How does one pay for graduate school?

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Discussion Overview

The discussion revolves around the financial aspects of attending graduate school, particularly in the fields of quantitative finance and related disciplines. Participants explore various funding options, including graduate assistantships, stipends, and the implications of student debt.

Discussion Character

  • Exploratory
  • Debate/contested
  • Technical explanation

Main Points Raised

  • One participant expresses concern about financial constraints and questions the adequacy of a $6,000 stipend for graduate assistantships, wondering if additional pay is typically available.
  • Another participant suggests that a 20-hour workweek could yield around $16,000 to $20,000, along with full tuition coverage, but notes that funding is often more accessible for PhD students than for master's students.
  • A different viewpoint warns against accumulating significant student debt, emphasizing the challenges of living on a low stipend, especially in urban areas.
  • One participant proposes considering part-time study options, highlighting that many finance programs offer evening classes to accommodate working professionals.
  • There is a mention of government grants typically funding PhD programs in the sciences, although this is not directly related to the finance discussion.
  • A participant shares personal experiences from decades ago regarding living conditions and financial strategies as a graduate student, suggesting that frugality is often necessary.
  • Another participant provides specific stipend rates for graduate students at Michigan Tech, indicating variability in funding across institutions.
  • The original poster notes discrepancies in stipend information from different departments and expresses the need to verify these figures.

Areas of Agreement / Disagreement

Participants do not reach a consensus on the adequacy of stipends or the best approach to funding graduate education. Multiple competing views on funding options and financial realities remain present throughout the discussion.

Contextual Notes

Participants highlight limitations in funding availability, variability in stipends across institutions, and the potential for additional costs not covered by stipends. There are also references to the need for further verification of stipend amounts.

Hodgey8806
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I currently have my math degree, and I am working in the actuarial world. However, I'm considering returning to school to study quantitative finance, because I like economics and it will give me exposure (without requiring ph. D for a job).

Unfortunately, I'm in mostly financial constraints. I don't want to take out a loan for grad school, and I wasn't quite sure about graduate assistantships. It looks like they pay 6k over 9 months...REALLY! My crappy apt would cost more than that---and I do mean crappy. So I wasn't sure, is that 6k stipend the full amount or does it usually work that graduate assistantships also get say 20 hr/week pay too?

Thanks!
 
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It depends on the school and the degree but something on the order of 16-20 thousand dollars is what I would expect if you are working 20 hours a week, along with full tuition. For example at the University of Michigan if you teach both semesters at a 20 hour per week workload (not 20 hours of actual classtime, 20 hours total worktime) you'll get paid something close to 18,000 dollars.

School are typically more liberal in giving money to Phd students than masters students though (which it sounds like is what you want to do), so it might be hard to get funding.
 
If you have to pay for graduate school it may not be worth the tons of debt you'll rack up. Student loan debt isn't as easy to payoff as you may think--life happens.

I can't imagine living off of $18k, that's borderline poverty and you'll still likely need to take out loans to make ends meet if you go to a school near or in a major city.

Your best bet is to spray and pray as many grant funding apps as you can and hope to land a few grand on top of a stipend.
 
Have you considered going to school as a just a night student? Many master programs geared towards finance offer many of their programs classes later in the day to have the added benefit of allowing working professionals attend and be part of the class. In fact, in my experience a good deal of financial engineering type programs have a preference towards people who have work experience already. It may take longer, but if it's an option in your area, it's definitely worth a shot.
 
I thought most PhDs in the sciences were paid for by government grants? NIH or something?
 
NextElement said:
I thought most PhDs in the sciences were paid for by government grants? NIH or something?
from op
Hodgey8806 said:
I currently have my math degree, and I am working in the actuarial world. However, I'm considering returning to school to study quantitative finance, because I like economics and it will give me exposure (without requiring ph. D for a job).
 
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Remember, a TA stipend is only for the academic year, i.e. 9 months. I remember my initial stipend as a grad student was about $450-$500 per month, 38 years ago, which would be about $1800-$2000 now, after inflation.

I always had a roommate, first an EE grad student for a couple of years, then a fellow physics grad student. I didn't own a car until my parents gave me their second car during my last year in grad school. I usually made my own meals, brown-bagged a sandwich or something to school, and ate out maybe 2-3 times a week. My social life was mainly hanging out with a group of fellow grad students who were in a similar financial situation. We didn't spend much money on entertainment.
 
Thank you all for your replies. I'm looking at the business site and it says, "Stipends for graduate assistantships start at approximately $6,000 - $6,500 per 9 month academic year for master's students and approximately $13,000 - $18,900 per 9 month academic year for doctoral students, with a limited number of tuition waiver fellowships available each fall semester to incoming students new to the PhD program."

However, the math department stats that for the 9 month period it is a monthly 2k stipend.

I guess I need to check to make sure that isn't an error.

Thanks again!
 

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