PhD/PsyD How to ask about funding?

[imaginarysonicscape]

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[MCParent]

Would you take a job without knowing what the salary is?

You are completely within your right to ask for a detailed breakdown of all costs and stipend info for any program before you accept anywhere. I think it's nuts when programs don't just put all that on the table at interview day.

 

[psych.meout]

I have interviewed at 3 PsyD programs, 2 fully funded and 1 partially funded, all reputable. I am waitlisted at 1 fully funded one, haven't heard from the other fully funded one (but I think I am waitlisted as there is one acceptance on gradcafe), and I was accepted to the partially funded one.

The program I was accepted to is a great fit, and it is the only one of the three which has a neuropsych track, which is really appealing to me. However, I am really concerned about the cost of the program. Without any funding, tuition and fees would be $104k. At interviews, the director gave us some vague information on funding opportunities, and basically told us he can promise we would each get at least $8-10k per year for our first 3 years. This means the program would cost me $80k max, but could end up being less. I have no debt from undergrad and will have a good deal of financial support from my parents (enough that I might not even have to take out any loans), but it would still be a difficult sum to handle alongside living expenses and I'm still not sure if it would be worth the financial burden.

So I am wondering how I should go about asking for more information about the funding. Should I simply email or call the program director? Should I wait for the official mailed acceptance letter? I will ask my professors as well when I see them, but I want to get some opinions here first.

I would email and ask about funding, though it's not necessarily a good sign that the director was vague during interviews. In my experience, that's always a bad sign and the programs with good funding are always up-front about how much they offer, for how long, and how they go about allocating funding (e.g. TA, RA, fellowship, etc.).

You should also consider that "$80k max" is just the principle, not the total amount you'd owe, because you need to account for compounding interest accrued while you are in the program and afterwards while you are trying to pay it off.

 

[imaginarysonicscape]

I would email and ask about funding, though it's not necessarily a good sign that the director was vague during interviews. In my experience, that's always a bad sign and the programs with good funding are always up-front about how much they offer, for how long, and how they go about allocating funding (e.g. TA, RA, fellowship, etc.).

You should also consider that "$80k max" is just the principle, not the total amount you'd owe, because you need to account for compounding interest accrued while you are in the program and afterwards while you are trying to pay it off.

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[imaginarysonicscape]

Would you take a job without knowing what the salary is?

You are completely within your right to ask for a detailed breakdown of all costs and stipend info for any program before you accept anywhere. I think it's nuts when programs don't just put all that on the table at interview day.

.

 

[WisNeuro]

Sounds like excuses, and it sounds shady. I'd be wary without any firm numbers in front of me. This is what predatory institutions do.

 

[imaginarysonicscape]

Sounds like excuses, and it sounds shady. I'd be wary without any firm numbers in front of me. This is what predatory institutions do.

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[bmedclinic]

As for interest, I probably won't have to take out any loans as my parents have enough money which they are willing to lend me (I am an only child and I come from a relatively frugal family with a good deal in savings). Of course I want to avoid putting that financial burden on my parents if possible, but it may still be workable depending on the details.

Imaginary,
Before you go down this road, think about what you think you might want to do as a job- long term. I dont mean as a psychologist, I hope that part is obvious. Do you want to be a neuropsychologist? Private Practice? VA? I think this is important to consider. I am not a fan personally of government loans, but a current option that is smart for people that are content to work forever for certain institutions (BOP, State, some universities, etc) is to not borrow from parents, but borrow from federal loan program and work for 10 years for that employer who will repay that loan for me. Part of this is your tolerance to work in a less than ideal job/ less than ideal employer/boss, because that could happen if you bank too heavily on this route. And you could set yourself up to feel stuck for a decade.

Personally, that's not for me, and I'd caution you to not whimsically make a choice thinking "well, I'll just work for X for 10 years." Rather, I'd take that information and consider it as a factor. And above all, I'd at all costs try to reduce the debt burden you aquire, no matter what else.

 

[smalltownpsych]

I have interviewed at 3 PsyD programs, 2 fully funded and 1 partially funded, all reputable. I am waitlisted at 1 fully funded one, haven't heard from the other fully funded one (but I think I am waitlisted as there is one acceptance on gradcafe), and I was accepted to the partially funded one.

The program I was accepted to is a great fit, and it is the only one of the three which has a neuropsych track, which is really appealing to me. However, I am really concerned about the cost of the program. Without any funding, tuition and fees would be $104k. At interviews, the director gave us some vague information on funding opportunities, and basically told us he can promise we would each get at least $8-10k per year for our first 3 years. This means the program would cost me $80k max, but could end up being less. I have no debt from undergrad and will have a good deal of financial support from my parents (enough that I might not even have to take out any loans), but it would still be a difficult sum to handle alongside living expenses and I'm still not sure if it would be worth the financial burden.

So I am wondering how I should go about asking for more information about the funding. Should I simply email or call the program director? Should I wait for the official mailed acceptance letter? I will ask my professors as well when I see them, but I want to get some opinions here first.

Sounds to me that you are a fairly competitive applicant. It might make sense to set the bar at fully-funded. 100K or even the 80K plus accrued interest is a lot of money and would be enough to justify waiting a year and continuing to work on improving your application so that you will be ensured of the fully-funded option. Why no PhD options, neuropsychology tends to emphasize research productivity even more so than general practice psychology.

 

[imaginarysonicscape]

Sounds to me that you are a fairly competitive applicant. It might make sense to set the bar at fully-funded. 100K or even the 80K plus accrued interest is a lot of money and would be enough to justify waiting a year and continuing to work on improving your application so that you will be ensured of the fully-funded option. Why no PhD options, neuropsychology tends to emphasize research productivity even more so than general practice psychology.

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[smalltownpsych]

If you're folks are willing to foot the bill for the 68k and this program checks the boxes, then it sounds like you know where you're going. 🙂
I guess as I read through the post, I sort of missed that the main question was about how to ask about the funding. I would suggest being very straightforward about it and don't tell them about what funds you do have access to from the folks as the more money you save on paying to the university, then the more that money could be used elsewhere. My folks offered to help me out starting up a private practice at one point for instance.

 

[WisNeuro]

I'll never understand the tendency to throw money away merely because one has it.

 

[psych.meout]

I'll never understand the tendency to throw money away merely because one has it.

C'mon, it's only $68,000, chump change.

 

[biscuitsbiscuits]

Sort of related question.

I was accepted to a program that I really love, which also has a decent reputation for funding. At the time of acceptance, I was told that the department would receive their funding info in mid March and I'd hear about my funding sitch shortly after that. My question is.... is there any room for negotiation? Is that ever done? Or gauche? I don't know what the culture is like in this respect and I'd like to maximize my funding but don't want to offend anyone. I did tell them that I was excited by the opportunity but would have to wait to hear re funding to make a final decision.