Earning your doctorate degree online is a great choice for many. The cost savings and convenience are hard to beat.
If you’re wondering about the cost of online doctoral programs, you’re in the right place. Below we look at the average costs of doctorate programs online, financial aid options, how long it take to get a degree and more.
Average Cost of Getting a Doctorate Degree Online
One of the biggest questions when it comes to Ph.D. conversations is the cost. How much does it cost to get your doctorate online?
The answer to this actually depends on two main factors. One is the school you attend. The other is what kind of degree you are pursuing.
One of the most popular doctorate degree types is business administration. The average cost to get your PhD here is around $11,000.
On the other hand, the average tuition fee for an online PhD for Organizational Leadership costs around $19,500.
If you’re looking for a doctorate degree in psychology, expect an average tuition fee of $15,000.
Financing an Online Doctorate Degree
Clearly getting a doctorate is not cheap. However, having a PhD can help you get a job with a higher salary. True, getting a doctorate’s degree is not exactly budget-friendly. However, that doesn’t mean it’s unachievable.
If you are on a strict-budget, you can create a smart financial plan for your education. This plan may also help reduce your overall costs. Listed below are some tips to help you plan your budget for your doctoral degree.
- Apply for Free Application for Federal Student Aid or FAFSA for the upcoming year. With this, you can see if you are qualified for any federal financial aid such as work study, and federal loans.
- Know your maximum loan amount. Each loan has its own specific requirements such as a maximum borrowing amount. Knowing what your limit is helps create a more detailed budget plan. However, this doesn’t mean you should take out the max amount you can. You only want to borrow what you need.
- Explore other options. Of course, there are also other options aside from a loan. There are scholarships available, employer reimbursements, non-repayable financial aid and more. Knowing your options can help reduce the total of your borrowing costs.
- Once you know what other options are also available, calculate the total amount you still need to borrow. Remember, getting a student loan should be your last resort.
- Figure out repayment plans. Naturally, if you do end up applying for student loans, you want to figure out how to pay it back as soon as possible. It is important to compare repayment plans from each lender so you can figure out what’s the best way to go about this.
To find out how long it takes to get a doctorate degree online and for a list of popular online doctorate degree programs and schools, click here.
This is part of our series on How much does online college cost?
Check out the next article about what getting an associate degree online cost.