Does going for Ph.D = insane amounts of debt?

[Double J]

I have yet to get my master's but am already entertaining the idea of getting a Ph.D. Should I expect to be knee-dept in debt?

[annie24]

no, depends on what you do it in and if you get RAs or TAs positions.

[newwave]

I checked into it, and many schools offer teaching positions in return for free schooling. Other schools don't have this and it could cost over $100,000. You have to ask yourself if it was worth it. For me it probably wouldn't be because I'd get a Ph.D in Communications to teach and there aren't many positions at colleges now (and many are adjunct). As it is my Masters is pretty much worthless.

[Cognitive_Canine]

If you work for the college, you can get an insane amount of financial support. TA's and GSA's usually get full rides and some help with transportation and living expenses.

[minou]

Yup. I owed 80,000 for mine, but I make a really great living now, so it was worth it. It all depends on what field you want to get into and job availability in your area.

[FathomFear]

I did very well in my BA and was accepted into every MA program I applied for, but ultimately I decided against going down the PhD path because the debt was already too overwhelming. I was $60K in debt after my BA (as I had no financial assistance from my parents) and didn't want to dig a deeper hole.

 

That was eight years ago, though, and now I'm considering going back now that I have a more stable financial situation. My BA is paid off in full and I have a decent nest egg saved up.

[rosephase]

You need to do research on schools. My girlfriend is starting her PhD at Standford in the fall and they are paying her to go there. Different programs offer different things. But I did think it was pretty common for most PhD's to be fully funded. But that might just be in my girlfriend's field of study. She got accepted to 3 fully funded PhD programs.

[pinkelephant]

No, you get stipends. You're exploited employees of the university. My school pays roughly 20k/year, which isn't much, but it covers your tuition. I think Ta's are ontop of that? Not sure. I was looking at the ads for ta-ing position and they get paid well!

[sophie274]

At the university I attend, PhD students are very well funded - they do not pay tuition, and most receive grants/stipends somewhere between 20 and 50 thousand dollars per year, so no of them have had to go into any kind of debt to get their degrees! I thought this was fairly standard (although I know my university is exceptionally good about funding), and that PhDs did not generally break the bank. Professional degrees - JD, MD, MBA - are the ones that really carry the high price tag.

[karvala]

It all depends where you are, which field you're in, and what your grades are like. There is funding around, be it in the form of scholarships or TA work; if you're able to get it, and you live sensibly, you can avoid debt almost entirely. I was actually in the black after my PhDs. Those were the days....

[IntotheWild]

I agree with what other people said about funded programs. Teaching assistantships are not uncommon. But it is uncommon to find one that will pay more than you could make cooking hash browns at Denny's. You have to consider that you'll most likely make chump change for 4-7 years. That's 4-7 years you could otherwise be working, making significantly more, and building an investment account. So you should make sure that your presumed future earnings are accurate. From what I hear through the vine, there are a lot of Ph.D's struggling these days.