Grad Students and those that have finished . . .

[Texsox]

#1 son is starting to stress over the finances of grad school. Specifically he is looking towards a PhD in Clinical(probably) Psychology. He's worrying about how to pay for an apartment, tuition, fees, buy a car, maintain a car, etc.

 

Also, he does not believe he would currently be accepted into a top PhD program and believes he should earn a Masters somewhere and then apply to UT Austin or equal. Currently he has a 4.0 in Psy, but is still working off a disastrous freshman year that found him on academic probation and affecting his overall GPA.

 

I know we have a number of posters here who have traveled this path, any tips?

 

Thanks

[Balta1701]

Without knowing all the details, clinical psychology seems like a discipline where Grad School would be largely paid for out of research funds, is that accurate?

[SoxFan562004]

the loan route is one people have to seriously consider. I have a decent amount from law school, but my dad co-signed and I have good credit as well... also, with things like .5 point off for direct withdraw I have/had 25-30 years to pay it off at a low rate... on paper it's a lot, but managable for me

[Texsox]

Without knowing all the details, clinical psychology seems like a discipline where Grad School would be largely paid for out of research funds, is that accurate?

 

That's what I am believing, but what kind of support and how much would be considered average or usual? I understand tuition and fees being covered but what kind of stipends would be possible beyond that? What is a "typical" package a student could hope for?

 

I am also looking at any books or websites that offer a decent overview, but so far too much "search overload".

[Balta1701]

That's what I am believing, but what kind of support and how much would be considered average or usual? I understand tuition and fees being covered but what kind of stipends would be possible beyond that? What is a "typical" package a student could hope for?

 

I am also looking at any books or websites that offer a decent overview, but so far too much "search overload".

In general...I'd say that based on my experience and the offers I got, if you're going into a program where you're working on a research Ph.D., you're setting yourself up for 6 years spent on the edge of poverty. However, it's on the edge of poverty with a long-term goal set up.

 

If you've got severe college loans to pay off, that might be a problem.

 

Otherwise, most of the people I talked to, at different universities, but usually within the earth science field, if you can get yourself set up with either a faculty member who has funding for a grad student or a school that simply admits general grad students, here's what is covered.

 

Tuition should be fully paid for.

The student should receive some sort of stipend.

 

If you count the full value of the tuition and the stipend, you're getting a fairly large amount of money for the research, but the tuition subtracts so much that you don't wind up with a large takehome amount. At least for me, it was enough to cover rent, utilities, school necessities, and food, but it wasn't enough to cover much beyond that. Things like significant car payments, auto insurance payments, those are luxuries. If you're budgeting well, you can come up with some money for those things, but not a whole lot. You better be learning how to cook. I'm happy to offer a seminar on coupons and rebates (for a price) if you're interested, because I learned that F***ing quick.

 

Actually getting a funded project can be an issue I should note as well. Without knowing how your son is set up, he'll probably be applying to several programs, with different ways of structuring things. When I got to grad school, I was admitted without being hooked to a specific faculty sponsor, but that only worked because the school was F***ing rich. Most places, you hook on, interview, and receive funding from a specific faculty member for some duration of time. The exact details are going to vary from school to school, but there are differences.

 

What you want to do is math. Check the rents in the areas you apply if you receive an offer, understand that you're not going to be wealthy, and see how much you wind up afterwards. $10,000 in one city can be similar to $20,000 in another city depending on how the rents are.

[The Gooch]

That's what I am believing, but what kind of support and how much would be considered average or usual? I understand tuition and fees being covered but what kind of stipends would be possible beyond that? What is a "typical" package a student could hope for?

 

I am also looking at any books or websites that offer a decent overview, but so far too much "search overload".

 

I am a graduate student in Industrial Organizational Psychology right now. I sound a lot like your son actually, I had a bad freshman year, really good final 3 years. I don't plan on going for a PHD however, as it is not necessary in I/O psych like it often is in clinical. Options for student aid that does not have to be paid back is usually in assistantships. These are usually for full year tuition or half tuition. They usually require research help for professors, teaching lower level undergraduate classes, and/or grading papers. Assistantships can be very competitive. Otherwise student loans are the way to go. I am taking out student loans for the majority of my education. PHD programs are much more competitive but they are MUCH more likely to pay for some if not all of tuition with an assistantship of some sort. Overall, I enjoy grad school for psych, but am baffled at how much school costs nowadays.

[Texsox]

Wouldn't the student loans be differed until out of school? I assume then that you didn't have a car? I am leaning toward urging him strongly into a PhD program from the start, but he has his goals set on UT-Austin.

[Texsox]

I am a graduate student in Industrial Organizational Psychology right now. I sound a lot like your son actually, I had a bad freshman year, really good final 3 years. I don't plan on going for a PHD however, as it is not necessary in I/O psych like it often is in clinical. Options for student aid that does not have to be paid back is usually in assistantships. These are usually for full year tuition or half tuition. They usually require research help for professors, teaching lower level undergraduate classes, and/or grading papers. Assistantships can be very competitive. Otherwise student loans are the way to go. I am taking out student loans for the majority of my education. PHD programs are much more competitive but they are MUCH more likely to pay for some if not all of tuition with an assistantship of some sort. Overall, I enjoy grad school for psych, but am baffled at how much school costs nowadays.

Thanks, and Brian too.

[The Gooch]

Wouldn't the student loans be differed until out of school? I assume then that you didn't have a car? I am leaning toward urging him strongly into a PhD program from the start, but he has his goals set on UT-Austin.

 

Thats another thing, finishing a masters at one school doesn't mean all the credits will transfer to a phd program at another school

[Balta1701]

Thats another thing, finishing a masters at one school doesn't mean all the credits will transfer to a phd program at another school

Even if a school is really strict about their requirements, having a masters degree will at least shorten the PhD course requirements though, that's an absolute guarantee.

 

At a school like mine though, coming in with a Masters degree was the difference between lasting 6 years and lasting 5 years.

 

At others, it's the difference between a 5 year program and a 3 year program.

[SoxFan562004]

Wouldn't the student loans be differed until out of school? I assume then that you didn't have a car? I am leaning toward urging him strongly into a PhD program from the start, but he has his goals set on UT-Austin.

they can be deferred while in school, and I did have a car, it was just an OK car that got the job done.

[NorthSideSox72]

Without knowing all the details, clinical psychology seems like a discipline where Grad School would be largely paid for out of research funds, is that accurate?

 

 

That's what I am believing, but what kind of support and how much would be considered average or usual? I understand tuition and fees being covered but what kind of stipends would be possible beyond that? What is a "typical" package a student could hope for?

 

I am also looking at any books or websites that offer a decent overview, but so far too much "search overload".

 

My wife got a PhD in I/O Psych (Experimental - not Clinical). She received an assistantship which covered her tuition and school costs, and provided a very, very meager salary. She could live on it, barely, but if anything ever went wrong, she'd have been quickly buried financially.

 

In I/O, people can be successful with a Masters, but a PhD is obviously better.

 

[Balta1701]

My wife got a PhD in I/O Psych (Experimental - not Clinical). She received an assistantship which covered her tuition and school costs, and provided a very, very meager salary. She could live on it, barely, but if anything ever went wrong, she'd have been quickly buried financially.

That sounds like the experience of every grad student I've ever met.

[The Gooch]

My wife got a PhD in I/O Psych (Experimental - not Clinical). She received an assistantship which covered her tuition and school costs, and provided a very, very meager salary. She could live on it, barely, but if anything ever went wrong, she'd have been quickly buried financially.

 

In I/O, people can be successful with a Masters, but a PhD is obviously better.

 

I am in a terminal masters program right now for I/O, and considering applying to PhD programs (even though I am most likely going to try and enter directly into the field after graduation). Just out of curiosity, what exactly does your wife do?

[Texsox]

Thank you, everyone. He already has a lot of tools to be a successful grad student. He has mastered living cheap. The one skill he really needs to asking people for information.