Is it worth self-funding a PhD to attend a top 10 university?

What should I opt for?

Option A) very well paid PhD, around €3000 per month at a respectable university or;

Option B) a non-paid PhD, where I have to pay €2000 per year at one of the top 10 universities of the world?

EDIT: Actually they are both UK universities, Option B is ranked between the top 10 in the world in engineering and tech, and I do get a scholarship that pays 18000 pounds which covers the difference between international student tuition and EU tuition. In Option A, I will be doing research in a good university and will be working alongside giants in the industry.

Answer

Congratulations on receiving these two offers from good universities, both of which offer at least some funding. I make it that the difference between your two options is about €114000 over the three-year period that UK PhDs are usually funded for. This is probably a very large difference and it might be worth trying to ask somebody within your field who knows both institutions and departments whether that would be worth it.

Certainly, self-funded students can survive PhDs in the UK, and your prospects of successfully completing are probably better than average if you are in engineering and tech. In addition, it may be a realistic prospect in the UK to receive payment for carrying out some teaching and demonstrating. I would advise asking about this possibility before you commit to option B. Look at the research council guidelines beforehand to try to gauge the best practices for salary and training.

However, there may be more important criteria than money. In one department I worked in I saw hoards of both funded and self-funding students abandoned by a particular supervisor before they quit. Don't let this be you. The (prestigious) department did nothing; it was absolutely buyer beware. So the usual advice applies: Talk to your supervisor's previous students, did they complete on time? What are they doing now? Did they see others around them succeed and being supported? Did they feel the supervisor, department and university helped them to succeed? Unfortunately, a top department is absolutely no guarantee of a non-toxic research culture in the group.

If option A is research council funded (or is funded by a high-profile UK body or another funder demanding results for their money), this would weigh heavily in my decision to take it, even if it is at a less prestigious university. There will be consequences for the group and department if a council-funded student fails to finish by the four-year deadline, and this means that both the supervisor and institution are absolutely committed to the student succeeding and solutions will have to be found if things start to go wrong.