The Short Answer
The average doctoral student borrower carries $77,331 in federal debt — but this hides enormous field-by-field variation. Nearly 90% of STEM PhD graduates carry under $10,000 because they receive full funding. Humanities and social science PhDs frequently graduate with $40,000–$108,000 in debt because funding rates are lower.
The Funding Gap: STEM vs. Humanities
The single biggest driver of graduate debt is whether the program funds you. STEM doctoral programs — in fields like computer science, engineering, biology, chemistry, and mathematics — almost universally provide full funding. Universities in these fields generate substantial external research grants from federal agencies like NIH, NSF, and DARPA. Those grants fund graduate student labor, which means the university’s interest in having you do research aligns directly with covering your costs.
Humanities doctoral programs operate differently. External grants are smaller and less reliable. Humanities departments often admit more students than they have funding for, offering partial funding to some and no funding to others — particularly in smaller or lower-ranked programs. This is why the same decision (get a PhD) carries dramatically different financial risk depending on whether you are entering a biology lab or a literature department.
Graduate Debt by Field
| Field | Typically Funded? | Avg Grad Debt | % With $50K+ Debt | Stipend Range |
|---|---|---|---|---|
| Computer Science | Yes (PhD) | <$10,000 | <5% | $30,000–$55,000/yr |
| Engineering | Yes (PhD) | <$10,000 | <5% | $28,000–$50,000/yr |
| Life Sciences / Biology | Yes (PhD) | <$10,000 | <5% | $24,000–$38,000/yr |
| Mathematics | Yes (PhD) | <$10,000 | <5% | $22,000–$35,000/yr |
| Psychology (PhD) | Partial | $30,000–$60,000 | 22% | $16,000–$25,000/yr |
| English / Literature | Partial | $40,000–$70,000 | 18% | $16,000–$28,000/yr |
| History | Partial | $45,000–$75,000 | 20% | $15,000–$26,000/yr |
| Public Policy | Rarely | $50,000–$90,000 | 40% | N/A — mostly unfunded |
| MBA (M.S. Business) | Rarely | $60,000–$90,000 | 45% | N/A — not funded |
| Social Work (MSW) | Rarely | $80,000–$120,000 | 55% | N/A — not funded |
| Law (JD) | Rarely | $100,000–$165,000 | 75% | N/A — not funded |
| Medicine (MD) | No | $180,000–$240,000 | 90%+ | N/A — not funded |
Data compiled by Leadership Brainery from NCES, TICAS 2025, NSF Survey of Earned Doctorates, and individual program websites, 2024–2026.
What “Funded” Actually Means
Full funding = tuition waiver + annual stipend + health insurance. All three. In writing.
A tuition waiver means the university covers your tuition costs — you are not billed for enrollment. A stipend is a living allowance, paid as salary, typically in exchange for teaching or research work of 10–20 hours per week. Health insurance is included as part of your employment package.
If a program offers a “scholarship” or “partial tuition reduction,” that is not full funding. If you receive a tuition waiver but no stipend, you still need income to live. Most master’s degrees — including highly regarded ones — do not provide full funding. A master’s at a top university might offer merit awards, but the default expectation is that you pay for it.
The First-Gen Specific Debt Burden
First-generation graduate students often enter with debt already accumulated from undergraduate education. The average first-gen undergraduate borrower carries $32,900 in federal student loan debt at graduation — more than their continuing-generation peers because first-gen students are less likely to have parental financial contributions and more likely to attend schools with lower institutional grant funding.
Adding graduate debt on top of that undergraduate balance changes the math significantly. A $50,000 graduate loan on top of $32,000 in undergrad debt creates an $82,000 total balance entering the workforce — and that is before interest accumulates during in-school deferment. On a standard 10-year repayment plan, that balance carries monthly payments of roughly $900, well above what many entry-level salaries in humanities-adjacent fields can support.
First-gen students also more often carry financial obligations their continuing-gen peers do not: remittances, family emergency funds, cosigned obligations, or simply a family expectation of contribution during lean years. A stipend must stretch further when it is not only your income.
Your Stipend’s Real Value by City
The same stipend produces radically different financial realities depending on where you live. Average one-bedroom rents are used in the table below; actual costs vary by neighborhood.
| Stipend | City | Est. Monthly Budget Left | Verdict |
|---|---|---|---|
| $28,000/yr | Ithaca, NY | ~$800/mo after rent | Livable |
| $28,000/yr | Boston, MA | ~$200/mo after rent | Tight |
| $28,000/yr | San Francisco, CA | −$400/mo deficit | Unsustainable |
| $38,000/yr | Chicago, IL | ~$900/mo after rent | Manageable |
Budget estimates based on average one-bedroom rents (Zillow 2025) and do not account for utilities, transportation, or family obligations. Data compiled by Leadership Brainery, 2024–2026.
Use the Leadership Brainery Debt Calculator
Our Graduate Debt Explorer shows median federal borrowing by specific school, degree type, and field — translated into real monthly payments under standard and income-driven repayment plans. Enter the programs you are considering and see what the debt would actually cost you each month.
Also explore our Should I Go to Grad School decision framework and the Funded PhD Programs for First-Gen Students guide to find programs with strong first-gen support.
Frequently Asked Questions
How much debt do PhD students typically have?
The average doctoral student borrower carries $77,331 in federal debt, but this average hides enormous variation by field. STEM PhD graduates typically carry under $10,000 because nearly all STEM doctoral programs are fully funded. Humanities and social science PhD graduates often carry $40,000 to $108,000 because funding is less consistent. Professional doctorate holders in law, medicine, and social work carry the most debt, often $100,000 to $240,000.
Are PhDs in STEM always funded?
Nearly all PhD programs in STEM fields — including computer science, engineering, mathematics, biology, chemistry, and physics — provide full funding: a tuition waiver, a stipend of $24,000 to $55,000 per year, and health insurance. This is the norm, not the exception. If a STEM PhD program does not offer full funding, that is a significant red flag about the program’s quality and resources.
Why do humanities PhD students have more debt?
Humanities PhD programs fund at lower rates and with smaller stipends than STEM programs. Universities generate less external research funding in humanities fields, which means fewer resources for student support. Many humanities PhDs offer partial funding — covering tuition but not providing a livable stipend — and some admit unfunded students. Lower stipends in humanities also mean students are more likely to supplement income with loans when the stipend falls short.
Is a master’s degree worth going into debt for?
A master’s degree can justify debt when the salary premium it produces is large enough to repay borrowing within five to ten years. Terminal master’s degrees in nursing, computer science, and engineering often meet this test. Master’s degrees in education, social work, counseling, and many humanities fields typically do not — graduates enter fields with flat wages and may spend decades managing debt. Always calculate the specific salary premium for your field before borrowing.
What is the average graduate school stipend?
The average PhD stipend in the United States ranges from $18,000 to $38,000 per year in humanities and social sciences, and from $24,000 to $55,000 per year in STEM fields. Top-ranked STEM programs at private universities often pay $40,000 to $55,000. Humanities programs at regional public universities may pay as little as $15,000. The stipend’s real value depends heavily on the cost of living in the city where the program is located.
How do fellowships help first-gen students avoid grad school debt?
External fellowships such as the NSF Graduate Research Fellowship ($37,000/year), the Ford Foundation Fellowship ($27,000/year), and the Leadership Brainery Ambassador Fellowship ($10,000 transitional grant on enrollment) add funding on top of a program’s base package. Stacking an external fellowship with a fully funded program can cover living expenses in expensive cities, eliminate the need to take on debt, or fund a year of dissertation work that would otherwise require loans. Once you identify a target program, see the fellowship negotiation guide for specific email templates and strategies for increasing your offer.