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Getting a master’s degree can be extremely gratifying, but it is also expensive, and being a graduate student can often be a full-time job. If you are considering going to graduate school, you might be concerned about finding a source of income while you’re in school. Many colleges offer paid programs and positions to high-performing graduate students. These opportunities typically come in the form of graduate assistantship programs.
Not every graduate student will qualify for these programs, but it’s worth seeing what your school offers and whether you’re eligible to apply. Here’s what you need to know about graduate assistantship programs and how much you could make.
How much do graduate students get paid?
Earning a graduate degree is like earning an undergraduate degree — there isn’t a way to get paid just for being a student. However, graduate students do have the option to pursue assistantships, which vary by program and field of study.
Many programs offer stipends or tuition waivers in exchange for helping professors or engaging in advanced research with department faculty. Some programs may also offer salaried positions to students willing to become teaching assistants or independently teach courses.
The overall pay depends largely on the type of assistantship you pursue; PayScale lists the average salary for graduate assistants as around $20,000, while the Bureau of Labor Statistics’ latest data shows that teaching assistants at the postsecondary level earn an average of $27,325.
Assistantships are generally competitive programs offered to high-performing students who excelled during their undergraduate education.
How much do Ph.D. students get paid?
Ph.D. programs are demanding; programs may ask students to conduct extensive research, take classes in person, instruct undergraduate students and pass examinations. Many Ph.D. programs also require students to produce a lengthy dissertation or thesis outlining and defending their research.
Like graduate programs, some Ph.D. programs will offer stipends to students, but it’s common for students to be responsible for paying their way through their degrees. Many universities will post the exact stipend amount on the program website.
Is a student stipend enough to live on?
Student stipends typically aren’t enough to live on, especially factoring in tuition costs. However, if you don’t have any debt, live for free with a close family member or friend and are careful with your spending, a student stipend could help you make it through the few years you’re in graduate school. You can also check with your graduate program to see if it offers free housing for assistants or if there are other scholarships or stipends available.
If you need more money to cover your tuition or other expenses, you may need to take out a graduate school loan. While taking on debt for school isn’t ideal, it’s an extremely common way to pay for advanced degrees.
How to create a budget with your stipend
Creating a strict budget can help stretch your stipend further. The first thing you’ll need to do is eliminate any unnecessary spending, including dining out, subscription services or services that are already provided through your campus (like gym memberships). Next, think about areas in which you could be overspending. For example, where are you getting your clothing and groceries? Try shopping at budget or bulk grocery stores and consignment shops instead of buying new.
Textbooks and school supplies can add up, especially on a student stipend. Check to see if your school offers technology rentals for things like laptops and specialty calculators. Also consider buying or renting used textbooks outside your school’s bookstore, where the prices are typically inflated.
Lastly, when it comes to budgeting with a student stipend, prioritize your monthly living expenses and bills. Not paying bills on time can invite hardship — and potentially even a collection notice — down the road. If you have an emergency fund, try not to dip into it unless you truly need the cash.
Bottom line
It can be difficult to manage your budget and find sources of income while you’re in graduate school. If you are smart with your money and have few other living expenses, taking on an assistantship or another funded opportunity from your graduate program could help you make ends meet while you’re in school. However, the stipends you earn as a graduate student are rarely enough to live on alone. It is always a good idea to look into financial aid and scholarship opportunities if you are worried about the financial logistics of going to graduate school.
Learn more:
- Ways to pay for graduate school
- The best grants for students
- Guide to college scholarships and grants
FAQs
Earning a graduate degree is like earning an undergraduate degree — there isn't a way to get paid just for being a student. However, graduate students do have the option to pursue assistantships, which vary by program and field of study.
Can you make money as a grad student? ›
Side hustles can be a good way for you to make some money while still pursuing your studies. Whether it's tutoring, freelancing, or starting your own business, there are plenty of options available that won't take too much time.
Why do grad students get paid? ›
Stipends are for students. You receive this funding as part of an assistantship or fellowship from the school. The money is meant to support your living expenses while you perform research or your other educational pursuits. Stipend amounts may be based on the length of the academic year, not the calendar year.
What is it called when you get paid to go to grad school? ›
Fellowships. Graduate students supported by fellowships receive a stipend that isn't tied to teaching or research in a particular lab. Fellowships can be for one or more years.
How does paying for grad school work? ›
Grants are usually need-based while scholarships may be need- or merit-based. Graduate fellowships and assistantships are generally merit-based, so if you graduated from college with a high GPA, you may qualify for one. Assistantships for graduate students can be research-based (RA) or teaching-based (TA).
Is grad school worth it financially? ›
Consider Financial Aid and Job Training Options
Despite the risk of borrowing to pay for graduate school, experts say a graduate education can still make good financial sense. But students should consider the financial aid available to them before choosing to enroll in a graduate program.
How does anyone afford grad school? ›
Private Loans
If federal loans aren't enough or if you don't qualify for federal loans, you can get loans from private organizations. Private loans typically have no borrowing limit, so they are a good option if you're in need of a lot of funding. Try starting with your current bank or financial institution.
Will I get paid more with a master's degree? ›
Overall, people with a master's degree tend to earn more money than those with a bachelor's degree, associate degree, or high school diploma but less than those with a doctorate or professional degree. Generally, the higher your education credentials, the more money you stand to make.
How much do UCLA grad students get paid? ›
$56K (Median Total Pay)
The estimated total pay range for a Graduate Student at UCLA is $45K–$69K per year, which includes base salary and additional pay. The average Graduate Student base salary at UCLA is $56K per year.
Do grad students pay into Social Security? ›
Background. Under Section 3121(b) (10) of the Internal Revenue Code, services performed by a student at a college or university are generally exempt from Social Security (OASDI) and Medicare (the two components of the FICA tax) provided that the student is “enrolled and regularly attending classes.”
Master's degrees typically take two years to complete, but the timeframe can vary from person to person. Depending on your degree program and whether you're going to school full-time or part-time, it could take you less time to get your master's degree – or more.
Which graduate program pays the most? ›
Finance, engineering and science degrees are most likely to secure a starting salary of $80,000 and over for graduates.
What is the pay difference between Masters and PhD? ›
According to the Bureau of Labor Statistics , people with a master's degree earn an average weekly salary of $1,497. Those with a Ph. D. earn an average weekly salary of $1,883.
Do you have to pay student loans while in grad school? ›
If you attend graduate school at least half-time, your loans can be deferred. That means you don't have to make payments. Although that will provide immediate relief, there are other long-term financial implications to consider.
How to pay for grad school debt free? ›
There are ways to get through grad school debt-free, including research or teaching assistant positions, merit scholarships, one-year programs, working while going to school, attending a public school, finding niche programs, working before going to grad school, and finding a job with tuition reimbursem*nt programs.
Can you get federal student loans for grad school? ›
The U.S. Department of Education makes Direct PLUS Loans to eligible graduate or professional students through schools participating in the Direct Loan Program. (We also offer Parent PLUS loans.) A Direct PLUS Loan is commonly referred to as a grad PLUS loan when made to a graduate or professional student.
Can grad students get FAFSA money? ›
Absolutely. Anyone pursuing their education should apply for FAFSA whether you're just looking for scholarships, or a combination of scholarships, work-study, and federal loans.
Do you earn your masters in graduate school? ›
Many college graduates go on to graduate school to earn a master's or doctoral degree. With a graduate degree, you can raise your earning potential and conduct research. Drawbacks of attending graduate school include increased stress and more student debt.
How much money can you make on average if you have a master's degree? ›
Masters Degree Salary
| Annual Salary | Monthly Pay |
|---|
| Top Earners | $70,000 | $5,833 |
| 75th Percentile | $60,500 | $5,041 |
| Average | $50,988 | $4,249 |
| 25th Percentile | $39,000 | $3,250 |
While PhD students generally don't earn a traditional salary, there are a number of ways they may be able to financially sustain themselves while earning their degree, like pursuing paid fellowships, paid research opportunities, or part-time or freelance employment.
