Ways to Fund Your PhD Scholarship Program It’s easy to see why so many people choose to get a Ph.D. The freedom, the job security, the learning opportunities, the intellectual challenge… the list goes on.
There’s a catch, however. Unlike a bachelor’s degree, a Ph.D. is not typically funded by the government. So, if you want to go the Ph.D. route, you’re going to need to put some money towards it.
Luckily, there are lots of ways to fund your Ph.D. scholarships, so you won’t need to struggle with finance. If you are looking for ways to fund your Ph.D. scholarships, here are 6 ways we’ve discovered for you.
6 Ways to Fund Your Ph.D. Scholarship Program
Loan for graduate studies
The Ph.D. postgraduate loan, which has just been announced for the 2021–22 academic year and is available to UK citizens and EU citizens studying in the UK, has a maximum value of £25,000 (about $32,467). You may borrow any amount up to £25,000, irrespective of your financial situation, much like a master’s loan.
Your employer can grant you some kind of employer sponsorship if you are able to convince them that investing in a Ph.D. will not only benefit you but also them and the business. You should describe what you intend to study, for how long, how much it will cost, and most importantly, why you want to pursue a Ph.D. and how it will affect your employer, in order to assist make your case as strong as possible. This shows your dedication and comprehension of both the things you’re asking your employer to do for you and the things you’ll be doing for them.
Research council funding
If you are from the UK or EU, research council funding should be your first stop when looking for any type of Ph.D. funding. They usually cover your three or four years of study and are non-repayable. The ESRC DTP Studentship can cover three or four years of your five or six-year Ph.D. program, depending on your study plan and academic standing.
The Ph.D. Academy is a designated creative hub place for Ph.D. students to interact and study, located in the library building of LSE. Additionally, the Economic and Social Research Council (ESRC) Doctoral Training Partnership (DTP) is located there, providing Ph.D.
The term “studentship” is most frequently used to refer to Ph.D. degrees. They are a well-liked source of funding for Ph.D. students around the globe, helping students from any nation, with many universities providing a variety of studentships to help relieve the financial burden.
Studentships have historically been more prevalent in the fields of science, technology, engineering, and medicine (STEM).
It may seem a bit extreme to ask your loved ones, friends, and even complete strangers for financial assistance with your Ph.D. studies, but you shouldn’t rule it out. You’ll need to be able to effectively sell yourself and convince others to contribute funds to an endeavor that will benefit you.
If you know where to search, you might be able to find financing for your Ph.D. through a few nonprofits. Even while it’s unlikely that these groups will be able to cover everything, you can pool several charitable donations into a strategy called “portfolio funding.