Doctoral Dilemma: Should I Self-fund My PhD?
Many students contemplate whether to self-fund their PhD or pursue other means of financing. While self-funding allows for independence and control over the study process, it also comes with a considerably high price tag. Government-funded doctoral student loans are now available for up to £25,000, yet there are still various factors to take into account before making a decision.
First and foremost, consider the risks involved. Calculate the total cost of tuition fees and living expenses, which can often amount to tens of thousands of pounds per year. This exceeds the government’s funding limit, leaving students to search for alternative means to finance their studies.
It is also crucial to recognize the geographical location of the university. The cost of studying for a PhD varies significantly between cities with varying degrees of living expenses. For example, studying in a high-cost location such as London will mean a more expensive program than in a lower cost locality like Swansea.
Undertaking a PhD while simultaneously working should not be underestimated. Some students may receive support from their family, while others may need to balance several part-time jobs or even full-time employment.
Lucy Millington, studying primate conservation and anthropology at Durham University, emphasizes the challenges of self-funding. She works five part-time jobs and faces financial constraints, with no additional funding and insufficient support. This has led to her missing out on extra-curricular activities, which could enhance her career prospects.
However, self-funding has its benefits. It provides students with independence and control over their studies. It also allows them to choose universities and locations that suit them best, regardless of funding possibilities, as some kinds of training may only be available to funded PhDs.
If you decide to self-fund, it is advisable to save money before starting the program. This will alleviate financial pressures and diminish the need for additional funding from other sources. Research potential aid and funding outlets accessible to students to find further support.
