PhD Financial Aid

PhD Financial Aid is sponsored by The University of Chicago Booth School of Business. Provides comprehensive financial assistance to PhD students, including stipends and tuition grants.

PhD Financial Aid | The University of Chicago Booth School of Business All admitted PhD students at Chicago Booth enjoy generous financial assistance consisting of a tuition grant, a stipend, student health insurance, a computer or computer subsidy, and access to research and travel funding. During your third and fourth years in the Stevens Program, you'll also have the opportunity to work as a teaching assistant.

All PhD students receive full tuition support for five to six years of full-time study, conditional on satisfactory progress in the program. All PhD students also receive stipend support for five to six years of full-time study, conditional on satisfactory academic progress.

For students who entered the Stevens Doctoral Program in Fall 2025, the awarded funding package is $55,000 per year (guaranteed through years 1-5), with funding available for a 6th year if needed. In addition, we cover student-only premiums for the university’s student health insurance plan, as well as the Graduate Student Services Fee.

Teaching and Research Assistantships During your third and fourth years in the Stevens Program, you have the opportunity to work as a teaching assistant. First and second year students generally don't TA so they can devote all of their energy to their studies. You may also work as a research assistant at any time during the Stevens Program to gain additional research experience.

As a PhD student, you may request funding (up to $3,000 per academic year) for research and conference travel on an annual basis. You may also apply to the Stevens Program or to Booth’s research centers for additional funding for larger research projects.

First year students are also provided with either a one-time $2,000 computer stipend (accounting students will receive a free high end research-quality computer workstation or laptop instead). The Stevens Program also conducts a call for proposals twice a year.

PhD students may apply for additional funding in support of a specific project that can be put towards data, fieldwork, etc. External Fellowship Support We encourage you to explore external sources of funding such as government agencies and corporations. For example, current Booth PhD students have received external funding from the NSF Graduate Research Fellowship Program and from the UniCredit Foundation’s US PhD Scholarship .

The chart below provides an estimate of the nine-month cost for a single student to attend the Stevens Program. Costs vary depending on individual circumstances. Chicago Booth’s generous funding for students more than covers the cost of attendance—even when the cost of attendance is extended to 12 months.

2024–25 Estimated Cost of Attendance Years 1-5 ( Nine Months ) Years 1-5 ( Twelve Months ) $75,780 (Three quarters, covered by Stevens Program ) $75,780 (Three quarters, covered by Stevens Program ) $1,452 (Three quarters, covered by Stevens Program ) $1,452 (Three quarters, covered by Stevens Program ) $78 (One time, covered by Stevens Program ) $78 (One time, covered by Stevens Program ) $4,998 ( covered by Stevens Program ) $4,998 ( covered by Stevens Program ) Books and Course Materials $26,010 ($2,890 per month) $34,680 ($2,890 per month) *PhD Stipend can be used to cover out of pocket expenses If you still have questions after reviewing our doctorate in business FAQ , please contact us.

We look forward to hearing from you!