Interested in earning Ph.D. in Psychology? Tips to Find Money For Graduate School!
It is an understatement to say that the current economic climate has many applicants in a tizzy about how to fund graduate education. Who’s going to pay for it?
Top ranked Ph.D. programs in psychology offer more money in fellowships to graduate students.
There are also financial benefits to be reaped by matriculating at the nation’s best psychology Ph.D. programs. U.S. News World and Reports recently published a great article detailing 4 Strategies to Save Money in Grad School. One of its best points in how to to improve your chances of getting financial aid for graduate school in these hard economic times:
Apply to wealthier schools for more financial support through fellowships
Public universities in states with stronger economies, and schools with endowments large enough or managed well enough to weather Wall Street’s collapse, have more money to hand out. Gregory Fenves, dean of the University of Texas’s engineering school, notes that his state, like several others rich in oil, has so far avoided the worst of the rest of the nation’s economic troubles. As of early 2009, he expected his budget for the fall’s financial aid to rise slightly, enabling him to fund just about all Ph.D. candidates, as well as master’s applicants, who express an interest in research. At his school, he explains, “at the graduate level, it is all merit-based aid.” Anyone who wants funding will need good grades and test scores and will have to “be clear in their statements and essays about what particular research area they are interested in, and why.” Source: US News & World Report
Why do top ranked Ph.D. programs in psychology tend to be wealthier institutions?
It’s no coincidence that these programs attract some of the nation’s best scholars. In addition to university endowments, many of these universities have famous alumnus who contribute substantially to support graduate students. Not to mention that many faculty members bring in big bucks from research grants.
More money in research grants also mean more financial support for psychology graduate students.
A faculty mentor with external funding may have additional funds to extend financial support if not covered by fellowship. Some faculty mentors may also have additional money for student travel to professional conferences, which enable you to build connections that result in job opportunities. Many of these “wealthy” top ranked Ph.D. programs tend to offer some of the best graduate fellowships in order to attract some of the nation’s most promising graduate students (and future scholars).
Top ranked doctoral programs in psychology tend to be extremely competitive to get into in the first place.
Within these difficult economic times, assembling your best grad application package could absolutely mean the difference in whether or not you reach your career goal of being a Clinical, Social, or Industrial/Organizational psychologist (or whatever area of psychology you choose to specialize in).
