[rhino369]

That is mostly true for reputable programs. But there are a lot of unreputable Ph.D. programs. They may even graduate the bulk of PhDs.

And even some reputable programs will let some people "buy their way" if they don't qualify as for a fellowship/funding.

[overeater]

The annoying thing, is since there are more unreputable programs out there, all the stats about PhD students are heavily skewed by those students. Basically this rhetoric about 1/1000 phd students landing a job, or phd graduates being $100,000 in debt, or 9/10 students drop out or have mental health issues, are not about the usual PhD program we think about at universities that are household names and hear about in the news.