Getting a PhD can be an expensive undertaking.

The average annual tuition and fees for graduate students was $19,749 for the 2020-21 school year, according to the National Center for Education Statistics. Considering it takes PhD candidates an average of 5.8 years to complete their doctoral degree, according to the National Center for Science and Engineering, that could mean a price tag of nearly $115,000 for your doctorate degree.

Even though these costs may sound overwhelming, doctoral students have a number of options for paying for their degree, including PhD loans.

Private student loans may be an option to cover your PhD education. Credible lets you compare private student loan rates from multiple lenders, all in one place.

If you need to borrow money to pursue your PhD, the best initial loan source is the U.S. Department of Education. That’s because federal PhD loans (like all federal student loans) offer fixed interest rates no matter your credit history, flexible repayment terms, no payments until after you leave school, and options for postponing payments.

Two types of federal loans are available to PhD students: Direct Unsubsidized Loans and Grad PLUS Loans.

Graduate students, including PhD students, can take out federal Direct Unsubsidized Loans to pay for their program. As unsubsidized loans, your interest will accrue and capitalize (be added to your principal) while you’re in school — unless you make voluntary interest payments. 

For the 2022-23 school year, you can expect the following:

Don’t forget that the U.S. Department of Education adjusts the interest rate annually on July 1, so the interest rate on federal loans during your first year of doctoral education may not be the same rate for future years.

Federal Direct Unsubsidized Loans have a standard repayment period of 10 years with a fixed monthly payment. But you do have the option of switching to alternative repayment plans. 

These types of loans are specifically designed for graduate students, including PhD students. Like Direct Unsubsidized Loans, the interest on Grad PLUS Loans is unsubsidized, so it will accrue and capitalize while you’re studying, unless you make voluntary interest payments.

The 2022-23 limits and rates for federal Grad PLUS Loans are:

For-profit banks and other lenders offer private student loans. This means the specific borrowing limits, interest rates, repayment terms, fees, and credit requirements will vary from lender to lender. The best way to find the right private student loan for you is to shop around and compare rates and terms from at least three to five lenders. 

You may be wondering why PhD students would take out private student loans since federal Grad PLUS Loans have a borrowing limit as high as the school’s cost of attendance. Here are a few reasons you might consider turning to private PhD student loans:

Private student loans can also be a good way to reduce the cost of your PhD loans down the road. 

If you need to take out private student loans, visit Credible to compare private student loan rates from various lenders in minutes.

If you’d like to avoid taking out loans for your PhD program, you can find several other ways to pay for your advanced degree, including:

You can use both federal Direct Unsubsidized Loans and Grad PLUS Loans to pay for living expenses. The U.S. Department of Education will usually disburse the student loan funds directly to your school. If there’s any money left over after the cost of tuition and fees is covered, the remaining amount will be refunded to you, and you can use that money to pay for housing or any other education-related costs. 

With private PhD loans, you can borrow whatever amount you can qualify for and use the money for any education-related expenses, including housing or living expenses.

The amount you can borrow with a PhD student loan depends on the source of your loan. 

With Credible, you can compare private student loan rates without affecting your credit.