Graduate programs have been churning out far more PhDs than there are available academic positions, and on top of a desperate job hunt aspiring PhDs increasingly have another problem to worry about: student debt. Unlike other degrees, PhD programs often allow students to attend school for free, receiving tuition waivers, stipends, and fellowships to cover their expenses. But in some disciplines, at least, this is beginning to change as programs accept more students without funding, or provide only meager stipends.