Funding and Financial Stability During Your PhD

So, you’re thinking about applying for a PhD? One of the most important, and sometimes overlooked considerations is how you’ll fund it. Whether you’re applying for a fully funded PhD or planning to self-fund, understanding your financial options is essential for both your academic success and personal well-being.

There are funded PhDs and self-funded PhDs, and they both bring their own challenges. The challenge of a funded PhD is that they can be narrow in focus, highly competitive and with little room for flexibility in terms of work patterns or research themes. However, the advantage is that they allow for financial stability. Funded PhDs vary in terms of exactly what is covered, but generally they include tuition, a stipend and some funding towards research costs (although this varies). On the other hand, the advantage of a self-funded PhD is the flexibility to conduct research of your own design. However, self-funding includes the inherent difficulties of a PhD as well as finding funding for tuition, living expenses and research costs.

In this article, we explore the differences between funded and self-funded PhDs, outline key funding sources, and share practical tips for managing your finances during your doctoral journey. 

Funded PhDs: Structure and Support

Funded PhDs are typically supported through:

• PhD studentships are often university or externally funded (e.g. by UKRI subject-specific research councils)
• Doctoral Training Partnerships (DTP’s) or Centres for Doctoral Training (CDTs). Sometimes you can apply for these after starting a self-funded PhD, but it varies by funder. 

You don’t apply for these studentships directly to the funders. Instead, they can be advertised as pre-defined projects, students may propose their own research within a thematic area. Some universities also offer a limited number of scholarships for student-designed projects, which may include teaching assistant responsibilities. Deadlines vary widely depending on the institution, so it’s important to start looking early!

What’s Usually Covered?

• Tuition fees (some are for home students only, if you are an international student then check if you are eligible)
• A stipend (living allowance)
• Research and training costs (varies by funder)

These PhDs provide financial stability and access to additional training budgets and academic networks which are difficult to access otherwise. 

Self-Funded PhDs: Flexibility with Financial Challenges

Self-funding offers the freedom to pursue a research topic of your own design, but it requires you to fund:

• Tuition fees
• Living expenses
• Research, training and travel costs (these vary greatly depending on your discipline)

Funding Options for Self-Funded Students

• Doctoral Loans: Up to £30,301 (not enough to fully cover living costs, but can alleviate financial burden)
• Commercial and charitable organisations, e.g. Sir Richard Stapley Trust (£650 – £1,500 to bridge shortfalls). The number and type of funding opportunities vary greatly between disciplines: some cover only tuition, others only living expenses or research costs.
• Disabled Students’ Allowance (DSA): Covers disability-related study costs including specialist equipment
• University and departmental grants: small awards (£500 – £1000) available for conferences, fieldwork, or research materials
• Hardship Funds: Emergency support (usually a small amount as a one-off payment – not to be used as a primary funding source).
• For more information, check your university’s postgraduate funding pages 

Earning While You Study

Many PhD students supplement their income through part-time work. Opportunities vary by institution and location, so it’s important to research what’s available before you start.

University-Based Jobs

• Graduate Teaching Assistant (GTA) or Visiting Lecturer roles (often high hourly rates, but not consistent). This is also an excellent way to get teaching experience. Note: Some universities restrict teaching opportunities to later stages of the PhD – check before you start if this is part of your financial plan.

• University job boards or services like Unitemps where you can find roles such as: student ambassador, research assistant, data entry and many more. 

Flexible and Freelance Work

• Tutoring (e.g. The Brilliant Club).
• Freelance writing, editing, admin.
• Pet sitting (Catinaflat) or babysitting. 
• Hospitality – often flexible working hours, which can fit around PhD work.

Jobs unrelated to your research can feel like a nice break as they often aren’t very mentally demanding! 

Tips and Tricks

Plan ahead!

If you’re considering self-funding, start by mapping out your financial plan:

• How will you cover tuition, living, and research costs?
• What grants or jobs are available to you? 
  • Are any specific to you as an individual, or to your discipline? 
• When do funding cycles open and close? Studentships and non-profits will have very different cycles, so make sure you know exactly what opens when, and research this well in advance. Create a spreadsheet to track deadlines and opportunities. 
• Don’t hesitate to ask current PhD students or supervisors for advice, they’ve have navigated similar challenges.
• Reach out to people in the department/university – let people know that you’re looking for part-time work within the department, you never know what’s available until you put yourself out there! 

• If working part-time is necessary to fund your PhD, then pursuing your PhD part-time may offer greater flexibility to balance work and study. 
• When you do find employment, keep a timetable – keep your PhD days and work days organised and separate. 

Final Thoughts

Financial stability is a crucial part of a successful PhD experience. Whether you’re funded or self-funded, being proactive, resourceful, and realistic about your finances will help you stay focused on your research and well-being. A PhD is a marathon, not a sprint – and having a solid financial plan is one of the best ways to ensure you reach the finish line. 

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