girard, an alum of the Humphrey School of Public Affairs who earned her Master of Development Practice (MDP) in 2020. 

Girard has been working with nonprofit organizations for a decade—helping them to fund, design, and evaluate projects and initiatives. She got started when she was an undergraduate, continued through her time at the Humphrey School, and now is carrying on as an entrepreneur with her own consulting firm.  

Girard says her passion for development work began when she was 20 years old, when she became involved in a project to help  a small city in Haiti develop a reliable and convenient water supply for its residents. 

Her ability was recognized when the second phase of that project, to develop a sustainable funding mechanism to pay for maintenance of the water system, won a student award from the University of Minnesota.   

‘Doing this on my own’ 

After completing her master’s degree at the Humphrey School in 2020, Girard was hired as development director for Little Earth in Minneapolis, the only indigenous-preference Section 8 housing community in the United States. Fresh out of grad school, she was put in charge of the financing, program design, and evaluation for that organization.

It was during the pandemic, and Girard worked remotely from Colorado, where she has family. She was able to take on individual projects outside of work hours. 

“So I started having organizations asking me to do their financing, or their project design, or evaluation. For two years I was working full time and then managing three or four clients on the side,” she says. “At that point—maybe this was sheer ignorance—I said, OK, if I don’t try to do this on my own, I’m never going to do it. So I might as well try.” 

Girard started her own consulting firm,  Ivanhoe Development , in 2022. In just two years, she  has built a staff of five people who are working out of Colorado, Virginia, and Minnesota (fellow Humphrey School alumna An Garagiola, MPP ‘23).  

Girard says her company takes "a nontraditional approach" to development. 

A different model  

Girard explains that in the development field, an organization or nonprofit traditionally looks for a grant writer to assist in applying for funding to support a project or initiative. If the funding comes through, the grant writer’s job is done; they don’t stay on to work with the organization on the design, management, or evaluation aspects of the project. 

“In that traditional model, the client should be happy,” says Girard. “You get the check and you can do whatever you want. But that just furthers the transactional cycle within nonprofit finance. I’m not trying to say anything bad about that, but we think—and know—that you should be doing more. So we say ‘no’ to that model.”

Instead, Girard’s approach is to ask their clients what they need beyond funding, in terms of designing a project and evaluating its effectiveness to ensure success—for their organization and for the larger community.  

“We think the standard needs to be continuous accountability to community members, and we’re going to do that through the mechanism of finance,” she says. “We’re saying to them, ‘You have a societal obligation to stewardship. … How are you doing with community involvement? How are you ensuring that you’re doing equitable work? Are you evaluating your programs in a qualitative way to make sure those things are in alignment?” 

It’s not for everyone

Girard freely acknowledges that this holistic approach will not appeal to some potential clients. 

“We truly didn’t know if this model was going to work and if clients would buy into it,” Girard  says, particularly because there are very few consultants that follow this same approach.  

But Ivanhoe must be doing something right. Requests keep coming in, Girard says, and they try to  limit their workload to 10 clients at any given time. They range from small nonprofits to large statewide organizations. 

Minnesota clients include a large statewide nonprofit, an elder advocacy organization, and a Minneapolis-based affordable housing agency that recently received a $10 million gift from billionaire philanthropist MacKenzie Scott. 

Connected to the Humphrey School

Back when she was in school, Girard credited the Humphrey School with creating an environment where she and other students felt encouraged to pursue ambitious goals.  

“Having professors telling you that you can go out into the world and [have an impact]—if I had been in a less supportive environment, I wouldn’t have had the confidence to do this. I think the Humphrey School does a great job of preparing students to do this type of work.” 

Girard still feels that way, which fuels her desire to give back. She maintains a strong relationship with the Humphrey School, particularly faculty members David Wilsey and Angie Fertig . She’s spoken to students in some of their classes, and wants to establish an “intern pipeline” from the School to her company. 

“Michele is so generous with her time, extending many invitations to host interns and to mentor students formally and informally,” says Wilsey, the director of the MDP program. “I’ve always appreciated her frank and well-considered advice to current students on what matters most along the path from matriculation to career building.” 

Fertig concurs, calling Girard an “amazing role model” for current Humphrey School students. 

“I am especially proud of how she uses the skills she learned at the Humphrey School to advance the common good in the world and help community organizations make change,” Fertig says.   

What’s next?

While Girard is happy that the Humphrey School prepared her well for the program work she’s doing, she says she now needs some training in how to run a business.  In January, she’ll begin an MBA program at the University of Chicago's Booth School of Business.  

Girard is about to bring on another employee, and is focused on how to manage the growth of her firm.  

“I’m just trying to live by my two rules for the company: The first is to hire people that are way smarter than me, and the second is to not be afraid to fail. So far that’s worked out.” 

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How to get a job at Goldman Sachs - the inside track

Everyone wants a job at Goldman Sachs. Including you. But how do you stand out?

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If you want to work for Goldman Sachs you will definitely have to stand out. The bank as a whole has an acceptance rate for job applicants of around 0.33% . Its internships have an acceptance rate of 0.8% - 315,000 people applied to just 2,500 or so roles. And the toughest parts of any investment bank to get into – the M&A or capital markets teams – are even more picky.

If you want to get in, you have to stand out. Here’s how to do that at “the” Goldman Sachs .

The ideal Goldman Sachs CV/resume and cover letter

Writing the ideal resume is both a work of art and a science , and there’s no need to repeat anything that you probably know already. The particular demands of Goldman Sachs recruiters from a resume/CV is something we’ve written about  here .

In a nutshell – your resume should be very much tailored to your application, it should be tightly written (and, by extension, deeply relevant), and ideally it should contain bullet points. Goldman likes bullet points, apparently. Within reason, of course: Vicki Tung, Goldman’s global head of talent acquisition,  told Insider  last year that “resume padding” should be avoided.

Candidates with multiple, minor (or short timeframe) accomplishments can be seen as a red flag. A discerning Goldman recruiter could very possibly see these as activities undertaken for CV points instead of out of pure love of… Finance society volunteering, or whatever else. Quality over quantity, Tung says.

Cover letters  are a more delicate art. A lot of tech companies are discarding them, but they’re still popular in banking – and what’s more, Goldman recruiters love them. They love cover letters so much that they even have their own, special format for them. Long story short, it needs to be circa 300 words long, to explain your interest in the role, in the firm, your suitability, and take a few points from your CV to substantiate why exactly. This is also the best place to namedrop if you've done some/any networking.

Oh, and yes, you can even plug your CV into  ChatGPT  and give it the Goldman Sachs parameters – but fair warning, it probably won’t be good enough.

Standing out on your CV/resume is as important as during your interview (more on that later). Ex-Goldman banker Will McTighe says that applications to the firm are often “very generic”, on account of the impeccable academics and similar finance-society template of every candidate. “Most people have quirks,” he says. You need to show yours.

“Demonstrate how interesting you are,” advises McTighe. That means doing “something a bit crazy that people think is a bit nuts.” His own quirks include ultra-marathoning from Oxford to London, despite having never run a marathon before, as well as learning Mandarin, ski instruction, and various sports.

Being interesting might even overshadow your academic background – a former Goldman recruiter  we spoke to  a few years ago noted that an English Literature student wrote such a brilliant and “off the wall” cover letter that they brought him in for an interview. Why? Because he showed that he was imaginative, innovative, and interesting.

McTighe did specify, however, that not all quirks have to be physical - Maybe consider birdwatching. What is sure, however, is that you shouldn’t hide what differentiates you – it should be as much on your resume as your academic record is.

Your Goldman Sachs HireVue and Super Day interviews

Assuming you meet the tight the academic requirements of your application, your first step in the application process is then a HireVue interview. It’s straightforward, and we spoke to HireVue ourselves to write  a guide  for you. Goldman’s isn’t especially different – but we do have a list of particular questions that the bank has used  here .

If you pass, you’ll be invited to a super day – a marathon of interviews, extending across several hours. You should get a response from the bank about your success within 48 hours, Tung says.

Standing out in your Goldman Sachs interview

Okay, so your resume held up, you listened to our HireVue advice – now you’ve got interviews.

Most questions will be situational-behavioral. "We will ask students how they handle various scenarios where integrity may be in question,” Tung told Business Insider, “and depending on their answer, that's where we determine whether or not somebody's going to move forward in our process or not."

Tung also suggests you “think in threes”. What that means is to, essentially, quantify yourself – you contributed X, got Y result, leading to Z. Not only that format, but that philosophy. Embed numerical changes in your thought processes. Think  S.T.A.R. technique .

Her last suggestion is self-evident; be well-informed. Not just on current affairs, but on the banking industry and Goldman Sachs itself. "To stand apart is to know what you're talking about and know that you want us as much as we want you," she said. This means that “doing your research is critical."

You may also want to show grit. In a recent episode of The David Rubenstein show , Goldman’s CEO, David Solomon, put one virtue above all others for applicants: tenacity. “One of the things we look for is people that are smart,” he said, “but [also] people that want to work hard, people that believe in excellence.” That means “people that have proven that they’ve got grit and dedication and an ability to succeed.” And that includes “being able to dust themselves off and keep going.”

You can download the eFinancialCareers Banking Career Guide here.

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