If you’re planning on studying for a PhD, you’ll have worked out that like every other postgraduate qualification, it costs money – and lots of it. Unless you’ve a winning lottery ticket, or extremely rich relatives, then it is unlikely that you’ll be able to fund all of your study on your own.
Many students use a number of the following methods in order to help fund their course fees...
Bursaries and Scholarships
There are a number of bursaries and scholarships available to those wishing to pursue a PhD, most of which are assessed not only on your potential research project, but on previous academic merit. Before applying for any of these funding options, you should always check that you meet the eligibility criteria.
1) Research Councils
A PhD is a research-based course and quite often any work that you do will contribute towards overall knowledge within a specialist field. Organisations such as the Arts and Humanities Research Council, the Medical Research Council, the Economic and Social Research Council and Science & Technology Facilities Council all offer specialist funding opportunities to those wishing to pursue a PhD and currently subsidise over 19,000 students in the UK.
2) Charitable Organisations
There are also a number of charitable organisations that will offer funding opportunities for those wishing to study at PhD level. Some charities will sponsor students whose research will benefit the organisation’s goals.
However, there are also some charities that provide student funding because their mission is to promote knowledge amongst groups of people where there may be a number of barriers preventing learning. Those who may be applicable for such grants include those from ethnic minorities, those with disabilities or those from a low income background.In some subjects where such as engineering or maths, there are even funding options that specifically target women in order to create diversity within the field.
A University’s reputation will not only encourage new students, but also has the potential to secure future funding. As a result many Universities offer scholarships and grants to students who intend to conduct groundbreaking critical research as part of their course and who have demonstrated previous academic excellence.
For some, your PhD study may be included as part of your employment. This is particularly the case for those studying subjects like medicine. As such, many independent companies or organisations will fund the study of students whose research has the potential to be advantageous and who they wish to employ post-graduation.
Professional and Career Development Loan
There is always the option for PhD students to take out a Career and Development Loan. Although conventionally used by MA and PGDip students ( due to the £10,000 limit) taking out a loan of this type can help partially subsidise your research. It will not cover all of the cost of your PhD, but it may help those who have received partial funding elsewhere.
If you’ve recently completed your MA and you used a Career Development Loan to fund it, you will not be allowed to take out a second loan without having finished the repayments on your first.
Although part-time work may not provide you with the money to fund your course fees, it may help you cover the costs of your living expenses – particularly during your first year. A PhD requires a lot of time dedication, but it is possible for students to pick up evening and weekend work in the retail or food and drink sector.
In the second year of their PhD, many students will be expected to take first year undergraduate lectures and seminars. The good news is that you will be paid for this, and the hourly wage should – depending upon your University – be significantly higher than the minimum wage, and is likely to be flexible.
One final possibility to consider is the opportunity for some PhD students to take on freelance work tutoring younger students for their exams – a possibility which can be quite lucrative. This can sometimes be done through the University itself or work can be picked up through word of mouth.
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