As the job market continues its state of flux, more graduates are looking at the possibility of obtaining their Doctorate. Although this can be a huge undertaking that requires high levels of commitment to a single subject, a PhD is a good way of standing out from the crowd and proving your knowledge and sector expertise.
The problem is that Doctorates can be hard to fund, and with courses ranging from three to six years and beyond, finances are a legitimate concern. There are three main ways that most students finance their further study, and if you’re looking at improving your job prospects, then these options might just open the door to your PhD.
Work/Study Balance
Many people look at the costs of their PhD, assess their ability to study and work concurrently, and commit to part-time employment throughout their studies. If you can find a job that will allow for flexible work hours, then this could be the safest way to pay for your study time. Make sure that you have the time to commit to your studies because undertaking a PhD will require a lot of dedication and time. It can be very easy to let even part-time work distract you from your goals, so be prepared to be tested mentally and physically if you go this route.
Grants and Bursaries
This is perhaps the most common way for students to finance their further study. There are a huge number of grants and bursaries available from a very wide range of sources. The problem with this option is that it can take a long time to make all of the applications, and you will need to provide proof that your PhD study will be beneficial. However, if you have the time to endure the research and application process, this can be a very lucrative option. Apply for every relevant funding that you can find, even if the cash amount is minimal. While grants that offer thousands of dollars are great, those smaller bursaries and grants are less sought after, and even a $10 bursary will add up if you have a high number of successful applications.
Refinancing your existing student loan
The chances are that if you are considering a PhD, you already have a substantial student loan. Not many people are aware that they are able to refinance this, but it is fast becoming the option of choice for graduates in the US. If you do choose to refinance student loans, it’s worth being aware of just how much your repayments are going to be. You might find that by switching to a non-federal provider, your repayments will be reduced enough for you to be able to finance your further study. Establish your current financial situation and assess the viability of this option, as it is becoming an increasingly popular way to pay for your cost of living while studying.
A PhD can be life-changing. It is hard work and it can be mentally challenging, but graduates with a Doctorate are far more likely to find employment in their field. If you want to stand out in a crowded job market, then a PhD could be the key.
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