Can I afford to be a PhD student?
I’m a 2025 psych grad applying to Clinical and Developmental PhD programs this cycle. I recently moved out on my own and I’ve been re-examining my finances. I’m looking for advice on whether or not I can afford to complete the program if I get accepted.
For context:
- 45k annual salary as a neurology RA, living expenses come down to $2.5k a month but I can probably cut down on discretionary spending
- No undergrad student loan debt
- Car loan has around $13k left, 5 year loan
- Little to no family support
- I have a partner who works full time, we’ve briefly discussed him supporting me but we haven’t had a full conversation
I am pretty set on doing the PhD route, but open to advice on other psych pathways! Also open to waiting for a year or two but worried I’ll miss my window to get accepted with advisors that match my research interests really well.