There are a lot of different ways to fund your PhD studies, and it can be tough to decide which one is right for you.
Here are 4 new ways to fund your PhD studies that you may not have considered before.
1. Why a PhD?
There are many reasons why someone might choose to pursue a PhD.
For some, it may be the next logical step in their academic career. For others, it may be a way to pursue a passion or area of interest in greater depth.
And for others still, it may be a way to transition into a new field or area of work. Whatever the reason, a PhD can be a great way to further your career and knowledge.
1. The Traditional Ways: Fellowships, Grants, and Teaching Assistantships
There are many ways to finance your education, but some of the most traditional methods are through fellowships, grants, and teaching assistantships.
Fellowships and grants are usually awarded based on merit, while teaching assistantships are usually awarded based on need.
All three of these options can be great ways to finance your education, but it is important to do your research to make sure you are getting the best deal possible.
2. External Funding
External funding is one way you can decide to fund your PhD.
External funding can come from a variety of sources, including family and friends, venture capitalists (for a business-driven PhD), and government grants.
Each has its own advantages and disadvantages, so it’s important to do your research before deciding which route to take.
Family and friends are often the most accessible source of funding, but they may also be the least likely to offer unbiased advice.
Venture capitalists are usually more interested in the potential return on their investment than the success and minute details of the research being done, so they may be more demanding than other sources of funding.
Government grants can be a great source of funding for individuals unable to get onto funded programs, but they are often insufficient to cover the entire program and must be paid back.
No matter which source of funding you choose, be sure to have a solid plan in place in case you don’t finish your studies, as some methods may require you to pay back the money in such cases.
3. New Ways: Internal Funding
One of the most important is internal funding.
This is the process of using your own money to finance your PhD.
Internal funding can be a great option for students because it allows you to keep control of your finances, and doesn’t require any begging from family and friends.
Most PhD programs cost between £9000 and £20,000 in total for three years.
This means, on a monthly salary of £1,700 post-tax, you can save for a PhD within a year or two.
Alternatively, you may dip into savings to invest in your future.
Another option is to use your home equity: If you have equity in your home, you can use it to finance your PhD.
This can be a good option if you have a lot of equity and you don’t want to put your personal finances at risk.
Lastly, you may use your retirement savings: If you have a retirement account, you may be able to use this.
4. New Ways: Alumni Funding
There are now new schemes funded by alumni of a certain institution that you may be able to access.
There are many ways for alumni to get involved with funding for their Alma Mater. Here are five new ways to get involved:
1. Alumni Giving Circles: These are groups of alumni who pool their resources to make a collective gift to a certain group of students.
2. Alumni-Sponsored Scholarships: These are scholarships that are funded by alumni donations.
3. Alumni-Funded Endowments: These are funds that are used to support a specific program or need at a school.
4. Alumni-Supported Capital Campaigns: These are campaigns that raise money for a specific project or need at a school.
5. Alumni-Sponsored Student Loans: These are loans that are funded by alumni donations.
Always check the website of your university of interest since there may be alumni-funded scholarships, grants, and loans available.
PhD funding can be difficult for students trying to get to the pinnacle of higher education.
Getting PhD funding right is important since once you start, you must be able to pay for it in full.
It is also important because if you are unable to finish, you need to be aware of your monetary options, and if you owe money back.
Most funded programs won’t require you to pay any money back, however, if your funding comes from a loan, repayments will be required.
Find more information about funding your PhD studies on the GOV website.