- The average total student loan debt for Ph.D. holders is $132,268
- The average debt from graduate school alone for Ph.D. holders is $125,128
- Ph.D. holders who attended public institutions have an average debt of $112,483
- $105,411 from graduate school alone
- Ph.D. holders who earned their degree from private, nonprofit institutions have an average debt of $114,794
- $111,141 from graduate school alone
- Ph.D. holders who earned their degree from private, for-profit institutions have an average debt of $195,437
- $180,064 from graduate school alone
- 14.4% of the average graduate student debt is from the borrower’s undergraduate study
- The average graduate student debt is 145.6% higher than the average debt balance among all student borrowers
- Approximately 25% of student loan borrowers attend graduate school
- But grad school students hold around 50% of the total student loan debt in the USA
- The average salary of those with a doctoral degree is $98,020 – similar to those with a professional degree (e.g. doctors or lawyers)
- The average salary in the USA is $53,508
- Just 2.5% of Americans with a doctoral degree are unemployed
Percentage of Ph.D. holders that have student loan debt
- 48% of Ph.D. holders have student loan debt
- This, however, varies wildly depending on which type of university the student attended
- 37% of those who went to public universities have student loan debt
- 54% of those who went to private, non-profit universities have student loan debt
- 76% of those who went to private, for-profit universities have student loan debt
| Institution type | % of Ph.d. holders with student loan debt |
| All Ph.D. holders | 48% |
| Public | 37% |
| Private, nonprofit | 54% |
| Private, for-profit | 76% |
Average student loan balance of students who graduated in 99/00 vs 15/16
- The student loan debt that Ph.D. students graduating in 2015/2016 had was 104% higher than those who graduated in 1999/2000
- For medical doctors, the increase was 97%
- For non-Ph.D. doctoral degrees, the increase was 105%
| Degree type | Class of 99/00 | Class of 15/16 | % increase |
| Ph.D | $48,400 | $98,800 | 104% |
| Medical doctorate | $124,700 | $246,000 | 97% |
| Non-Ph.D. doctorate | $64,500 | $132,200 | 105% |
Satisfaction Ph.D. students with the cost of their degree
Advanced degrees include a Ph.D., medical degree, master’s degree, and law degree amongst others.
- 64% of Ph.D. holders believe that their degree was worth the cost
- Law graduates are the least likely of the major advanced degrees to believe their degree was worth the cost of their education
- Only 23% of law school graduates believe their degree was worth the cost
- This compares to almost two-thirds of doctors who believe their degree was worth the cost
Doctoral degree debt by major
- All doctorates are not created equal with some disciplines costing much less than others
- Pharmaceutical doctorates have the largest student loan debt by a significant distance when compared to other disciplines
- Health and physical education is the major where those with doctoral degrees have the lowest student loan debt
| Doctoral Degree Debt by Major | Debt |
| Pharmacy, Pharmaceutical Sciences, and Administration | $310,330 |
| Clinical, Counseling, and Applied Psychology | $174,620 |
| Public Administration | $146,190 |
| Communication and Media Studies | $133,940 |
| Juris Doctorate, Doctorate in Law | $128,290 |
| Computer & Information Sciences, General | $112,780 |
| Psychology, General | $112,530 |
| Public Health | $103,950 |
| Business Administration, Management, and Operations | $85,040 |
| Education, General | $82,130 |
| English Language and Literature, General | $73,550 |
| Registered Nursing, Nursing Administration, Nursing Research, and Clinical Nursing | $69,890 |
| Health and Physical Education/Fitness | $46,000 |
