The purpose of the qualitative descriptive study is to explore how doctoral graduates describe the costs and benefits of having a mentor, from a social exchange perspective, during their online program in the United States. The social exchange theory was the selected framework to examine the relationship between a mentor and a mentee. Research questions that directed this qualitative study were, RQ1: How do doctoral graduates describe the benefits of their mentoring experience, from a social exchange perspective, during their online program and RQ2: How do doctoral graduates describe the costs of their mentoring experience, from a social exchange perspective, during their online program? The sample size of 33 online doctoral graduates completed questionnaires, of which 12 were interviewed. Reflexive thematic analysis was used to analyze the data. Data revealed three themes to address RQ1: mentors provided valued academic coaching; mentors worked to establish mutual respect and social acceptance; mentors assisted with emotional support and work-life balance. Themes from RQ2 addressed costs, including investments of time and knowledge resources. The findings aligned with the constructs of the social exchange theory to help policymakers, educators, and institutions expand their investment in online doctoral degree programs. The study provides knowledge on the dissertation experience from the online doctoral graduate perspective by exploring the impact mentoring has on students during their online doctoral program. Further research should be conducted using a quantitative study to quantify the relationship between mentorship programs, student success, and online coaching in doctoral degree students. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com/en-US/products/dissertations/individuals.shtml.]