Money money money

Discussion in 'Psychology [Psy.D. / Ph.D.]' started by psychdude5469, May 31, 2008.

  1. psychdude5469

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    I was just curious to know how much (or how little) students are getting paid. What is your stipend/fellowship worth. Is this more money or less money than you are making now? Do you think you can make a smooth transition? Also, is the price of living around your school high or low?

    I'm going into a clinical PhD program in a small city (~100,000 people) where the cost of living should be low to moderate. My fellowship is worth 14,000 for the academic year + tuition remission and health insurance. After the fellowship ends the stipend will be around 11,000. Pathetically, this is a bit more money than I make currently as a research assistant.+pity+
     
    #1 psychdude5469, May 31, 2008
    Last edited: Jun 2, 2008
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  3. PhDshallsee

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    I think the going rate for a stipend in in my area is around $17,000. It's also a town less than 100,000.

    I got a fellowship, so in addition to tuition + free health, I get a stipend of close to $22,000.
     
  4. Markp

    Markp Clinical Psychologist

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    Ummm, you really don't want to know... I'll post it anyway.

    $73,008 ($28,724 of which is tax exempt) + Medical + Full Tuition.

    It's far more than I was making post undergrad. It's not a free lunch, I owe 6 years of military service after graduation and I live in DC which is a high cost of living area.

    Mark
     
  5. sicologia

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    Will you make that much when you finish or do you have the option to stay a perma-student. Who would ever leave with those funds lined up?
     
  6. RayneeDeigh

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    My teaching fellowship is about $16,000 a year. I'm going to school in a city of about 400,000. Unfortunately they found oil and uranium RIGHT before I moved in so now real estate has exploded and I pay $1029 a month in rent.

    If I didn't have other income from property my family owns I wouldn't be able to feed myself, haha.
     
  7. shock-me-sane

    shock-me-sane RN, PhD to come

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    I will be in a large city and getting ~$1800 a month.
     
  8. Markp

    Markp Clinical Psychologist

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    When I complete degree and start my internship I should be making right around $100k. At the end of the 6 years I owe the military I should be making just under $112K in today's dollars. In my case, when I finish my 6 year payback I will have a retirement check to the tune of around $3250 a month for life. So in a way there is no incentive to remain stagnant.

    My situation is not typical though, others get more or less than I do. We have one person who's stipend is apx $94k and another who gets apx $53k, so there is quite a bit of variability. The person getting $53k is in their early 20s with no prior military service, the one getting $94k per year as a first year stipend has 12 years of service already.

    Now when I move my pay does get adjusted for cost of living, so my pay could adjust downward by as much as $10,000 per year in some very low cost parts of the country. San Antonio TX for instance is far cheaper to live in than Washington DC.

    Hope that helps,
    Mark
     
  9. psy86

    psy86 Member

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    For money money money without the military commitment, NSF fellowships are a pretty good deal. I think they're up to $44.5 K at this point, which is sweet.
     
  10. shock-me-sane

    shock-me-sane RN, PhD to come

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    wow, impressive. I almost applied to Uniformed Services as a civilian. oh well, it is too late now.

    And belated Memorial Day to you. Your service is and will always be appreciated by me.
     
  11. Markp

    Markp Clinical Psychologist

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    Thanks, but honestly, I feel like the lucky one.

    Mark
     
  12. irish80122

    irish80122 DCT at Miss State U.
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    My school is in a small city and our stipend is about 10k. It is less than a lot of schools but the program is very generous with research funding and travel funds. Also, as far as cost of living goes, it is one of the lowest in the country.

    EDIT: We also have tuition remission and free health, I forgot to mention that.
     
    #11 irish80122, Jun 1, 2008
    Last edited: Jun 1, 2008
  13. JockNerd

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    I get 17k, tuition remission (I pay some cash for fees each semester though), and health care that's apparently decent for the US but is a complete joke to me as a Canadian. I'm getting some income from awards too.

    17k is very livable for me in a college town. I'm put away a few grand this year off that.
     
  14. Thrak

    Thrak RU experienced?

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    I'll be getting 19k a year for a fellowship, and full tuition remission. I'm making 40k a year as a research assistant right now. I'll also technically be in the NYC metro area, but rents for a 1 bedroom (what I'm looking for) will be a relatively reasonable $1000-1300 a month.

    I'm getting financial help from my mom for the early stages (rent and food for the first semester) and will be getting a good deal of financial support from my wife once her job starts in September.
     
  15. joetro

    joetro Senior Member

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    We get 20K over the first 9 months on fellowship. There are TAs and summer fellowships for the other 3 months ... don't know what the summer TA rate is, but the summer fellowship is $4700. Then the rest of the time is either TA, RA, external fellowship like NSF or some internal fellowships. This is in a big, pretty expensive city, but it's still manageable for a single person who doesn't buy things. If I didn't have the car I never drove, I'd be spending less as well.
     
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  17. blindchaos

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    From the peanut gallery... $3,000 - $6,000 per academic year (depending on how many hours you want to work in the assistantship) plus tuition remission (not counting standard fees) and possible summer assistantships as well - not sure how much those go for. Anyway, it's a PsyD program in a small town so I'm just happy I don't have to pay tuition ever again :D
     
  18. EquestriAnn

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    Non-clinical psych: $25,000 for the first 12-month year, and about $20 after that. Out of state tuition and health insurance are covered. In a fairly big city with pretty low cost of living (I'm paying $650 a month to live in a luxury apartment with a roommate). I'm making about $33,000 right now as a research tech in a very expensive city ($850 a month to live in a house with 2 roommates in a poor location). Movin' on up :D
     
  19. HeyJude

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    This thread isn't very representative of what a lot of programs offer. I understand that those who have great funding are much more willing to divulge, but tons of program are only partially funded (or worse, no funding at all!).
     
  20. paramour

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    I suspect that also depends upon the area and the type of program one is applying to. Every clinical psych PhD program that I considered offered full tuition remission (minus fees in most cases) and a stipend of some kind, as did a good number of the counseling psych programs (although some of these only offered partial tuition remission).

    Of course, one must also keep in mind that even individuals currently receiving "great" funding may not keep it for the entire duration of their student career. Once upon a time, our program apparently had a funding package worth $150K+ over the 5-7 year timeframe for a number of students. This funding program is no longer available, in part, due to students' abuse of it. Be grateful for what you have and hope you keep it. You may drool over someone else's awesome fellowship now, but you may also not be aware of the stipulations involved in such funding or how long that funding is even guaranteed to last.
     
  21. BorntoRun

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    My package is pretty good ($ + remission), but I'll definitely be taking a hit salary-wise. Add moving to a new town on top of that, and I think my
    QoL won't be quite what I'm used to. Then again, I'll be doing something I love full-time, and if that has to mean it's back to ramen for me, I will find a way to manage.
     
    #19 BorntoRun, Jun 2, 2008
    Last edited: Sep 1, 2008
  22. moonflwr

    moonflwr Former Cincinnatian

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    Its kind of ironic that I saw this thread because I was just trying to figure out how I'm going to feed myself once I start grad school. My assistantship is 10k in a large city with a cost of living that's okay I guess (I found a 1 bedroom for 700 a month). Having said that I've never had to rent an apartment before so I really have no clue. I do have a full tuition waiver (minus fees) but I'll be coming from making 30k at my RA position so I don't know what I'm going to do. Argh, I wish I wasn't so terrible at money management.
     
  23. Ollie123

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    18k for the year, with almost all tuition covered. Its not great, but its doable in this area. I was working for 2 years beforehand making just under 30k a year in a city with an even lower cost of living, so this was a step down. Not a big deal though.Its true not all schools are fully funded, but I think its pretty rare not to fund students (on the PhD side that is). I looked all over the place when I was applying and the "industry standard" definitely seems to be full tuition + stipend.
     
  24. KellienComplex

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    Tuition Remission: Full
    Annual Stipend: $14,000
    Monthly Rent: $450 for 2 BR
     
  25. BorntoRun

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    $450 for a 2 bedroom? :wow: Please tell me you have a roommate!
     
  26. KellienComplex

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    Amazingly, no. Midwest is the best, is it not!
     
  27. schoolpsych

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    My financial assistance is a bit different than what everyone else has listed above. I applied for and received a position in residence life at my school. I am going to be a hall director, which includes room/board, $6k stipend, and almost full tuition remission (the portion of tuition not covered will be paid using a scholarship). It is a position only for graduate students (I think there are around 30 on campus) and requires about a 20 hour commitment each week. I was involved in residence life as an undergraduate and I am very excited to be able to get involved in it again :)
     
  28. Markp

    Markp Clinical Psychologist

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    Nice! First dibs on the freshmen and a salary. :p
     
  29. PsyDGrrrl

    PsyDGrrrl Head Shrinker

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    Hahahaha. Out here in the Bay Area, I pay $1200 for a one bedroom. Oh, if only there was a place to find a 2 bedroom for $450!!
     
  30. JockNerd

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    I'm moving into my university's graduate student housing this fall. Under $400/month for a very decent one-bedroom. Can't wait; my housing expenses are going to drop by $150 a month!
     
  31. schoolpsych

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    In Manhattan my partner and I pay almost $1750 for what is essentially a studio. $1200 for a one bedroom is cheap ;)
     
  32. futureapppsy2

    futureapppsy2 Assistant professor
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    Bumping this thread... very interesting.
     
  33. krisrox

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    My stipend will be around $15,000/year plus tuition and health and fun stuff like that. Apartments down where I'll be moving are around $700 for a one-bed and $400-600 for a two (that's per roommate). I'll have to budget, but I won't have any loans!
     
  34. loveoforganic

    loveoforganic -Account Deactivated-

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    I've been told you get taxed on your entire package, so your stipend actually ends up rather small (well, smaller). Is that true?
     
  35. PsychApps2009

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    Yeah. I've met grad. students with all sorts of different tax situations: Some who get taxes pulled from their monthly 'paycheck' (i.e., like if you were working normally), some who don't pay any taxes on their stipend (this is at a private university, don't know how legit it is that she doesn't report her stipend... aherm), and some who pay taxes on their stipend when they file their taxes. I was told by some students to try to keep some money aside in case you end up having to pay taxes on it all at once. Personally, I'll be on a fellowship that gets paid to me in two lump sums during the year (crazy) so I'm going to have to budget carefully and figure out the taxes stuff too.

    I'm unclear if taxes takes into account your full 'package' (i.e., worth of tuition remission) - but honestly, I'm not sure how that would work. I would think it'd be based off of your stipend and that how you are getting your stipend 'on the books' (RA, TA, fellowship, etc.) matters.

    Can anyone shed light on the matter?
     
  36. RejectClinical

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    I'm just starting to figure this out....

    Basically, fellowship/assistantship money is taxable....I would talk to students in your program. I know that I have to pay taxes on mine quarterly since they aren't taken out for me. Your tuition remission is not taxable (I believe). I also believe there are penalties if you don't keep up with this quarterly system. When in doubt, however, talk to an accountant.

    If you're lucky enough to be in states like Florida or Washington, there are no income taxes so props to you.

    Also keep in mind if your school has student fees. I'm lucky enough to be in a program without them, but these can add up. I know I interviewed at several programs where the student fees were in the 2k range per year.

    Also be aware of expenses like parking passes, textbooks, etc.

    When you add these things up, the stipend keeps shrinking. So sad...
     
  37. Markp

    Markp Clinical Psychologist

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    Still get to pay federal tax! I'm from TX, no state income tax there either.

    Mark
     
  38. RejectClinical

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    sorry i should have clarified...you're exactly right
    no state income tax

    good to know about TX!
     
  39. psychstudent5

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    in the 4 years i've been here, i've only had stipend ($13k) and that was for 2 years. in my 3rd year, i got a stipend for one semester that was only $5k. the stipends end once the academic year is over (May). also, only very few students (approx. 5-6 per year) out of the entire graduate psych program are awarded tuition + stipend. also, only a few (approx. 4) get just stipend. stipends are about $16k for people with a masters, but it is not enough live off of in this area. i don't anticipate receiving ANY (stipend or tuition remission) type of funding this year.

    i live in major US city that has one of the highest costs of living in the country (no it's not NYC). i live in a 2br/2bath with my roommate where i pay $810. thankfully, my parents are able to help with my rent and food, but it is a burden for them. i'm able to pay for utilities via my side jobs.

    funding is a major problem at my school. so much so that i am contemplating moving back in with my parents, which is in the south, after this upcoming academic year to finish out the program, if i don't match for internship this year.
     
  40. Wildcat06

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    Yep! At the end of my first year, I have been through this and I can tell you it is VERY hard to get a straight answer. I knew going in that my fellowship was taxable and that I was going to have to be responsible enough to squirrel money away each month for when April came around. There are tax calculators online that can help you figure out how much you will owe at the end of the year so you can budget accordingly. My university did not report these earnings to the IRS as a W2 or 1099 since technically I wasn't an employee or being paid for work. They just sent me a letter at the end of the year saying "we paid you this much last year, it's on you to report it." (In other words, you MIGHT be able to get away for a while without paying it right now, but it will bite you hard later on, so don't do it.) I spoke with my accountant friend who told me to count it as "Other Income" on the 1098 tax form which is taxed at a lower level. (But in my case there was no penalty for not following the quarterly system. I believe that is for 1099 income like contract work.)

    Hope that info can help some of you new grad students. It took me quite a bit of research to figure out.
     
  41. Student4Life0

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    So I have a question...how are those who AREN'T in PhD programs and do not have stipends/full rides supporting themselves? How about those of you in PsyD programs?

    Right now, I am in a masters clinical program, and we get no stipends..nothing. I go to school full time, just started my practicum (obviously unpaid) and I work at a bar 2-3 nights a week to make ends meet. Basically though, I rely on my student loans to live.

    I plan on applying to PsyD programs in the winter, and I wonder how people in PsyD programs get by. I hope to RA/TA, which will give me some extra cash. Perhaps still work at a bar on the weekend..which I'd rather not do. How does everyone in PsyD programs live? Using student loans?

    So stressful!
     
  42. aequitasveritas

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    I'm the wrong person to ask about this. I go to a pro school...no stipend, no tuition covered...drek :mad:

    Loans at first and then loans only for tuition and working my butt off in psych assistantship.

    Very stressful. DO research and gain multiple perspectives on the route of doctorate you take. This is a decision that has the potential to saddle you with unsurmountable debt. Please, please do your homework on unfunded affects.
     
  43. Student4Life0

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    Yes...I always take out loans, and then plan to get some assistantships and work as much as I can. The amount of debt that PsyDs incur does worry me....but it is the path that I want to take. I wonder...is it worth it? Do people with this degree ever make enough to make ends meet? Do they climb out of debt?
     
  44. erg923

    erg923 Regional Clinical Officer, Cenpatico National

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    I think this depends on many many factors including exactly how much debt you have, practice specialty, work setting, financial savy, business savy, geographic location, overall lifestyle, married vs single (2 incomes are better than one), and amount one choses to pay per month. The simple answer is that many pay it off with little more than mild sacrifice and inconvenience, although I'm sure a sizable minority genuinely struggle at times...
     
    #42 erg923, Jul 12, 2010
    Last edited: Jul 12, 2010
  45. Markp

    Markp Clinical Psychologist

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    Well if you search this forum you'll find numerous threads on the issue, but to make a long story pretty short... There are some federal programs that can limit your liability to only 10% of your salary provided your position meets specific criteria. Needless to say, the competition for these positions is generally higher or the positions are somewhat undesirable for a number of reasons.

    The debt isn't a death sentence but it will limit your choices should you rack up considerable debt. There is no guarantee that the federal programs will remain in place either... but sometimes you have to weigh risk vs reward.

    Mark
     
  46. Student4Life0

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    Thank you for the advice. In my case, I believe the reward will outweigh the risk. I have also read that those with doctorates (even PsyDs) who secure clinical research positions with NIH will receive up to $35,000/year towards their loans. It is a 20 hour commitment per week, and I believe I read something about a 2 year minimum. Has anyone on this forum done this to help pay off their debt? Is this a viable option, or is it very difficult to secure these positions? I know...I am REALLY planning ahead...
     
  47. Jon Snow

    Jon Snow Senior Member

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    The NIH loan repayment program is competitive, meaning you need to be a researcher and at least appear to be committed to a research career. You need publications, a programmatic line of research, recommendations from mentors, etc. . .Further, it doesn't pay at a rate of 35,000 a year, or up to it, for all loans. They determine what you should owe (your responsibility). Then they pay a percentage on the remaining balance. You incur a 2 year commitment every 2 year renewal period until they pay down to what they have determined that you should pay. The risk with this is if you are unable to get a 50% research gig, you could end up owing the government the money they paid back.

    Not even all tenure track professor positions offer this level of research. A typical job might have 40% research, 30% teaching, 20% administrative/committee, 10% clinical supervision.

    It's a good deal IF you are an academic researcher.


    As a graduate student, what I would do is apply for an NRSA (f31) as soon as able.
     
  48. Therapist4Chnge

    Therapist4Chnge Neuropsych Ninja Faculty
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    Gov't repayment can be a crapshoot. There have been some threads on here about the various programs, so it may be worth doing a search for more info.
     
  49. Markp

    Markp Clinical Psychologist

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    Some positions are only one or two deep... others more available. Counting only on government assistance without a commitment in place is foolhardy, have a backup plan.

    Mark
     
  50. Student4Life0

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    Backup plan is to leave school with a PsyD, tons of debt, and then just hope that I get a decent paying job which will help me pay it off. Foolish plan? lol
     
  51. Markp

    Markp Clinical Psychologist

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    Well that's better than being a victim of attrition like a 1/4 to a 1/3 of the class at some professional programs and leaving with nothing useful but a mountain of debt.

    Mark
     
  52. Student4Life0

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    I am far too persistent to drop out of a program. Why is it that attrition rates are so high in these programs? I have heard iffy things about the prof schools...which is part of why I would prefer to obtain my degree at a university. Is the attrition rate lower in university programs?
     

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