There are many elements to consider when weighing the benefits of pursuing graduate education. One of the most pressing is cost. In addition to being academically rigorous and time-consuming, earning a Ph.D. can also be a pricey proposition. In addition to expenses like tuition, textbooks, and lab or activity fees, there are also less apparent and sometimes hidden costs that many prospective graduate students don’t know to factor into their calculations.
When exploring Ph.D. programs, it’s a good idea to do your homework about both the price tag and the sometimes unpredictable extra costs associated with going to graduate school and earning a Ph.D. Being well informed can help you have a clear picture of the true cost of a Ph.D. or other graduate degree, as well as ideas for mitigating some of the more significant expenses.
These are commonly asked questions about the cost of a Ph.D:
- How much does graduate school tuition cost?
- What factors determine the cost of a Ph.D.?
- What are the costs of a Ph.D. beyond tuition?
Cost of Graduate Tuition
When thinking about the cost of a Ph.D., the first expense that comes to mind is tuition. As with undergraduate tuition, the price to look at for graduate education is the cost per credit hour and the number of credits required to earn the degree. Cost per credit hour for graduate education varies quite a bit from one institution to another, ranging anywhere from $350-$2000 per credit, depending on the university.
Ph.D. programs can require as many as 120 credits (fewer for doctorate programs), making the financial commitment substantial. When researching Ph.D. programs, ask questions about the cost per credit hour and the minimum number of credit hours needed to complete the degree. Also find out the average number of credits taken by successful graduates of each program, because most likely exceed the minimum.
With some simple math, we can see that the cost of a Ph.D. can vary from about $42,000 to $240,000.
What Factors Determine Cost?
There are many factors that determine the cost of a Ph.D. Some are similar to undergraduate education: in-state versus out-of-state costs, private schools versus public schools, and methods of delivery (in-person, online, or a hybrid of the two) are all part of the financial picture. Online programs are more competitively priced than traditional, on-campus programs, though they are still priced by the credit hour, with courses and labs being 3-6 credits each.
While a flat rate per credit hour is still the norm at many universities, there are disciplines that offer reduced rates for their graduate degrees. This is particularly common in the health sciences, where doctorates in fields like nursing and physical therapy use financial incentives to attract students to fields where there is the greatest need. For instance, Doctors of Nursing Practice, or DNPs, are considered essential healthcare providers in many rural areas.
There are also many ways to mitigate the cost of your Ph.D. program through fellowships, grants, and awards. For both my MFA and Ph.D. degrees, I was offered teaching fellowships that covered the cost of my tuition and provided a small monthly stipend (about $1,500 per month). An added bonus of the fellowship was being trained to teach at the college level, a skill that was invaluable when I went on the academic job market.
Hidden Costs of a Ph.D.
Beyond the price per credit hour, there are other costs of a Ph.D. that should be considered before diving in. There are many costs that contribute to the overall price of a Ph.D. over and above tuition and fees. It’s a good idea to think about and plan for these costs well ahead of beginning your doctoral program. Hidden costs of a doctorate include:
Textbooks
I was shocked by how many books I accumulated in grad school. Despite my liberal use of my university’s excellent library, e-books, open-source texts, and course packets, I accumulated hundreds of books during my Ph.D. program. Most of my graduate seminars required 10-12 books per semester, and those were in addition to the 200+ texts that made up my program’s comprehensive reading list. By the time I earned my degree, I had many shelves stuffed full of books, the cost of which certainly added up over time.
Technology
Whether your Ph.D. program is traditional, online, or a hybrid of the two, you’ll need top-notch technology to help you make it through. This means a good laptop or PC, an upgraded internet connection (especially if you’re taking online synchronous courses), and, depending on your program, additional software subscriptions. I bought my first iPad for the sole purpose of having quick access to out-of-print texts and digitized documents, and it was money well spent.
Travel
As a student, I was surprised to learn that keeping up with coursework is really the minimum requirement for succeeding in a Ph.D. program. To be competitive, it is also necessary to present papers at academic conferences–the more, the better. Going to conferences is a hidden cost of a Ph.D., but from experience, I can say that presenting at conferences as a grad student definitely gives you a competitive edge.
Most conferences require travel, and while there is sometimes departmental funding for graduate students, it’s limited, so plan on paying your own way. In addition to conference registration fees (for which there is usually a discounted rate for grad students), there are also hotels, airfare, and restaurants to consider. Other travel that you may be expected to undertake includes academic fieldwork and archival research, which may or may not be funded.
Living Expenses
If you are planning to attend a traditional Ph.D. program, you’ll also need to factor in living expenses. Most universities offer graduate housing, though all college towns also contain options for a variety of price ranges. When considering the cost of housing during your Ph.D. program, keep in mind that you’ll probably be living there for at least three or four years.
Additional Costs of a Ph.D.
When thinking about the price of a Ph.D., there are other, less tangible costs to be factored into your cost-benefit analysis. Critics of graduate school point out that the duration of programs means that most students either delay beginning their professional careers or pause them. They’re not wrong.
While the financial rewards for earning a graduate degree can be great, many who go down this path also start investing and saving for retirement later, miss out on early-career promotions because they’re busy with school, etc.
While I’ve never once regretted the time and expense of the program I chose, I know plenty of people who struggled because they didn’t know what they were getting themselves into. Being a good student, even an excellent one, does not prepare you for the demands of a Ph.D. program. Getting a Ph.D. is a great intellectual endeavor, but to make the most out of your program, it pays to know all of the costs going in.
