Steve Tippins Ph.D.Helping doctoral students get their dissertation accepted, succeed in their careers, & change the world | Academic Career Advisor | Dissertation Chair & Founder, Beyond PhD Coaching | 35 + years of experience.

The Hidden Costs of a PhD

30 Mar 2026 · 1 min

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In this presentation, the speaker outlines the often‑overlooked financial downsides of pursuing a doctoral degree. He explains that PhD students forgo higher salaries, overtime, and promotions, which reduces their immediate income and long‑term earnings potential. Because earnings are lower, contributions to retirement accounts such as 401(k)s are also smaller, leading to diminished retirement benefits. The speaker highlights the high attrition rate—about 50 % of doctoral candidates do not complete their programs—meaning many invest $60‑$80 k (or more) and may still carry student‑loan debt without ever receiving a degree. He concludes by offering a free dissertation‑help community for viewers who comment “help.”

Chapters

You can also measure costs in income you didn't earn, perhaps smaller paychecks, less overtime, again missing out on those promotions which got you a higher paycheck. Another cost that a lot of people don't think about is reduction in benefits. Well, I didn't earn as much, so my 401(k) wasn't as high, or my retirement plan isn't going to provide me as much income. So that's another area which you want to factor into as a cost. One other thing to think about is, remember, about 50% of doctoral students don't finish. So that means 50% of people get to a point where they've paid $60,000, $70,000, $80,000 and don't finish. They don't get a degree, but guess what they do get? They get to still keep paying if they have student loans or they've paid out that money. So you can have incurred a big cost and not get the degree. Drop the word "help" in the comments and I'll send you the link to our free dissertation help community.