A doctoral degree is the highest level of education you can obtain, and, according to the Oracle, you can earn an average of $3.4 over your lifetime after earning this degree. That’s approximately $2.2 million more dollars over a lifetime than a high school graduate would earn, $1.3 million more than an individual with a Bachelor’s degree, and $900 thousand more than an individual with a Master’s degree.
Before you can start earning the big bucks, though, you have to obtain your doctoral degree. On average, a typical program takes about five years to complete post-bachelor and, according to the National Center for Education Statistics, costs between $242,000 and $300,000. While this price may be intimidating to many students, it doesn’t have to be. There are many university fellowships, grants, and scholarships, which provide financial aid to students trying to obtain their doctorate degree. These forms of financial aid can provide students with tuition assistance, paid internships, and stipends for housing and living costs.
PhD Scholarships for Women and Minorities
If you are interested in continuing your education and earning your doctoral degree, there are many different scholarships and grants you can take advantage of. The following are financial resources designed especially for women and minority trying to obtain their doctorate degrees.
- Society for Women Engineers– Women interested in pursuing a career in engineering, computer science, and engineering technology can earn between $1,000 to $10,000 to assist with the tuition at an accredited college in the U.S. or Mexico. In order to qualify for scholarships through the Society of Women Engineers, female students must be residents of the United States, have at least a 3.5 GPA, and must not be receiving funding that covers their full tuition, such as the funding received through the Armed Forces or through employer reimbursement.
- United Negro College Fund– African Americans enrolled full time in a four year university, who are interested in pursuing a degree in engineering, life sciences, or physical sciences can obtain an award of up to $35,000. $25,000 of this award can be used toward tuition and college expenses, while $10,000 can be used as a stipend for living expenses. The scholarship also provides two summer internships.
- Association for Women in Science– The Association for Women in Science is a foundation that supports women who need to travel for professional development. Students who work in a career like mathematics, technology, engineering, and science can obtain up to $3,000 that can be used for transportation, tuition, housing, dependent care, and meals.
- Hispanic Scholarship Fund– Hispanic graduate students who are enrolled full-time two or four year college in the United States, Guam, Virgin Islands, and Puerto Rico can receive financial assistance for their doctoral degree education. Students must be pursuing their first graduate degree in order to qualify. Scholarships are based on personal strengths, financial need, leadership, and academic performance.
Related: 9 Scholarships for Women
Imagine making an average of $3.4 million dollars over your lifetime with a doctorate degree. Sounds wonderful, doesn’t it? With just a few years of additional education and the right scholarships, university fellowships, and grants, you can earn the degree you need to live the life you have always wanted.