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•       Financial Aid       PhD Scholarships and Financial Aid

PAYING FOR YOUR PHD Expert Tips, Scholarships Opportunities and Resources for Financing an Advanced Degree

The average yearly tuition for a PhD program is slightly above $16,000, which means students will invest about $80,000 in tuition fees alone for a five-year program. Add in fees, cost-of-living, travel expenses and the figure can easily surpass six figures. Yet, it is possible to fund a PhD program without breaking the bank and going into debt.

Featured Online Schools

• PhD Cost Breakdown
• PhD Financial Aid Options
• Expert Spotlight: Lawrence Burns, PhD
• Earning Outlook for Phd Students
• Most Lucrative PhD Careers
• Expert Spotlight: Darren Pierre, PhD
• PhD: By The Numbers
• Additional Financial Aid Resources

PHD COST BREAKDOWN

The value of a college education should not be understated, but neither should its actual cost. Earning a doctoral degree can be an expensive proposition. According to the latest data from the National Center for Education Statistics, the average tuition and fees for a graduate program of study was $16,435 in 2012-2013. The table below outlines the 2012-2013 graduate tuition and fees by academic institution.

• All Institutions $16,435
• Public $10,408
• Private Non-Profit $23,698
• Private For-Profit $14,418

Source: National Center for Education Statistics

A rough calculation of the number of years it takes to complete a doctoral program, multiplied by the average 2012-2013 tuition and fees from the NCES, reveals the following total cost figures by academic field of study.

A five- to six-figure education is something to take seriously as there are debt implications after leaving finishing a PhD program. Graduating doctoral students in 2013 left school with an average debt of just over $15,000, according to the National Science Foundation. By field, students in the Social Sciences, Education and Humanities graduate with the highest levels of student debt:

• Education: $26,566
• Social Sciences: $26,222
• Humanities: $21,485

Conversely, the science and technology fields graduate students with the lowest debt figures:

• Physical Sciences: $6,342
• Engineering: $7,031
• Life Sciences: $11,905
• Physical Sciences 78.2%
• Engineering 75.1%
• Life Sciences 67.2%
• Humanities 48.4%
• Social Sciences 46.5%
• Education 44.1%

Source: National Science Foundation, Survey of Earned Doctorates, 2013

While these figures may seem alarming, a deeper dive into survey data from the National Science Foundation actually paints a more positive picture. Overall, more than 62 percent of all doctoral recipients graduate from school without a single dollar of debt.

Prospective students can use the table below to get a better sense of the percentage of students who take on debt at incremental levels in each field of academic study. A majority of students graduate with $10,000 or less in debt after finishing their doctoral degree.

PhD Cost Factors

The total cost of earning a doctoral degree is variable because of the sheer number of different factors involved. Tuition is not the only cost to consider when thinking about applying to a PhD program.

Typically, students pay full tuition rates during their first three years of doctoral study and receive reduced tuition rates for the remainder of the program. However, the actual cost of tuition does vary and may be dependent on the student’s actual degree program.

Graduate students pay a range of fees, with the most common including:

• Health Services (access to health facilities on campus)
• Health Insurance (personal health insurance)
• Student Activity (subsidizes athletics and other clubs)
• Student Recreation (access to recreational facilities on campus)

Some programs estimate students should be prepared to pay between $3,000 and $4,500 per academic year in student fees and health insurance costs.

Students with a master’s degree or coursework in a similar graduate program may be able to transfer credits into their doctoral program. That can lower the total number of credits required to graduate, which can lower the total cost of the degree. However, some institutions do limit the amount of tuition credits that can be applied for graduate work done in a related field at other institutions.

Whether or not the student has an assistantship does not affect the cost of textbooks and other academic materials. Books are a revolving charge, one a student should plan upon each semester or quarter.

Housing, utilities and food are considered indirect expenses students incur during their education. PhD students should plan on anywhere from $12,000 to $25,000 and up for living expenses each year. Again, this figure is highly variable based on the location of the university and the cost-of-living in that area.

Owning a car means additional budgeting for insurance, car payments and gas. Additionally, students may need to travel for conferences and research. Without funding from a graduate student association or grant program, the student will have to cover these costs individually.

PhD students with children may have to account for childcare costs. Purchasing a new computer and other supplies may also be required. This type of budgeting will vary from individual to individual, program to program.

Most PhD programs allow students to progress at their own pace, requiring them to complete and defend their dissertation within a certain time period (e.g. six years). However, the time it takes to complete a dissertation depends on the student, area of study, research, etc. This can impact cost of attending a doctoral program.

Example Cost of Attendance

A student’s budget should include the total cost of attendance—that is both direct (tuition and fees) and indirect costs (e.g. housing). This budget is the starting point for determining the student’s financial need, how much financial aid they require, and if they can afford to attend a doctoral program. Below is a sample five-year total cost of attendance chart based on an in-state tuition program, with a budget that assumes fixed costs for fees and indirect costs, such as housing. It also does not take into account assistantships and tuition waivers for assistants.

Based on a figure that’s slightly below the 2012-2013 average graduate tuition cost, the total cost of attendance can still produce sticker shock. An average student in a program that charges $12,000 per year in tuition could have to pay between $30,000 and $45,000 year in total costs.

PhD FINANCIAL AID OPTIONS

Prospective PhD candidates have an abundance of financial aid options to help fund their graduate studies. Typically, students are fully funded by a combination of sources, including scholarships, fellowships, research assistantships, teaching assistantships, or student loans.

It is important for students to note that most sources of aid are awarded by individual academic programs, so they should follow-up with their department for up-to-date information.

Below is a high-level overview of the common types of graduate financial aid.

Prospective PhD candidates can turn to a variety of funding sources, including scholarships, grants, and fellowships to support their education financially. As discussed, most students use a combination of one or more of these funding sources to finance their degree program and research.

PhD students can apply for a variety of scholarships that award students with funds that can be used to help cover the cost of tuition, books and other fees.

Grants are similar to scholarships and are academic-based awards that can be used to augment other sources of financial aid.

Fellowships are a different type of funding that may encompass a scholarship or grant and can be used to fund research, study and teaching in the US and internationally. Many fellowships provide full tuition and a yearly stipend to students.

A PhD should never be an end in itself but rather a means to an end. The path to a PhD is an arduous one and should never be undertaken without serious thought to what it will bring the student. That said, there is money available for graduate study in most fields, and a student in the humanities should be very careful to apply to appropriate programs which fund their grad students.

• Engineering
• Physical Sciences

The SMART program is designed to support graduate students studying in STEM disciplines and offers a range of other benefits, including supplies and health insurance allowances and employment placement services with the DoD after graduation.

The National Defense Science and Engineering Graduate Fellowship is a three-year graduate fellowship that is designed to support doctoral students across fifteen engineering disciplines.

This three-year fellowship program supports the research efforts of doctoral students in STEM-related fields of study and allows them to pursue their work at any accredited graduate program in the country.

Renewable award for graduate students enrolled in a full-time APA-accredited doctoral program of study in psychology. Underrepresented, minority students are encouraged to apply.

This fellowship is open to female scholars and is designed to help offset the doctoral student’s living expenses during her final year of working on a dissertation.

This fellowship is a single-year of funding that is designed to support the doctoral research of a student working in child psychology.

The Javits Fellowship is provided on a needs- and competitive-basis to graduate students pursing graduate degrees in the humanities, social sciences, and the arts.

Two fellowships are awarded to support doctoral students who plan to study at the American School of Classical Studies in Athens, Greece for a year.

The Richard M. Weaver Scholarship is open to graduate student members of the Intercollegiate Studies Institute and supports the academic work of scholars pursuing teaching careers at the college level.

The AICPA fellowship is designed for minority students pursuing or planning to pursue a doctorate in accounting.

Five scholarships are available to provide financial assistance to graduate students pursuing studies in accounting and plan on earning CPA licensure.

This fellowship provides financial support to female scholars conducting research and economic analysis into natural resource, food, or agricultural issues.

This renewable, four-year fellowship is designed to support a scholar’s work in the field of stewardship science: nuclear science, high density physics, and materials under extreme conditions and hydrodynamics.

This multi-year fellowship supports doctoral research in several fields, ranging from chemistry to geology, materials science to physics and connects fellows with NPSC employer partners.

The NWRI fellowship program is open to full-time doctoral students conducting water-based research in areas such as water quality, water treatment and technologies, water supplies and water resources.

Really think about your reasons for getting a PhD. Critically exam the support systems you have in place to get you through the journey: 50 percent of doctoral students suffer from depression. Utilize services like the counseling center on your college/university campuses to help you respond to the stressors that may occur with the transition.

ASSISTANTSHIPS, FELLOWSHIPS AND LOANS

Graduate assistantships.

Graduate assistantships are a form of academic appointment and are provided by individual departments. Competitive in nature, they are typically awarded on the basis of the student’s academic accomplishments and potential in the graduate program of study. Most programs provide appointments for one year at time and students receive a tuition credit or waiver and monthly stipend. There are three types of assistantships: Teaching Assistantships, Assistant Lecturers, and Research Assistants.

Teaching assistants perform a range of support duties for faculty members at a university, including grading papers and teaching classes.

Lecturers may serve as instructors in the academic department where they are studying.

Research assistants conduct and assist faculty members with research projects in the student’s area of interest.

Fellowships

Fellowships are short-term funding opportunities (typically 9- to 12 months) provided to students in the form of tuition credits and/or stipends. They support a student’s graduate study in their field of choice, may assist them in their research, or gain professional training in an area of interest. Fellowships are competitive and are available in two types: University-based and External.

Individual schools, colleges, and departments at a university (e.g. College of Science, Department of English) may have endowed fellowships. Students are either nominated for an award by their department or may be open to an application process.

External fellowships are funded by foundations, government agencies and other groups and provide opportunities to study both in the US and abroad. For example, the Department of Defense offers the National Defense Science & Engineering Graduate Fellowship to engineering students studying in one of sixteen engineering specialties.

Corporations

Many companies and businesses have created scholarship, fellowship, and tuition reimbursement programs for their employees. Depending on the company, there may be a possibility it supports the graduate school efforts of its employees. Speak to the Human Resources department to learn more about the potential funding avenues available.

Graduate students may borrow funds from the federal government under two loan programs: William D. Ford Federal Direct Loan Program and the Federal Perkins Loan Program.

Private financial institutions, including banks and credit unions, offer unsecured educational loans to graduate students. These loans must be repaid with interest. The interest rates, loan amount, and repayment terms are based on the credit worthiness of the borrower.

Federal work study provides students with demonstrated financial need part-time job opportunities that allow them to earn income while they are in graduate school. The program focuses on placing students in community service situations related to the student’s academic course of study. A majority of jobs are on-campus, but some schools may have some off-campus jobs with nonprofit agencies and other groups. It is important to note that some universities may not allow students to use their federal work study for tuition, but other related expenses (e.g. books, fees).

EXPERT SPOTLIGHT: Lawrence Burns, PhD

What should a future phd student consider when selecting a program of   study .

Speaking in the humanities, a student is best advised, I think, to select the faculty member with whom he or she wishes to study rather than simply a program. This faculty member becomes the student’s mentor, a relationship that lasts well beyond graduate school years. Because the mentor becomes the student’s primary reference, his or her standing in the field can and does have an impact on pre- and post-doctoral grants a student might win as well as on the student’s success on the academic job market.

It is a delicate balance though, because one must also look at programs that have standing in a particular field and at institutions that can afford to fund their PhD students throughout their graduate years.

Much is made about the saturation of PhD graduates and not enough   positions — both in academic and the private sector. Should that dissuade   a student from pursuing a PhD?

Yes, of course. Again, a PhD is not something that comes easily, and it should not be pursued without a reason for it. On the other hand, for students who are committed to their fields, and for whom that field is a career choice, the PhD is still the only way into the university job market. 

There is a catch-22 in the world of post-graduate education. Research universities need to turn out research, and researchers often depend on their grad students to assist them–in all fields–and departments on their PhD candidates to teach many undergraduate courses. PhD students are thus recruited regardless of the job market for the PhD holders.

The challenges in funding the PhD for me were less about how am I going to pay for this degree, but making the adjustment from being a full-time salaried employee to now, taking a significant pay cut to serve as a graduate assistant.

EARNING OUTLOOK FOR PHD STUDENTS

Potential career earnings should be a significant part of the discussion when considering whether or not to pursue a doctoral degree. Completing an advanced program of study could increase an individual’s earning potential with their current or future employers.

Research from the Bureau of Labor Statistics reveals a direct correlation between educational attainment and career success—both in employment opportunities and annual salaries. Doctoral degree holders are some of the highest paid professionals in the country. The table below outlines the difference in earnings by degree level in 2014.

source: Bureau of Labor Statistics, Earnings and Unemployment by Educational Attainment

• Industry or Business $97,700
• Government $82,000
• Nonprofit Organizations $72,500
• Other $70,000
• Academia $60,000

Source: National Science Foundation, Survey of Earned Doctorates

In turn, prospective students should consider how their sacrifice of time and money will pay off when they embark in their careers. Some professional fields have a higher return on investment than others. A majority of PhD candidates endeavor to become tenured-track faculty members, but they should realize that academia is one of the lowest paying sectors for individuals with a doctoral degree.

A review of National Science Foundation survey information shows that the best paying professional areas for PhD graduates include Industry and Business—with an average salary of $97,700. At the bottom of the list? Academia.

MOST LUCRATIVE PHD CAREERS

So, which PhD degrees pay the best?

According to the NSF, business, economics, and engineering are consistently among the best earning academic fields regardless of industry. The following tables outline the highest paying academic fields by professional area of work after graduation.

• Business Management and Administration $110,000
• Economics $82,000
• Engineering $79,000
• Health Sciences $70,000
• Education $60,000
• Business Management and Administration $135,000
• Economics $115,000
• Mathematics and Computer Information Sciences $115,000
• Geosciences $110,000
• Engineering $98,000
• Economics $112,500
• Business Management and Administration $96,590
• Engineering $96,500
• Mathematics and Computer Information Sciences $95,300
• Health Sciences $94,000
• Business Management and Administration $105,000
• Economics $100,000
• Mathematics and Computer Information Sciences $100,000
• Health Sciences $98,000

At the occupational level, 2012 employment research from the Bureau of Labor Statistics revealed the best paying doctoral career was Physicist ($109,600), followed by Astronomers ($105,410), and Engineering Professors ($94,130).

Overall, the top 10 most lucrative PhD careers include the following:

• 1 Physicists $109,600
• 2 Astronomers $105,410
• 3 Engineering Professors $94,130
• 4 Economics Professors $90,870
• 5 Health Specialties Professors: $90,210
• 6 Agricultural Sciences Professors $86,260
• 7 Biochemists and Biophysicists $84,940
• 8 Forestry and Conservation Science Professors $84,090
• 9 Physics Professors $80,720
• 10 Medical Scientists $79,930

EXPERT SPOTLIGHT: Darren Pierre, PhD

How has earning a phd impacted you personally and professionally.

Personally, the PhD was an incredibly introspective process. I believe for many, they go into the PhD thinking one thing, and come out transformed by the experience. I learned and grew personally in how I harness my self-worth, I grew professionally in my ability to humble myself and authentically listen to the feedback given about my work.

Professionally, I move with a greater level of confidence, I have more insight into my own potential in ways I could have never imagined, and all of that propelled me to write my book, The Invitation to Love.

Through your own experience, what are the biggest mistakes   prospective PhD students make when choosing and/or funding their PhD?

The biggest mistake that perspective students make is doing the degree for the wrong reason. If you are doing the degree for any other reason that self-motivated factors, you will falter. Doing the PhD to cover areas of insecurity, or low self-worth; doing the PhD for the prestige or title sake, those reasons will have you floundering and faltering when the psychological stressors being to weigh heavy.

Did you create a roadmap--financially or academically--to stay on track to   completing your PhD?

Absolutely, you have to have a plan and work that plan. Each Sunday, I would develop the week's action plan, I would carve out everything from when I was doing assignments/research to when I would work out, everything was on a schedule so that even when the fog of the process set in, I had headlights (my schedule) that allowed me to drive consistently when the road ahead was hard to see.

PHD: BY THE NUMBERS

Doctoral education in the U.S. is a varied and broad system, one that has been growing in popularity. In the 2013-2014 academic year, more than 178,000 doctoral degrees were conferred to students nationally, according to data from the National Center for Education Statistics.

• Doctoral Education Continues to Grow
• Engineering and Physical Sciences Dominate
• STEM Fields are the Most Popular
• Only Half of Students Earn a PhD in the Same Academic Field as their Master’s Degree
• Doctoral Degrees are an Investment in Time
• Primary Source of Funding Varies by Program

In its survey of earned doctorates, the National Science Foundation learned the number of doctoral recipients increased by nearly 30 percent between 2003 and 2013.

The most popular academic areas of study were Engineering and the Physical Sciences.

• Engineering 69.80%
• Physical Sciences 59.30%
• Health Sciences 53.60%
• Life Sciences 44.60%
• Other 38.90%
• Social Sciences 19.90%
• Humanities 9.10%
• Education -25.70%

Within the engineering and physical sciences disciplines, multiple sub-fields have been experiencing explosive interest and enrollments, with some programs (e.g. physics, materials science engineering) growing by more than 70 percent between 2003 and 2013.

• Other engineering 127.5%
• Materials science engineering 86.5%
• Aerospace, aeronautical, and astronautical engineering 74.5%
• Mechanical engineering 70.5%
• Electrical, electronics, and communication engineering 53.6%
• Chemical engineering 46.0%
• Computer and information sciences 119.1%
• Mathematics 83.0%
• Physics and astronomy 76.7%
• Geosciences 28.8%
• Chemistry 22.0%

According to NSF, the science, technology, engineering and mathematics fields are the most popular doctoral areas of study.

• Life Sciences 23.3%
• Physical Sciences 17.6%
• Engineering 17.0%
• Social Sciences 15.9%
• Humanities 10.7%
• Education 9.4%

Interestingly, slightly more than 56 percent of graduate students continue into a doctoral program in the same field as their master’s degree. Rates are highest in the humanities, engineering, and social sciences fields.

• Humanities 67.6%
• Engineering 65.7%
• Social Sciences 65.6%
• Education 61.5%
• All Fields 56.1%
• Physical Sciences 53.4%
• Life Sciences 35.5%

It requires approximately 7.5 years of study for the average graduate student to complete a doctoral degree after enrolling in graduate school. Education takes the longest — more than 11 years, while the physical sciences and engineering fields only require 6.5 to 6.6 years of study to complete.

• Education 11.7
• Humanities 9.2
• Social Sciences 7.7
• All Fields 7.5
• Life Sciences 6.9
• Engineering 6.6
• Physical Sciences 6.5

According to the NSF, the most common source of funding for doctoral students are teaching and research assistantships. The table below details the primary source of funding for students by academic area of study.

• Life Sciences Fellowships/ Grants
• Physical Sciences Research Assistantships
• Social Sciences Teaching Assistantships
• Engineering Research Assistantships
• Education Own Resources
• Humanities Teaching Assistantships
• All Fields Research Assistantships

The following table includes a breakout of the primary funding source by major field of study, according the National Science Foundation.

Source: http://www.nsf.gov/statistics/sed/2013/data-tables.cfm

ADDITIONAL FINANCIAL AID RESOURCES

The ultimate financial goal of any PhD student should be to complete their program successfully and move into a professional career with as little debt as possible. The resources below are available to help students locate scholarships and other funding sources that can help make that goal a reality.

Unigo offers a selection of financial assistance resources for graduate students, including a scholarship directory, a scholarship match tool, educational information on student loans and funding options, and more.

Scholarships.com is a website that provides a selection of financial aid information, including a searchable scholarship directory, insights into funding trends, financial aid calculators, and information about grants and fellowships.

Peterson’s is an educational resource site that includes a searchable scholarship database, articles and advice columns, and a catalog of graduate school profiles.

FinAid.org is an educational resource site that focuses on financial aid and offers information about student loans, federal financial aid, financing a doctoral education, and includes a scholarship search option.

An office of the U.S. Department of Education, Federal Student Aid is the country’s largest provider of financial aid. Graduate students can learn about and pally for loans, grants, and work-study funds to pay for their doctoral education.

FastWeb is a financial aid-focused website that offers a searchable scholarship directory that allows students to focus their search to their major area of study, work experience, and personal and professional activities.

Chegg is an online educational portal that not only offers used textbooks, but a scholarship database as well.

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How to Pay for a PhD: Fellowships for Graduate Students, Research Funding, and More

If you've ever considered earning a doctorate, one of the questions you've undoubtedly asked yourself is "how will I pay for a PhD?" 

The good news is, most doctoral students receive fellowships and research funding from the their college or university, and are not directly responsible for paying for the majority of their PhD costs.

Fully Funded PhD Programs: What Makes them Possible?

Fully funded PhD programs allow doctoral students to focus exclusively on their studies and research, without having to hold a full time job to make ends meet. Full funding is often made possible through one or more fellowships or grants from the department, the graduate school, and other organizations. SMU currently has 55 Moody School funded PhD students.

SMU’s newest school, the Moody School of Graduate and Advanced Studies , is able to offer a wide range of fellowships thanks, in large part, to a landmark $100 million endowment from the Moody Foundation. SMU's PhD programs cater to graduate students who want to engage in advanced, interdisciplinary, innovative studies, and data-driven research.  In this new chapter of our story, we leading the charge to discover technological solutions to the many local and global issues that challenge us as we move further into the 21 st century.

This endowment and the associated operational funds support…

• Graduate students
• SMU faculty, renowned visiting faculty, and deanships
• Leading scholars who conduct world-changing research
• Expansion of interdisciplinary research and development

“We cannot overstate the power and reach of this gift. This is a transformational moment for SMU and Dallas, signaling that SMU is a premier institution with the means to be a full partner in commercial and global problem-solving, and a pipeline for leaders to tackle those challenges." — R. Gerald Turner, SMU President

In addition to propelling SMU forward as a leading research institution, the Moody endowment has an untold impact on the Dallas community surrounding SMU. "As the Texas economy booms, companies and institutions look to universities like SMU for innovative ideas, data-driven research, and technology that can create opportunity,” Turner said. “The Moody School will be the portal to all of our resources — the entry point for any organization with a research challenge to approach the University for partnership.”

What Does the Moody Foundation Grant Mean for Graduate Students?

The Moody School of Graduate and Advanced Studies offers master’s and doctoral degrees that span many fields across four of SMU’s colleges and schools. These are the Dedman College of Humanities and Sciences, the Lyle School of Engineering, the Meadows School of the Arts, and the Simmons School of Education and Human Development.

In a purely practical sense, this remarkable donation opens new doors for graduate students seeking fellowships and grants. Students in each of the four colleges and schools noted above can apply for fellowships, grants, and research funding that advance the goals of SMU. Let’s explore each of these funding mechanisms and discuss how prospective SMU grad students can secure these forms of funding.

Fellowships for Graduate Students at SMU

Moody graduate fellowships.

Beginning with the Fall 2021 applicants, SMU will offer fellowships to a select group of PhD applicants. These fellowships reward applicants who show exceptional promise for academic success. They provide tuition waivers, health insurance, and pensions of $30,000 for up to five years.

Students who apply to a PhD program at SMU by the  priority deadline  are eligible for the Moody Graduate Fellowship. Each department may nominate only one candidate, and SMU will consider only candidates nominated by their department.

University PhD Fellowships

Exceptional PhD and students with PhD-equivalents qualify for a fellowship grant that can defray educational costs for up to five years, contingent on satisfactory progress toward the degree.

All students who apply to a PhD program by the priority deadline  are eligible for the University PhD Fellowship. Each department may nominate a limited number of candidates, and SMU will consider only candidates nominated by their department.

Mustang Fellowships

Mustang Fellowships help SMU improve the diversity of its graduate student population. These provide tuition waivers, health insurance, and pensions of $30,000 for up to five years for PhD students who are U.S. citizens or permanent residents and identify as diverse in their academic disciplines.

As a PhD program applicant, you’re invited to apply for this fellowship through a brief essay in your application. You should explain why your educational, cultural, geographic, or familial background will contribute to SMU’s graduate program diversity. Departments nominate candidates for the Mustang Fellowship as part of their application review process.

Moody Dissertation Fellowships

These fellowships recognize and support outstanding PhD students as they complete their dissertations. SMU reserves this award for PhD students in the dissertation-writing phase of their degrees. It is available for those whose research shows exceptional promise for impact in their field of study.

The awards provide tuition waivers, health insurance, and a stipend of $30,000 for one year. Recipients commit to develop and defend their dissertations in the fellowship year. Their departments must nominate students to be eligible for this fellowship.

Dean’s Dissertation Fellowships

These fellowships provide support to PhD students in the dissertation-writing phase of their degrees, allowing them to focus on completing and defending their dissertations. They provide tuition waiver, health insurance, and a stipend commensurate with the standard PhD stipend in their department. Recipients commit to complete and defend their dissertations in the fellowship year. Each department must nominate students to be eligible for this fellowship.

Grants for PhD Students at SMU

Graduate student travel grants.

Graduate students can receive up to $750 in reimbursement for travel expenses to present an accepted paper or poster at a conference. You can apply for a travel grant here.

SMU accepts travel grant applications year-round but awards only one grant per student each academic year. The department chair and the graduate advisor must sponsor each proposal. Note that travel grants cannot be awarded retroactively, you'll need to submit a proposal before you travel.

Dedman Graduate Student Assembly Funding

The Dedman College Graduate Student Assembly (GSA) provides funding for graduate students in each department of Dedman College. The GSA receives a portion of the student fees paid by the graduate students in Dedman College. Those funds circulate back to graduate students who receive small grants to cover certain expenses that range from $100 to a few hundred dollars.

Graduate students can use this funding to pay for thesis and dissertation related expenses, such as presenting a paper or poster at a convention, conference, or other graduate activity, attending conferences, and purchasing membership in professional organizations and journals. Grad students may apply before the funding is necessary, or for reimbursement up to 30 days after the activity. 

Begin Your Fully-Funded PhD Program at SMU

With more than 100 years of history to build on, the SMU community is excited for the next chapter of growth that has been made possible through the Moody Foundation. With growing enrollment numbers, the Moody School of Graduate and Advanced Studies is already attracting the best students, staff, and faculty. Now, SMU and its graduate students are positioned to make even greater research contributions to our local Dallas community, our nation, and the world.

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the new Moody School of Graduate and Advanced Studies is more committed than ever to helping grad students thrive.

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Paying for Grad School: Where and How to Start

Student loan debt has grown significantly in the last decade, with 43 million borrowers owing $1.76 trillion globally as of March 2024. For many, this debt is not only a financial burden but a mental burden as well, leaving many anxious or depressed about their debt. Students also report missing out on or delaying life events, such as starting a family or buying a home, as a result of their debt. With statistics like these, it’s understandable why those embarking on graduate school might be worried about paying for their degree.

What’s less talked about, however, is the enormous amount of student aid—a.k.a free money—that is often left unclaimed by those who do pursue higher education. The class of 2022, for instance, left $3.58 billion in federal financial aid unclaimed simply by not filling out the Free Application for Federal Student Aid (FAFSA), a free online form provided by the U.S. Department of Education.

The biggest mistake you can make is to assume you can’t afford grad school and put your educational and career dreams on hold. With time, research, and creativity, paying for graduate school—without taking on debt—is possible. Here’s how.

Jump Ahead:

7 types of financial aid for graduate school, how to get financial aid for graduate school.

Why Career Advancement is Always a Worthy Investment

It may seem like there are fewer financial options for students pursuing advanced degrees, but graduate financial aid is available—you just have to know where to look. In the 2022-23 academic year, graduate students received an average of $28,300 in federal financial aid through grants, loans, and work-study programs. And, private institutions also offer significant financial aid packages to students. In the 2023-2024 academic year, Northeastern provided $437.5 million in scholarships and grants across their undergraduate and graduate student populations.  

Just because finding money for your master’s or doctoral degree requires a different approach doesn’t mean it’s impossible. Here are the best sources of financial aid available for graduate students and where to look for them.

1. Scholarships

Start your scholarship search with online scholarship search engines, such as Sallie Mae’s Graduate School Scholarship Search and Collegescholarship.org’s Scholarship Search Engine . There is virtually a scholarship available for every graduate student.

Consider all of these options to ensure you don’t miss out on scholarship money:

• Your field of study: Whether you are studying biotechnology or earning your EdD, there are scholarships available in your field. Start by doing a web search for “[your field]” and “graduate scholarships.” Talk with the counselors in your prospective college department to find scholarships specific to your degree program.
• Your ethnicity: Foundations like the Hispanic Scholarship Fund offer scholarships ranging from $500 to $5,000 to students with Hispanic heritage in any field of study. You don’t have to limit your search to your ethnicity, either. You can also find general minority scholarships that are available for a wide range of ethnicities. There are also aid opportunities for certain nationalities. For example, The National Italian American Foundation offers $2,500 to $10,000 in scholarships to Italian-Americans who are members of the foundation.
• Your university connections: You may be able to earn a graduate scholarship or tuition discount by applying to your alma mater. Northeastern, for example, offers the Double Husky Scholarship , which gives Northeastern alumni a 25 percent discount on their graduate education in over 120 eligible programs. Parents and siblings of Northeastern undergraduate students are also eligible to receive a 25 percent discount on their tuition through Northeastern’s Parent and Family Scholarship . 
• Your unique life circumstances: Do you live with disabilities, or have you overcome adversity in some way? There is a good chance there is a scholarship for your unique situation. For example, individuals who were in the foster care system can look for state scholarships and national scholarships, like the Foster Care Scholarship , which awards up to $100,000.
• Federal aid : You can access federally funded scholarships simply by filling out the FAFSA. The online application will guide you through the process seamlessly.
• State aid: Each state has a variety of financial aid allocated for its residents. Many of these awards are designated for individuals working in public service or for degrees that are in high demand in the area in an effort to help support the state’s workforce needs. Massachusetts, for example, designates specific scholarships for residents pursuing a degree in the STEM or healthcare fields , in addition to other state-funded scholarship programs.
• Local aid: Check with your city’s chamber of commerce and local businesses to see if locally funded scholarship money is available.
• Employer-sponsored scholarships: Check with your employer’s HR department to see if scholarships are available to employees, even if you are a part-time or contract worker.

Northeastern Graduate Scholarships

See how you can get your grad degree without taking on debt.

Grants, like scholarships, do not need to be repaid upon graduation. Typically need-based, grants are awarded by the federal government, state governments, individual schools, and private organizations.

• Federal grants : The federally funded Pell Grant is generally awarded only to undergraduate students; however, there are several federal grant programs available to graduate students, including the TEACH Grant and Fulbright Graduate Grants .
• State grants : State-level grants are available to residents and, in some cases, residents of nearby states. For example, both Pennsylvania and Vermont award residents grant support to attend schools in Massachusetts.
• Institutional and organizational grants: School-funded grants are given by graduate schools to encourage diversity, support field-specific research, or help graduate students with financial need. Many private organizations also offer grants to help students pursue an education in the fields they support. Take advantage of sites like GrantForward to find these hidden sources of funding.

3. Military Benefits

If you spent time serving this country, your college costs might be covered. Look for Yellow Ribbon schools that will pay for most, if not all, of your tuition if you are a post-9/11 veteran. Northeastern has delivered more than $11.2 million in funding through the Yellow Ribbon Program , allowing more than 800 veterans, servicemembers, and their dependents to attend the university each year for minimal to no cost. Beyond Yellow Ribbon benefits, the post-9/11 GI Bill®  and U.S. Department of Veteran Affairs offer funds that can be used to cover any remaining tuition costs, living stipends, and books.

4. Work Opportunities

Graduate students who fill out the FAFSA and demonstrate a financial need may be eligible for Federal Work-Study . This federally subsidized program provides part-time employment for students.

Depending on your university, there may be other opportunities to gain professional experience and a paycheck while in school. Forty percent of Northeastern’s graduate programs, for example, offer full-time co-op opportunities with industry leaders that allow students to pursue paid positions in their field of study for three to six months.

5. Teaching or Research Assistantships

Graduate students can apply for several kinds of assistantships, either upon program acceptance or at any time throughout their studies, depending on the institution. Research assistants perform research duties under faculty supervision, while teaching assistants help with direct student tasks, such as grading or holding office hours. Doctoral students can also apply for Stipend Graduate Assistantships, which offer health benefits, a stipend, and tuition remission, which typically waives 50 to 100 percent of tuition costs.

6. Tuition Reimbursement

Approximately 48 percent of employers offer some type of tuition reimbursement as an employee benefit, although only two percent of eligible employees take advantage of this benefit. The median tuition assistance provided by employers annually was $10,500 for graduate education,  which can dramatically reduce your tuition costs. Even select part-time or contract positions offer these benefits to employees. Talk to your company’s human resources department to discover if tuition benefits are available to you and how to apply for them.

If you work for a smaller company without an HR department, arrange a meeting with your boss to discuss the possibility of tuition assistance. They might have to do more research on the matter, but mention that there are tax benefits available to them if they offer partial tuition reimbursement. Share that tuition programs boost company morale , can increase employee skills directly for the company, and can even save the business money and time in regards to retaining current employees.

7. Student Loans

You’re likely familiar with the idea of student loans—federal or private funds that will need to be paid back, with interest, after graduation. Many graduate students use these loans to pay for college costs that aren’t covered by teaching assistant positions, employer tuition reimbursement, or scholarships. 

Graduate students are eligible for direct unsubsidized loans from the U.S. Department of Education , meaning that they don’t have to demonstrate financial need in order to qualify. Graduate students are eligible to borrow up to $20,500 per academic year, provided they fill out the Free Application for Federal Student Aid. Students can fill out the FAFSA as early as Oct. 1 for the following calendar year, but they can also apply for a loan after the semester has started if the need arises. In that case, it’s important to let the Office of Financial Aid know. 

In addition to direct unsubsidized loans, graduate students can also apply for a Direct PLUS loan . The maximum amount of this loan is the total cost of attendance (including living expenses) minus any other financial aid, including scholarships and loans. This amount will vary depending on the program in which a student enrolls. A credit check is required as part of the Direct PLUS loan application process, but the requirements are less strict than private loans. 

If you do need to take out a student loan, rest assured that you can make payments on your debt while in school, which will drastically alleviate your financial burden upon graduation.

If possible, federal student loans should be favored over private student loans. Federal student loans come with lower rates , fees, and the option of income-driven repayment, so you aren’t stuck with an excessive monthly payment after graduation.

Treat the pursuit of financial aid as your job. Don’t rush your applications or essays, and don’t reuse the same answers for different award submissions. Instead, take your time with each submission, personalizing it to that specific prize or opportunity. The judging committees for graduate scholarships, grants, and assistantships are looking for students who are as passionate about the program as they are.

Here are three tips to increase your odds of earning interest-free graduate aid:

1. Go the extra mile.  

If your scholarship or grant application allows you to answer optional questions or submit extra documents, such as a personal essay, take advantage of the opportunity. A Money article reports, “Students who answer the optional questions on online scholarship matching services tend to match twice as many scholarships as those who answer just the required ones.”

2. Apply all year long.  

Be on the lookout for financial aid opportunities all year long. Some scholarships or internship opportunities open up at the beginning of the year, while others align their deadlines with the school’s fall semester. New opportunities may also open up later in the school year if another student’s assistantship falls through.

3. Stay organized.

With thousands of available financial aid opportunities, it’s impossible to keep track of the details of every scholarship or program. Use a simple planner dedicated only to scholarships, grants, and other aid opportunities. Use the planner’s calendar to track submission deadlines, and make sure to mark down when you should start working on the application. Write down essential points of each aid opportunity, such as which documents to send, essay questions to answer, and reference letters to gather. Then, utilize the weekly planning pages to create an action plan to allow you to make progress on your application with the least amount of stress possible.

Career Advancement Is Always a Worthy Investment

Paying for graduate school can be daunting, but it’s possible—and worth it. With an advanced degree, you’ll enjoy increased marketability, more available job opportunities, and higher pay . In fact, master’s degree holders earn 18 percent more money annually than those with bachelor’s degrees. What’s more, you could even be eligible for a promotion within your current organization—meaning your degree might pay dividends sooner than you think.

It’s important to remember, though, that not all graduate programs are made equally. As you prepare to make this investment in your future, take the time to think critically about what it is you hope to achieve in the long run and how you can choose the best program to fit those needs. If you’re highly career-focused, for example, you might organize your grad school search in a way that prioritizes certain qualities like experiential learning and networking opportunities. Doing so will help safeguard your investment by setting you on a path directly toward your goals.

To learn more about how to fund your Northeastern education, explore Northeastern’s graduate financial aid options , or connect with a financial aid counselor to receive personalized advice.

GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government website .

This article was originally published in January 2019. It has since been updated for accuracy and relevance.

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• PhD Stipends

Graduate Financial Aid

All PhD students receive a semi-monthly stipend payment to cover the basic cost of living in New Haven. The minimum annual stipends for the 2023-2024 academic year are:

• Humanities/Social Sciences: $40,530 stipend
• Physical Sciences: $40,530 stipend
• Biological & Biomedical Sciences: $42,000 stipend

Understanding the semi-monthly payroll process

First-year phd students.

Your first stipend payment is a significant milestone, and we want you to have a clear understanding of the payroll process. During your first year of study, your stipend will be disbursed in 25 semi-monthly payments. Graduate students are paid twice each month, on the 15th day and the last day of the month (or the Friday before, if it falls on a weekend or a holiday). After each payment, you should check your Workday profile to review your payslip. Select "Pay" from the menu and choose the payroll slip to view.  

In your first stipend payment, you will also see a one-time relocation award of $1,000 included. This award is meant to assist you with the costs associated with moving to New Haven. This is a one-time payment and will not be included in your future stipend payments. Please keep this in mind when budgeting for your expenses, as your future stipend payments will not include this additional amount.

In the future, if you have on-campus employment or other one-time payments, you will also see these items reflected in your payslip. Your payslip may also change from term to term depending on your funding sources (i.e., teaching, research, university fellowship, etc.).

Continuing PhD students

As a continuing PhD student, you will receive your first stipend payment on September 15. Continuing student stipend payments are paid on a semi-monthly basis, on the 15th and the last day of the month (or the Friday before, if it falls on a weekend or holiday).

Direct Deposit

We encourage you to set up direct deposit of your stipend checks into a US bank account of your choice. This is the fastest and most convenient way to access your stipend each pay period.

If you are a new student, you may need to wait until after the start of your fellowship period and the creation of your payroll record to set up direct deposit of your stipend check. Any incoming student who has not set up direct deposit will have their checks sent to the Payroll Tax Form US mailing address listed in their student record.

To set up direct deposit, you must have a US bank account . Then follow these steps:

• Login to Workday using your NetID and password. 
• Select the “Pay” widget on your Workday homepage. 
• Next, select “Payment Elections.” From here, use the “Add” function to add a new account for direct deposit. You may add more than one account and you can choose how to allocate funds across your accounts.

Once you have set up direct deposit, it may take one or two pay periods to take effect. Until then, your stipend check will be mailed to you at the address you provide.

If you encounter difficulty with Workday, have questions about the direct deposit process, or how to view your stipend statements online, please contact the Employee Service Center at 203-432-5552 or via email ( [email protected] ). 

Additional Financial Aid and student information can be found on the Yale Hub .  

If you have any questions or concerns about your stipend, payslip, or other matters related to payment, please reach out to the Graduate Financial Aid Office.

• [email protected]
• 203-432-2739
• 246 Church Street, 2nd Floor

Graduate School

Graduate student stipend information.

• Financing & Support
• Ph.D. Funding

The Graduate School offers incoming doctoral and MFA students financial packages intended to support excellence in graduate education and to enable students to devote themselves full time to their research and scholarship.

All recommendations for graduate student funding are made at the program level. Eligibility and awards are determined annually and are always conditional on students making satisfactory progress toward their degrees. Students with questions or concerns regarding Brown funding — including eligibility, awards, or renewals — should discuss them with the program’s Director of Graduate Study.

Brown's funded degree programs are residential programs that require full-time dedication in order to reach the goals of superior scholarship envisioned for all students. The Graduate School recognizes that training opportunities outside of regular appointments can play an important role in preparing graduate students for their careers and, for supported graduate students in good standing, the Graduate Council is supportive of such additional, paid training opportunities, as long as they do not exceed 12 hours per week. Additional details can be found on the Activities Outside of Stipended Appointments webpage and in the  Graduate School Handbook .

Stipend Information

2023-2024 stipend amounts.

FY24 Doctoral Base Stipends (July 1, 2023 - June 30, 2024)

2024-2025 Stipend Amounts

FY25 Doctoral Base Stipends (July 1, 2024 - June 30, 2025)

2025-2026 Stipend Amounts

FY26 Doctoral Base Stipends (July 1, 2025 - June 30, 2026)

Where to Find Stipend Information

Students receive an appointment letter through  Self Service Banner  (SSB) each term (fall, spring, and summer). You can find your appointment letters in  SSB  by logging in with your Brown username and password, then clicking on the 'Student' tab and selecting ‘Graduate Student Appointment Details’ at the bottom of the list. The appointment letter provides: 

• The appointment type and a general description of duties 
• The start and end dates of the appointment 
• The department in which the appointment is assigned 
• The total stipend amount for the term 
• Whether the appointment in the bargaining unit or not and union-related steps to take prior to the appointment starting

Calculating Monthly Amount

All stipended graduate students will receive their regular stipend payment at the end of each month (see the Student Employee FAQ section on the Controller’s Office  General Information/FAQ webpage ). Your Appointment Letter provides the total amount you will receive for that term and from that you can determine approximately how much you will receive at the end of each month (please note this is a pre-tax amount).

Fall and Spring Terms

The fall and spring funding periods are both 4.5 months in length. Fall runs September 1 - January 15 and spring runs January 16 - May 31 (these dates are detailed in your Appointment Letter). To determine how much you will receive each month, divide the stipend amount from your Appointment Letter by 4.5 months. 

Example:  Your Fall 2023 Appointment Letter shows a stipend amount of $16,421.63.  $16,421.63/ 4.5 months = $3,649.25 per month, pre-tax.

Summer Term

The summer term runs June 1 - August 31 and straddles two fiscal years. Students receiving a summer stipend will receive one month of stipend payment (June) at the rate of the fiscal year that is ending and two months of stipend payment (July and August) at the rate of the fiscal year that is starting. This means that the payment amount in June may be different from the amounts in July and August (though it will generally be the same as the amount from the previous July and August).

Example:  Your Summer 2024 Appointment Letter shows a stipend amount of $11,976.91. The 2023-2024 monthly stipend rate is $3,808.25 and you will receive that amount, pre tax, in June 2024 (the portion of the summer in the 2023-2024 fiscal year). The 2024-2025 monthly stipend rate is $4,084.33 and you will receive that amount, pre tax, in both July and August 2024 (the portion of the summer in the 2024-2025 fiscal year).

Effects of Appointment Type

A general overview and description of duties for student appointments can be found in the  Graduate School Handbook . Appointment types not only affect the type of work a student is performing during a term, but may also affect how the student’s stipend is taxed and will determine whether or not they are in the bargaining unit. For example, students appointed to fellowships do not generally have taxes taken out of their payments and are not in the bargaining unit, while students on assistantship appointments such as RA, TA, or Proctor, do have taxes withheld at the time of payment and are in the bargaining unit (and so must pay the GLO Membership Fee or the GLO Fair Share Fee). See the Tax Information and Graduate Student Union Information webpages for more information.

Steps Required to Receive Payments

All students must complete the I-9 process in order to receive payment from Brown. Students will be required to complete this process upon matriculating as well as anytime they return to active student status after taking a leave of absence. 

The I-9 process includes:

• Submitting the I-9 Form and completing all onboarding tasks in Workday (instructions can be found on the  I-9 Forms webpage ) 
• Visiting the HR Service Center, in person, (Page-Robinson Hall, Room 213) to present original, unexpired documentation for the I-9 Form. Please refer to the  List of Acceptable Documents  for guidance on the types of documents required. 

Sprintax Calculus

All international students are required to enter data pertaining to immigration and tax status in Sprintax Calculus each calendar year and if they extend their stay at Brown University. Students are also required to notify their department and [email protected] each time they leave the U.S. with their location and possible return date, and then again when they re-enter the country, regardless of the length of time they were away. Current information is required to ensure that correct taxes are applied. More information is available on the Controller’s Office Foreign National Payments and Taxation webpage. Note that the university previously used FNIS for this process, but has recently transitioned to Sprintax Calculus.

Effects of Student Location

A student’s location during the term (whether they are on campus or off campus in another state or country) plays a role in how the student’s payment is processed by Brown and may affect the taxes withheld. Students should let their program administrator know when they will be away from campus and international students should notify their department and [email protected] each time they leave the U.S. with their location and possible return date, and then again when they re-enter the country, regardless of the length of time they were away. To ensure that student payments are in compliance with all relevant tax laws, students may get questions about their current location and travel dates from their program administrator, the Graduate School, or the Controller’s Office. 

Receiving Stipend as Check or Direct Deposit

Information about how to sign up for direct deposit is found on the Controller’s Office  General Information/FAQ webpage . Note that students who sign up for direct deposit may still receive one more payment as a check if the direct deposit setup process is not fully completed prior to payments being disbursed. 

• Internal Funding & Appointments
• Tax Information
• Fellowships
• Student Payroll Procedures
• Graduate School Handbook
• Graduate Student Union Collective Bargaining Agreement  and current  stipend agreement
• Onboarding and I-9 process: HR Service Center,  [email protected]
• Tax related questions: Controller’s Office,  [email protected]
• Sprintax Calculus or tax related questions for international students: Controller’s Office,  [email protected]
• Visa questions or travel issues: OISSS,  [email protected]

• PhD Student Primary Funding
• Life at UChicago
• Welcome to UChicago
• Graduate Student Orientation
• Diversity Advisory Board
• Diversity Recruitment Initiatives
• Discover UChicago
• Family Resources
• Grad Council
• GRAD Guide Weekly
• Payment Information
• Tax Information for Students
• Teaching Resources
• Graduate Student Lounge
• Finding Roommates
• Information for Individuals with Disabilities
• Information for Individuals with Children
• Neighborhoods
• Apartment Listings
• Housing & Leasing Vocabulary
• Leases, Utilities, and Insurance
• Tenant Rights and Responsibilities
• International Student Initiatives
• Home Delivery Resources

The 2019 Committee on Graduate Education’s report identified issues related to student payments as a recurring source of dissatisfaction among graduate students and as an impediment to student success. Based on student feedback, beginning in Summer 2023 the University will implement the next step in addressing student concerns by transitioning to a consistent monthly payment schedule for PhD student primary funding. This particular change aims to minimize confusion and financial hardship by standardizing practices that have varied by division and school and have included combinations of quarterly lump sum funding, biweekly funding, and monthly funding for students.

This FAQ aims to answer general questions related to this change. Further questions can be directed to your area’s Dean of Students Office and the UChicagoGRAD Administrative Services team ( [email protected] ).

1. What changed with PhD primary funding payments?

The Committee on Graduate Education identified uncertainty about funding payments as a source of student confusion and dissatisfaction, so as of Summer 2023, PhD Primary Funding of all kinds—fellowship, pedagogical training, and research training—is paid to students on the last business day of the month. This consistent payment schedule for all PhD students means there is no longer variability across graduate divisions or across the type of funding.

2. Who was impacted by this change?

The change in how primary funding is disbursed affected only PhD students. Master’s students, professional degree students, and undergraduates were not directly impacted by the transition.

3. When will PhD students receive primary funding payments?

PhD Primary Funding for each quarter is disbursed on the monthly payment cycle. This means that, in general, PhD students will be paid on the final business day of each month across four academic quarters:

• Autumn Quarter funding will pay in October, November, and December.
• Winter Quarter funding will pay in January, February, and March.
• Spring Quarter funding will pay in April, May, and June.
• Summer Quarter funding will pay in July, August, and September.

Incoming PhD students who begin in Autumn Quarter of each academic year will receive four payments during their first quarter to ease their transition to monthly funding. Students matriculating during any other quarter should be in touch with their area Dean of Students for their payment schedule.

4. Are taxes withheld from primary funding payments?

In quarters during which primary funding is classified as pedagogical or research training, federal and state taxes will be withheld from each monthly payment for that quarter. In quarters during which primary funding is classified as fellowship stipend, federal tax withholding will depend on an individual student’s tax status in the US:

*Illinois State Tax is not withheld from any fellowship stipend funding. Students are responsible for remitting state taxes directly to the Illinois Department of Revenue (IDOR) through estimated tax payments.

5. Will the new model affect how much students pay in taxes?

For many students—those who are residents for tax purposes (i.e., US Citizens, Legal Permanent Residents, or international students who have passed the substantial presence test and are not otherwise eligible for a tax treaty)—this change will not increase how much is being paid in taxes, only how the taxes are paid. During quarters in which primary funding is tied to a pedagogical or research training assignment, federal and state taxes will be withheld directly at the point of payment. Overall this could lead to an increase in direct tax withholding but a decrease in a student’s estimated tax obligation during the tax year. PhD student funding has always been considered taxable and reportable to the IRS and Illinois Department of Revenue.

Students who are non-residents for tax purposes and have been claiming an exemption from tax withholding for both a tax treaty that applies to fellowship stipend funding and a tax treaty that applies to pedagogical training funding may experience a net increase in your tax obligation. This is due to primary funding no longer being split between multiple job profiles in one quarter.

Taxes can be very complicated, and individual situations may vary depending on the type of funding and a student’s nationality and relevant tax treaties. Any questions related to taxes should be directed to [email protected] .

6. Will the new model change the requirement to pay estimated taxes?

It depends—for quarters during which PhD primary funding is tied to a pedagogical or research training assignment, payments will be subject to federal and state withholding and the withheld taxes will be subtracted from the amount that would otherwise be remitted through estimated taxes. Some students will continue to need to make estimated tax payments, particularly residents for tax purposes who receive a significant amount of funding as fellowship stipend.

Under federal law, all new employees must complete Form I-9 and submit documentation to verify their identity and eligibility for employment.

The Graduate Administrative Services Team in UChicagoGRAD processes I-9 forms for graduate students who will be or intend to be employed at the University of Chicago. For incoming graduate students who haven’t yet been hired as an employee at the university, we still strongly recommend completing the I-9 process upon arrival to the university to be prepared for future employment.

Under federal law, all new employees must complete Form I-9 and submit documentation to verify their identity and their eligibility for employment. You can find more information about the I-9 process on the  U.S. Citizenship and Immigration Services (USCIS) website.

Your I-9 documentation requirements will vary depending on your citizenship status and place of residence. To see which documents you will need to have ready to submit for I-9 processing, please see  this table . Be prepared to present original documents in person.  Please note: although not indicated on the acceptable documents list, international students need to present either their I-20 (F1 visa status) or DS-2019 (J1 visa status) in additional to other documents to complete the I-9 process. 

You must complete Form I-9 and submit the required documentation on or before your first day on the job.  Students who do not complete this process within the required timeframe will not be able to continue in their student employment position.

The Graduate Administrative Services Team offers individual I-9 verification appointments throughout the academic quarter. Please schedule an appointment via GRAD Gargoyle . For PhD students who will be holding research or pedagogical training assignments tied to an academic requirement, there will be quarterly drop-in sessions prior to the assignment start date.

Academics | Finance

Graduate student payments and tax information, */ /*--> */ graduate student appointment definitions.

Graduate Fellowship Appointments: Graduate fellowships are appointments provided to full-time enrolled graduate students pursuing a doctoral or other terminal degree. These appointments offer financial support without any expectation of service in return. Fellowships are awarded based on academic achievement and may be funded internally or by various external organizations. Some fellowships may involve specific duties related to teaching or research, but the primary focus is on supporting the student's academic and professional development. This appointment type should not be used once a student is assigned to a faculty advisor (where there is an expectation of service) unless the funding source explicitly indicates the appointment must be classified as a fellowship.

Graduate Research Assistantship Appointments: Graduate research assistantships provide employment opportunities and income for graduate students engaged in academic studies, research, or scholarly activities. A faculty advisor hires research assistants to assist with research projects and may receive a salary and tuition support. These positions offer valuable hands-on experience and are classified as having an employee/employer relationship.

Graduate Teaching Assistantship Appointments: Graduate teaching assistantships involve teaching or instructional duties and provide employment opportunities and income for graduate students. Teaching assistants are hired to assist with teaching, grading, or other instructional tasks. They receive a salary and may receive tuition support. These positions offer teaching experience and professional development opportunities and are classified as having an employee/employer relationship.

Graduate Assistantship Appointments: Graduate assistantships may involve duties of a Research Assistant and/or a Teaching Assistant as described above. They receive a salary and may receive tuition support. These positions are classified as having an employee/employer relationship.

Graduate Student Instructors of Record: Graduate student instructors of record are employed to teach and manage instructional tasks for specific courses. They receive compensation and tuition support. These opportunities are competitive and offer teaching experience and professional development. They are classified as having an employee/employer relationship.

Information about managing your graduate student payments can be found below. A link to your payment history can be found here .

Webinars organized by the Controllers office are available here .

Payment and Tax Information for Graduate Assistants, Research Assistants, Teaching Assistants, and Instructors of Record

For U.S. citizens, U.S. Permanent Residents, and Resident Aliens for U.S. Tax Purposes, graduate assistants, research assistants, teaching assistants, and instructor of record salaries will have taxes withheld at the time of payment based on the Form W-4, and then the taxes and income are reported to the IRS by Rice. The salary will be included on Form W-2, which is provided in January each year to report the previous year’s income. For Nonresident Aliens, for U.S. Tax Purposes, the salary will have taxes withheld at the time of payment unless a treaty benefit is available and claimed by the student. The salary and tax withholding will be included on Form W-2 for students not claiming a tax treaty or income exceeding a treaty limit. Form 1042-S will report any income exempt from U.S. withholding under a tax treaty.

Federal Form I-9:

• The Federal Form I-9 requires documents to substantiate identity and U.S. employment eligibility.
• The following link directs you to the USCIS website, where you can view acceptable documents.
• You may present one original document from List A or a combination of one original document from List B and one original document from List C: I-9 List of Acceptable Documents (click on List A, B, and C documents to view).
• Some individuals who present a List A document, such as certain nonimmigrant students and exchange visitors, must present additional documentation in order to prove their work authorization in the U.S. as described here: https://www.uscis.gov/i-9-central/form-i-9-acceptable-documents/combination-documents
• You may not begin to work until Section 1 is completed.
• You have three (3) business days from your start date to complete Section 2.
• If E-Verify cannot confirm that an individual is authorized to work, Rice is required to give the employee written instructions and an opportunity to contact the Department of Homeland Security (DHS) or the Social Security Administration (SSA) so they can begin to resolve the issue before Rice can take any action against the employee, including terminating employment.

Please use this task to enroll in Direct Deposit.

• You will need valid banking information to complete this task.
• You will have the opportunity to set up multiple accounts and specify exact amounts or percentages for direct deposit per account.
• Elections are required before your first scheduled pay. Pay schedules are available at https://controller.rice.edu/payroll-schedules .
• If you do not enroll in direct deposit at least two days before your first payday , you understand that Payroll will enroll you in the payroll card program and have read the Payroll Card Disclosure . Additionally, you understand that Payroll will assign you a payroll card and mail it to your mailing address.
• Click the link here to open a new window to payment methods.
• Once you are in Payment Methods within iO, select " Worker" in the dropdown under " Payroll Relationship."

Please use this task to verify or update your Personal Details as indicated below. The link below will direct you to the self-service tool to update any required information.

Please verify the following are correct:

Link to Employee's Personal Details (when finished, close that window to return here)

Please use this task to complete your Tax Withholding. The link below will direct you to the self-service tool to update any required information.

If no W-4 form is completed, you will be taxed at the highest single rate for federal withholding.

Link to Tax Withholding Self-Service page (when finished, close that window to return here)

If you need assistance with completing your tax withholding, please refer to the job aid and / or video .

NOTE: Foreign nationals will receive an email from [email protected] with login credentials so individuals can provide immigration and travel history through the Foreign National Information System (FNIS). This information enables the Payroll Office to determine tax status and comply with U.S. withholding and reporting requirements.

If you are a Resident Alien for U.S. Tax Purposes, you can complete the tax withholding task. If you are a Nonresident Alien for U.S. Tax Purposes, you can complete the tax withholding task; however, you must complete the form based on the following IRS requirements:

• You cannot claim exemption from federal income tax. In the tax withholding task, the Exempt from Federal Income Tax drop-down must be No.
• You must request withholding as if you’re single, regardless of your actual marital or filing status. In the tax withholding task, the filing status must be Single or Married, filing separately.
• You cannot claim the child credit or credit for other dependents. In the tax withholding task, the Qualifying Dependents Amount, Other Dependents Amount, and Total Dependents Amounts must be the default ($0).

Please use this task to verify or add your Contact Information. The link below will direct you to the self-service tool to update any required information.

Please verify or add the following :

• For home addresses outside of the US, use address type "International Home Address."
• Benefits-eligible employees located outside of the US should contact [email protected] for additional guidance

Please Note: There are state / local tax withholding implications, so make sure your address(es) are correct to ensure appropriate taxes are deducted from your pay. More information is provided in iO, where you update addresses. Navigate in iO to Me > Quick Actions > Contact Info >+Add Address > scroll down to Primary check box and hover over the ? icon.

Link to employee contact page (when finished, close that window to return here)

Starting on the first day of employment, you need to report time using iO’s Web Clock and / or Time Card in accordance with Rice Policy 415 .

This is to ensure you are paid timely and accurately. For more information on how to enter time, please refer to the Entering Time Using Web Clock QRG , Time Card Entry and Edit for Employees Job Aid , and iO Time Reporting webpage for additional resources.

Please note: you will not have access to Web Clock and Time Card until your second day, so please keep track of your hours so you can report them on your Time Card.

Please follow the link below to add or update your Family and Emergency Contacts.

Note: For benefits-eligible employees, your Family and Emergency Contacts will also appear in your "Before You Enroll" self-service page within the Benefits module.

Link to Update Family and Emergency Contacts (close that window when finished to return here)

Pay Schedule

Check-in with your Student HCM Contact:

Architecture: Kristina Kennedy, [email protected]

Engineering: Asia Donald, [email protected]

Humanities: Heather Holley, [email protected]

Jones Graduate School: Ph.D. Students: Melinda Peña, [email protected] ; MBA Students: Rebeca Reyes, [email protected]

Social Sciences: Corina Gonzalez, [email protected]

Natural Sciences: Dominique Oumar, [email protected]

Shepherd’s School: Susie Schoepf, [email protected]

Institute of Biosciences and Bioengineering (IBB): Jing Jin, [email protected]

Applied Physics Graduate Program: Laura Livingston, [email protected]

Useful Links

Current Student Semester Start Checklist - https://graduate.rice.edu/student-semester-start-checklist

Graduate Student Overview & New Student Checklist - https://graduate.rice.edu/admissions/after-admission

Graduate Student Payment Checklist - https://rice.app.box.com/s/m7kc8xm21tthrbnep3fn5nda8yomwolp

Graduate Student Pay Report: https://emdz.fa.us2. oraclecloud.com/analytics/saw. dll?Portal&PortalPath=% 2Fshared%2FCustom% 2FimagineOne%20Data%20and% 20Analytics%2FHCM%2FPayroll% 2FGrad%20Student%20Pay% 20Report%20-%20Students% 2FGraduate%20Student%20Pay% 20Report

This acknowledgment form will serve as notification of the legal name and Social Security number as issued by the Social Security Administration

The Federal government requires Rice University to report employee information to the Social Security Administration (SSA) and Internal Revenue Service (IRS). Both governmental agencies use the Social Security number as the primary number for reporting purposes.

The employee's first name, middle name, last name, and Social Security number that appears on the employee’s Personal Details self-service page will be the official name used by Rice University and will appear on the paycheck stubs and W-2 forms. The employee's name and Social Security number are also verified through the Social Security Administration’s employer verification process. To complete this verification process, Human Resources will need the employee’s Social Security number and the legal name as it appears on the Social Security card. This acknowledgment form will serve as notification of the verification of the employee’s name and Social Security number through the Social Security Administration.

Employees who have never applied for a Social Security card and do not have a number assigned to them will need to complete an application form requesting a card and number from the Social Security Office within 30 days of employment. Information regarding Social Security applications and office locations may be obtained from the Social Security Administration’s website at www.ssa.gov .

Individuals from foreign countries should consult with the Office of International Student and Scholars (OISS) prior to applying for a Social Security number with the Social Security Administration. Please visit the OISS website for more information at https://oiss.rice.edu/ .

Upon receipt of the Social Security card, the employee will need to return to the Human Resources Office and provide the Social Security number and the legal name as it appears on the card.

Rice University has Workers’ Compensation Insurance coverage with Travelers Insurance to protect you in the event you are injured at work. You can obtain more information about your Workers’ Compensation rights from the Texas Department of Insurance, Division of Workers’ Compensation ( http://www.tdi.texas.gov/wc/index.html ) or by calling 1-800-252-7031.

La Universidad de Rice tiene cobertura de compensación para trabajadores que sufran lesiones o heridas en el trabajo con la compañía de seguros Traveler’s. Usted puede conseguir más información sobre su derecho a recibir compensación por lesiones o heridas en el trabajo en cualquier oficina de la Comisión de Compensación de Texas para los Trabajadores (Texas Department of Insurance, Division of Workers’ Compensation) en la página de internet http://www.tdi.texas.gov/wc/index.html o puede llamar al 1-800-252-7031.

Please review the resources available here:

https://graduate.rice.edu/tax-status-scholarships-fellowships-grants-and-stipends

Please review the resources available here .

Payment and Tax Information for Graduate Fellows

For U.S. citizens, U.S. Permanent Residents, and Resident Aliens for U.S. Tax Purposes, fellowships do not have tax taken out at the time of payment and will not be reported on a W-2 form. Students are responsible for determining if any of the fellowship is taxable under IRS guidance. If any portion of the fellowship is taxable, students may need to make estimated tax payments, report this income on their individual tax returns, and keep supporting records. Please visit the IRS website for more information. For Nonresident Aliens for U.S. Tax Purposes, the fellowship is reported on Form 1042-S and will have 14% tax withheld for students in the U.S. on an F, J, M, or Q visa or 30% tax withheld for others unless a treaty benefit is available and claimed by the student. Form 1042-S will also report any income exempt from U.S. withholding under a tax treaty. These forms are provided in March each year to report the previous year’s income. Please visit the IRS website for more information.

This Journeys task is available in iO to add your Payment Information and W-9 (US Citizens) or W-8BEN (Foreign Nationals) forms. This task needs to be completed to ensure that your fellowship payment is paid in a timely fashion.

Getting Paid

Making Changes

• Generally, fellowship payments will not have taxes withheld. Payments will be reported at calendar year-end on a 1099 (US citizens) or 1042-S (foreign nationals, depending on status).
• Foreign nationals will receive an email from [email protected] with login credentials so individuals can provide immigration and travel history through the Foreign National Information System (FNIS). This information enables the Payroll Office to determine tax status and comply with U.S. withholding and reporting requirements. Payroll administers this system, but withholdings can apply to all payments made to a student, including from Procure to Pay (P2P). Withholdings are typically 14%.
• 1099 – Sent by mail by the end of January. Fellows can expect to receive it in early February. There is not an option to provide it electronically.
• 1042-S – Provided electronically via FNIS by March 15. Must opt in.

Jones Graduate School: PHD Students: Melinda Peña, [email protected] ; MBA Students: Rebeca Reyes, [email protected]

Where to go for help

Graduate Student Payment Checklist - https://rice.app.box.com/s/m7kc8xm21tthrbnep3fn5nda8yomwolp Graduate Student Pay Report: https://emdz.fa.us2. oraclecloud.com/analytics/saw. dll?Portal&PortalPath=% 2Fshared%2FCustom% 2FimagineOne%20Data%20and% 20Analytics%2FHCM%2FPayroll% 2FGrad%20Student%20Pay% 20Report%20-%20Students% 2FGraduate%20Student%20Pay% 20Report

Link to the employee contact page

Link to Update Family and Emergency Contacts

Please review the resources available here (note fellow information begins on page 3).

Updated August 2023

8 best PhDs that offer the highest stipends

The best PhDs not only open the gates to knowledge but also offer some of the most generous stipends to help you achieve your dream. These stipends are not just numbers; they are the lifeboat allowing you to dive headfirst into your studies without worrying about the financial tides. 

Think of the great minds that have treaded the PhD path before you – Marie Curie, Albert Einstein and Martin Luther King Jr. The secret to their success wasn’t just their brilliance; it was the support they received during their PhD journeys. 

A stipend can be the catalyst for greatness, allowing you to focus on your research, collaborate with brilliant minds, and turn your academic dreams into reality. 

The best PhDs give you more than just a qualification. It acts as a catalyst to greatness.

Types of PhD stipends

When it comes to stipends, there are two main types: financial and non-financial. Financial stipends are a helping hand for students, given without needing any specific work in return.

They appear as financial assistance on your statement at the end of the year.

On the flip side, there are stipends given in exchange for the work you put in at the university. These aren’t considered financial aid; instead, they’re like salaries 

You might be wondering if your stipend is subject to taxation. Well, it depends on the type. If it’s a financial stipend, it’s generally not taxable. It’s like a gift to help you out.

However, if your stipend is in exchange for your university efforts, like work or research, it’s considered income and is subject to taxation.

The best PhDs have great stipends — which you should treat as a package. Source: AFP

PhD stipends: It’s a package

Your PhD stipend is made up of several important components to support you through your academic journey.

The living stipend is the main part, covering your accommodation, food, transportation and other daily needs.

It’s the primary source of financial support, and how much you get can vary based on factors like location, school, major and cost of living. 

The tuition waiver or fellowship is a significant perk considering the often hefty costs of a PhD education, especially in fields like Chemistry or other STEM subjects.

Health insurance is another crucial part of the package, ensuring you have access to affordable medical care to keep you healthy and productive. 

Then there’s the research grant or funding, providing extra money for things like textbooks, research materials, and conference fees.

As you delve into your academic journey, you might also find yourself as a teaching assistant (TA) or research assistant (RA), gaining work experience and building valuable professional connections.

So, your PhD stipend isn’t just about the financial support – it’s a comprehensive package designed to nurture and propel you forward in your academic pursuits.

The most powerful people in the world listen to those with the best PhDs. In this photo, India’s Prime Minister Narendra Modi and US First Lady Jill Biden listen to Anchal Sharma, a PhD candidate at the Indian Institute of Technology. Source: AFP

PhD stipends: More than just financial aid  

It’s important to treat your PhD stipend as something more than just scholarship money or salary.

Consider investing in specialised training courses or workshops relevant to your field.

Use your stipend to enrol in programmes that deepen your expertise and introduce you to the latest trends.

Think of it as adding layers to your professional skillset, making you a sought-after expert in your field.

Another useful way to make good use of your PhD stipend is by attending conferences and networking events.

Allocate registration fees, travel and accommodation funds to immerse yourself in a sea of knowledge and connections.

Conferences are like treasure troves of insights, letting you learn from industry leaders and exchange ideas with peers.

Networking at these events can open doors to collaborations, job opportunities and a broader understanding of your field.

Your stipend is a golden ticket, allowing you to actively participate in your professional community and stay updated on cutting-edge developments. 

Salary vs stipend

Your salary is like a regular paycheck you get for your job – it’s consistent, predictable and typically based on the hours you work or the tasks you complete.

It’s your stable income, like a steady river flowing into your bank account.

On the other hand, a stipend is more like a fund for a specific purpose, usually tied to education, research or training.

It’s not your regular 9-to-5 wage. It’s an allowance to support you in certain activities, such as pursuing a degree, researching, or attending professional development opportunities.

While a salary is your everyday bread and butter, a stipend is more like the extra toppings – there for a specific reason and not necessarily a routine.

So, who gets to hop on the stipend train? Usually, it’s candidates who are engaged in specific activities that need a bit of financial backing.

Students diving into research, interns honing their skills, or anyone pursuing specialised training are likely candidates.

Stipends often aim to support learning, growth or projects rather than being your everyday paycheck. It’s like a boost for those dedicating their time and effort to something beyond their regular work.

So, if you’re on a mission to deepen your knowledge, contribute to research or enhance your skills in a particular field, chances are you could receive a stipend.

When it comes to PhD programmes, the pay and stipends can vary . Generally, STEM (Science, Technology, Engineering, and Mathematics) PhD programmes offer higher stipends than other fields.

For example, in the US, institutions like MIT and Stanford are known for generous stipends for STEM candidates. These stipends often cover tuition, living expenses and even healthcare. 

The best PhDs can help you develop valuable transferrable skills which are valuble in the working world. Source: ETX

1. Stanford University

Stanford University is renowned for having the best PhD programmes in the world. This is mainly due to the fact that it offers one of the highest stipends globally, securing its position as a top-tier institution for doctoral candidates. 

In the 2020/2021 academic year, PhD students at Stanford University received a stipend or teaching assistantship of US$45,850 , marking it the world’s highest-paid PhD stipend.

Newly admitted PhD candidates automatically qualify for financial assistance for up to five years, provided they maintain a good academic record and meet the stipend requirements.

This support of fellowship salary, research or teaching assistantship showcases the university’s dedication to offering one of the most competitive PhD stipends.

Stipends are distributed shortly after students meet the minimum enrolment requirements, and any obligatory expenses, such as university housing rent, are deducted before the stipend is issued. 

Earning a PhD can be costly both in terms of time and money, and it may take several years to complete a successful doctoral programme. Source: ETX

2. Princeton University

Embarking on a PhD at Princeton University promises academic excellence — and positions you among recipients of one of the highest-paid stipends in the US. 

In February, The Daily Princetonian reported that the Princeton Graduate Students United (PGSU) has announced that the university will raise some graduate student stipends by US$5,000 in the 2023/24 academic year.

This made the annual stipend rate for this academic year b etween US$47,880 and US$50,400 .  

If you’re a new incoming graduate student, you’ll be paid your first fellowship stipend in full for the month of August .

The best PhDs can help students build relationships with professionals in their field, learn about job opportunities and gain insight into industry trends and best practices. Source: ETX

3. University Of South Carolina

The University of South Carolina is a top institution with one of the best PhD programmes, offering some of the highest stipends to its students. 

From 2022, the university’s minimum total stipend has been US$34,000.

This makes the minimum monthly rate of at least US$3,778 for programmes that operate on a nine-month schedule and US$2,834 for those on a 12-month schedule.

There’s a “Provost Fellowship Top Off” valued at US$2,000, bringing a student’s stipend to at least US$36,000.

The university’s commitment extends to various scholarships, including the IRIX/David L. Coffen Fellowship and the Jerome D. Odom Fellowship, both in the field of chemistry.

The highest-qualified candidates are considered for Presidential Fellowships.

4. Rice University 

Rice University stands out by offering departmental stipends for qualified PhD candidates — amounting up to US$40,000 per year .

Candidates earn this by working as a research/teaching assistant for an assigned faculty member while maintaining full-time student status and continue making satisfactory progress toward their PhD.

The best PhDs will help you learn about yourself, about others and about the world around you. Source: AFP

5. University of Houston

With an annual stipend of US$31,000 annually , the financial support provided at the University of Houston is substantial. 

The Graduate Tuition Fellowship (GTF) further enhances the financial package for eligible students, covering tuition and fees, resulting in a net annual benefit of US$20,800.

Meeting a 3.00 grade point average and working as a graduate assistant are prerequisites for GTF eligibility, proving the university’s dedication to maintaining academic excellence among its doctoral candidates.

The fellowship covers nine semester credit hours (SCH) in the fall and spring semesters and six in the summers. 

6. Ohio University 

Ohio University’s financial support for PhD students is among the most generous in the country –surpassing over 1,000 other universities.

Here, s tipends come in different forms. Examples are teaching assistantships, research assistantships and graduate assistantships. 

At the School of Communication Studies , for example, eight to 12 new students are offered graduate assistantships that provide a full tuition waiver and a stipend of approximately US$16,100 per academic year.

A PhD degree holds high value in the job market as well as in the research world. Source: AFP

7. Boston University 

At Boston University, all PhD students in good standing are guaranteed the following:

• five years of stipend support
• 100% tuition scholarship
• a health insurance credit

How much? That varies by PhD programmes but its website states a range from US$27,318 for eight months to US$40,977 for 12 months for the 2024/25 academic year.

8. Cornell University 

For the 2023/24 academic year, Cornell graduate assistantship and fellowship stipends grew by 8% . 

This made the minimum 12-month assistantship rate US$43,326 and increased the minimum nine-month academic year stipend to US$32,494.

Here, a graduate assistantship refers to “ an academic appointment requiring 15 to 20 hours a week , averaging no more than 15 hours per week for the base stipend as established by the Board of Trustees.” They receive full tuition credit and a stipend.

Meanwhile, a fellowship refers to an “arrangement in which financial support is given to a graduate student to pursue his or her degree without any obligation on the part of the student to engage in teaching and/or research in furtherance of the university’s academic mission.”

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College Tuition Payment Plans: A Guide

Paying for college through an installment plan can help some students avoid taking out loans.

Tips on College Tuition Payment Plans

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While the total cost of college can be shocking, families should budget how much their student’s entire academic career will cost.

As the bill for college rises nationally, some families seek alternative ways to pay tuition and avoid student loan debt.

Rather than struggling to pay the large sum of tuition and other fees all at once, an installment plan breaks up the cost into multiple smaller payments over a period of time.

“I don't think parents realize that there are other options besides going right out and getting a loan,” says Joseph Orsolini, president of College Aid Planners.

College tuition has increased significantly across private and public universities over the last 20 years. Tuition and fees at private universities went up 134%, and out-of-state and in-state tuition and fees at public universities rose 141% and 175%, respectively, according to 2022-2023 U.S. News data.

How Tuition Payment Plans Work

Payment plans are an option at most colleges and universities. Steve Lindley, director of financial aid at St. Olaf College in Minnesota, says 15% to 20% of the college’s 3,000-student population used an installment plan during the 2021-2022 school year.

In an installment plan, students pay smaller amounts of tuition to their university in multiple payments to decrease the money a family needs upfront to afford college. Some families use installment plans to gain revenue on interest in a savings account.

Connie Livingston, head of college counselors at the admissions and financial counseling service Empowerly, says she used an installment plan – sometimes known as a payment plan – to pay for her son’s first year of college tuition .

“Even if you've been really good about saving for college and you've got a chunk of money stashed away," Livingston says, "I would recommend not taking that whole chunk of money and paying off your tuition balance right at the beginning of the year because savings rates right now – interest rates are so high – it actually makes more sense to leave that money in a high-yield savings account, and take advantage of the installment plan.”

However, installment plans vary across colleges and universities, so be sure to check with each school you're considering.

Here are five tips families can use when considering an installment plan, according to experts.

Most Installment Plans Have an Enrollment Fee

Enrollment fees for installment programs can vary from $15 to $52 or more per semester, depending on the institution. However, the enrollment fee can still be less expensive for a family than the interest charged on a student loan.

Alisa Abadinsky, associate controller of financial services at the University of Maryland, says families can also pay tuition upfront for one semester and then decide to use an installment plan to pay for a different semester. For example, a family can pay half of a school term with an installment plan and pay the next semester of tuition in full. This can save money because a fee is typically charged every semester a student uses an installment plan.

“If you have funds available and you just need more time than getting a bill at the start of the term, that would be an area we would highly encourage a family to look at a payment plan,” Abadinsky says.

Explore Other Options Before Enrolling in a Payment Plan

Before considering a tuition installment plan, students should research other available financial resources to help pay for college.

Orsolini says students should first complete the Free Application for Federal Student Aid, or FAFSA , to see if they qualify for a federal Pell Grant , federal loans and work study, and also research the federal Parent PLUS loan program.

“Make sure you hit those resources first before you look above and beyond and outside of that system, because private student loans really will tend to bury people pretty quickly,” Orsolini says.

Private student loans tend to have less flexible repayment options without forgiveness plans, are harder to qualify for and often have higher interest rates compared to federal loans.

Some universities require the installment plan holder to adjust their plan if it is rebalanced, which means the total payment changes because of new income such as financial aid, Abadinsky says.  

“Read the agreement and understand what will happen when they go on a payment plan because schools manage the payment plan differently,” she says.

Some Schools Have More Than One Installment Plan

Families should look for universities with different payment options if an installment plan is the main way they want to pay for their student’s college.

Larger universities, such as New York University , offer three separate installment plan options: an interest-free semester-based plan, a deferred payment plan and a fixed payment plan.

Some schools offer installment plans for different types of students.

For example, Florida State University provides a traditional payment plan for undergraduate students and a separate one for graduate students. The university also services the plan through a third-party provider.

Gilman Page, director of student business services at Florida State, says students sign up online for installment plans without having to reach out to the university staff.

“They split their tuition into however many installments, they can sign up to have it automatically deducted from their bank account on intervals if they want to do that and then that third party also emails them when the payment is coming due with a reminder,” Gilman says. “I think it makes it easier for the students.”

Paying Tuition With a Credit Card May Not Be Possible

If a college accepts a credit card for an installment plan, there is usually a convenience fee attached.

Livingston says a family should make sure that such a fee can fit into their budget. She says while she recommends against paying this way - as do other experts - using a credit card can be an OK option if you pay off your credit card balance in full each month to avoid paying interest.

Create a Budget for Your Whole Academic Career

While the total cost of college can be shocking, families should budget how much their student’s entire academic career will cost. It's usually less than the sticker price, but families should get a sense of exactly what they are expected pay out of pocket, an amount called the expected family contribution .

Rachel Allen, the bursar for Bowdoin College in Maine, says installment plans can help families budget better throughout the semester by giving them an expected plan of payment.

“I just think if students or families are questioning what options are available to them, they definitely want to work with the school directly to see what they have available for resources,” Allen says.

Livingston says she left her money for her son’s college tuition in a high-yield savings account to earn interest and withdrew monthly to pay the tuition bill.

“If you're able to work it out in your monthly budget and you're able to make monthly payments for tuition," she says, "then obviously that's always better than taking on more debt.”

18 Tuition-Free Colleges

Tags: education , colleges , paying for college , students

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Updated April 18, 2024, 6:29 PM EDT

Fox Money is a personal finance hub featuring content generated by Credible Operations, Inc. (Credible), which is majority-owned indirectly by Fox Corporation. The Fox Money content is created and reviewed independent of Fox News Media. Credible is solely responsible for this content and the services it provides.

Earning a graduate or professional degree can open up new career opportunities, but it can also come at a big cost. In the 2023-24 school year, master’s students at private colleges faced an average tuition and fees of $30,970, while doctoral students paid around $49,660 according to the  College Board . 

If you’ve already exhausted all grant and scholarship options, a graduate student loan can help you cover any remaining costs. 

Federal unsubsidized loans and graduate PLUS loans are often the best starting point because of their low interest rates and flexible repayment terms. But depending on your financial qualifications, you may be able to secure a more favorable interest rate through a private graduate school loan. 

Compare graduate student loan rates

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4.07% - 15.48%

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$1,000 up to 100% of the school-certified cost of attendance

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Does not disclose

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College Ave offers a wide range of in-school loans for nearly every type of degree. There are a number of repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.

You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.

Interest rates

Fixed or variable

Minimum credit score

Minimum income

5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)

Loan amounts

$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile

Cosigner release

After half of the scheduled repayment period has elapsed

Eligibility

Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.

4.09% - 15.66%

$2,001* to $400,000

Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.  

Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option. 

5, 7, 10, 12, 15, or 20 years

 $2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates

Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.

4.43% - 14.04%

$1,000 to $99,999 annually ($180,000 aggregate limit)

Powered by Cognition Financial, Custom Choice offers student loans for undergraduate and graduate students starting at $1,000. You can borrow up to $99,999 per year with a total aggregate limit of $180,000.

If you apply with a cosigner, you may be able to release them from your loan after 36 on-time payments. You can also receive a 0.25 percentage point discount on your interest rate by setting up autopay, as well as a 2% reduction of your principal balance after graduating.

Custom Choice doesn’t charge application, origination, prepayment, or late fees. It also lets you pause payments through forbearance if you qualify for its natural disaster or unemployment protection programs. 

7, 10, or 15 years

$1,000 to $99,999 per year (lifetime limit of $180,000)

Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.  

4.50% - 15.49%

$1,000 up to 100% of school-certified cost of attendance

Sallie Mae offers the Smart Option Student Loan to undergraduate and graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, it may be easy to get reapproved for your future years of study — undergraduates have a 97% approval rate when they return to Sallie Mae with a cosigner.

Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, bar study, medical school, medical residency, dental programs, dental residency, and other health profession programs. However, this lender no longer offers a career training loan. 

10 to 15 years for Smart Option Student Loan; up to 15 years for law school and bar study loans; up to 20 years for medical school, medical residency, dental school, dental residency, and health professions loans

$1,000 up to school-certified cost of attendance

Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens may qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.

4.56% - 8.34%

$1,001 up to 100% of school certified cost of attendance

INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can  borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.

INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders. 

5, 10, or 15 years

$1,001 minimum, up to the school certified cost of attendance

Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.

5.35% - 7.95%

$1,500 up to school’s certified cost of attendance less aid

Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender that offers low-cost undergraduate and graduate school loans to students nationwide. While only fixed-rate loans are available, interest costs may be lower than what you see with other private loans.

While you can apply with a cosigner to lock in the best rate possible, removing that cosigner later may be tough. Only one repayment plan allows cosigner release, and you must make four years of consecutive on-time payments and meet other credit and income requirements to qualify.

10 or 15 years

$1,500 minimum up to school-certified cost of attendance

Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.

5.99% - 14.00%

$1,000 to $350,000 (depending on degree)

Citizens offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.

Student borrowers can defer payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.

5, 10, or 15 years for student loans; 5 or 10 years for parent loans

$1,000 minimum, up to a maximum of $150,000 for undergraduate and graduate degrees; $250,000 for MBA and law; and $180,000 or $350,000 for health care student loans, depending on the degree type

Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.

8.42% - 13.01%

$1,000 up to cost of attendance

Education Loan Finance (ELFI) is a division of Tennessee-based SouthEast Bank owned by Education Loan Finance, Inc., a non-profit whose mandate is to provide access to higher education. ELFI launched in 2015 and offers undergraduate, graduate, and parent private student loans as well as student loan refinancing.

ELFI student loans and refinance loans are available to residents in all U.S. states including Puerto Rico. Borrowers can benefit from no application, origination, or prepayment fees. ELFI also offers flexible repayment terms and competitive rates, however there’s no cosigner release option and the lender doesn’t offer any discounts.

5, 7, 10, or 15 years

$1,000 - Cost of attendance

A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.

All 50 states as well as Washington DC and Puerto Rico.

Fox Business does not make or arrange loans.

8 best private graduate school loans

No-Cosigner Loans

4.09 - 15.66%

Variable APR

6.22 - 16.08%

Loan Amount

5, 7, 10, 12, 15, 20

Pros and cons

No application or origination fees

Autopay discounts of 0.25 to 1.00 percentage points

1% cash back reward at graduation

Extended grace periods of 9 to 36 months

Doesn’t offer parent loans or refinance loans

Higher interest rates than some competitors

International students can’t release their cosigner

More details

Multi-Year Approval

5.99 - 14.00%

6.97 - 15.03%

Multiyear approval for qualifying applicants

Lends to international students with an eligible cosigner

Customized loans for various programs and parents

Autopay and loyalty discounts

Parent loans don’t have deferred payment option

Limited loan terms to choose from

Relatively long cosigner release requirement

No option to prequalify with a soft credit check

Extended Grace Periods

College Ave

4.07 - 15.48%

5.59 - 16.69%

5, 8, 10, 15, 20

Autopay discount of 0.25 percentage points

Multiyear approval available

Graduate, MBA, law, dental, and medical school loans have grace periods between 9 and 36 months

Parent borrowers must make at least interest-only payments while student is in school

Must complete half your repayment term before you’re eligible for cosigner release

Discounts and Rewards

Custom Choice

4.43 - 14.04%

5.38 - 15.56%

2% reduction of your principal balance upon graduation

0.25 percentage point discount on interest rate for autopay

No fees — not even late fees

Option to check your rates through online prequalification

No loan options for parents or international students

Only three loan term options of 7, 10, or 15 years

Minimum income and credit score requirements not disclosed

Flexible repayment options

8.42 - 13.01%

4.98 - 12.79%

5, 7, 10, 15

Accepts applicants with credit scores under 700

Flexible student loan repayment terms

Can borrow up to school-certified cost of attendance

Access to a dedicated Student Loan Advisor to assist with the application process

No discounts available

No cosigner release option

Associate degree students and holders are not eligible for loans or refinancing

Indiana Students

4.56 - 8.34%

7.75 - 11.79%

Low minimum borrowing limits

Short cosigner release requirements

Transparent qualification requirements

Loans are available only to Indiana residents

No prequalification option to view your rates

No loan options for international students

Borrowers with Good Credit

5.35 - 7.95%

No fees whatsoever

Competitive interest rates

Can borrow up to the cost of attendance

No rate discounts available

No variable interest rates

Only two repayment terms

Strict cosigner release requirements

Can’t prequalify with a soft credit check

specialized Loans

4.50 - 15.49%

6.37 - 16.70%

No prepayment or origination fees

Loans available to noncitizens with an eligible cosigner

Cosigner release after 12 on-time payments

No parent loan options

No option to check your rates through prequalification

Loan terms not disclosed until after you apply

Other graduate loans to consider

Federal loans for graduates .

Federal student loans offer graduate students flexible repayment options and potentially lower interest rates compared to private loans. Direct Unsubsidized Loans are available to all graduate and undergraduate students, and come with benefits like deferment options and income-driven repayment plans. These loans do have annual and aggregate borrowing limits, though. 

Grad PLUS loans are specifically for graduate and professional students. These loans can cover the full cost of attendance of your school, minus any other financial aid you receive (including tuition, fees, living expenses, and other educational expenses). Just keep in mind that interest rates on grad PLUS loans are higher than unsubsidized federal loans. 

SoFi graduate loans 

SoFi is a private lender offering graduate student loans with competitive rates and flexible repayment terms of five, seven, 10, or 15 years. SoFi is popular for its generous member benefits, such as access to financial advisers, networking opportunities, discounts, and rewards to help pay down your loan. Plus, grad school students are able to use a recent job offer letter as proof of income when applying for a loan. SoFi graduate loans cover your school’s certified cost of attendance, minus other financial aid you receive. 

Methodology

We evaluated these student loan lenders based on interest rates and origination fees, loan amounts, loan terms, discounts, whether cosigners are accepted, and more. Our team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date. Read our full  methodology for more details.

Private vs. federal loans for graduates

Graduate students are eligible for both private and federal student loans. Federal loans for graduates include Direct Unsubsidized Loans and grad PLUS loans. These loans are often the best for graduate students because of the many benefits they offer, including:

• Affordable fixed interest rates based on the time period you borrow, not based on your credit score or income 
• Flexible repayment plans ranging from 10 to 25 years, with the option to switch plans as needed
• The ability to choose an income-driven repayment plan so payments are set at a percentage of discretionary income (and could be as low as $0)
• Loan forgiveness programs, including forgiveness through the Public Service Loan Forgiveness ( PSLF ) program and through income-driven plans 

Direct Unsubsidized Loans also come with low origination fees and low interest rates, but there are limits on how much you can borrow. 

With grad PLUS loans, you can borrow up to the total cost of attendance of your school, but the origination fee and interest rate are a little higher compared to Direct Unsubsidized Loans. That’s why it’s usually a good idea to max out unsubsidized loans first before taking out a PLUS loan. 

After taking out all federal loans you’re eligible for, private student loans can help fill the gaps and cover additional expenses. Just be sure to understand the key differences between federal vs. private student loans to decide how much private debt you’re willing to take on. 

What to consider when choosing a graduate loan

Whether you’re considering private or federal graduate student loans, it's important to know the loan terms for the debt you’re taking on. Here are some key things to pay attention to when deciding which loan is right for you:

• Interest rates: Federal student loan rates are set based on the time when you borrow. For Direct Unsubsidized Loans disbursed on or after July 1, 2023, and before July 1, 2024, the rate is 7.05%, and for grad PLUS loans disbursed during the same time period, the rate is 8.05%. Private student loan rates vary by lender. 
• Origination fee: Both Direct Unsubsidized Loans and Direct PLUS Loans have an origination fee — 1.057% and 4.228%, respectively — for loans disbursed on or after Oct. 1, 2020 and before Oct. 1, 2024. Many private loan lenders do not charge origination fees. 
• Repayment terms: Federal loans have a standard 10-year repayment period, but there are options to repay over 25 years. Repayment term options vary with private lenders, and you'll need to choose your payoff timeline up front. 
• Loan limits: Direct Unsubsidized Loans have annual and lifetime borrowing limits. Both PLUS loans and private loans allow you to borrow up to the cost of attendance minus other financial aid. 
• Eligibility criteria: Private student loan lenders typically check your credit and income to determine if you’re eligible, and they may require a cosigner if you don't have solid financial credentials. Direct Unsubsidized and Direct PLUS Loans are available regardless of income. Direct Unsubsidized Loans are also available regardless of credit, while PLUS loans do restrict eligibility and won't let you borrow if you have adverse credit. However, there are some exceptions . 

Be sure to look at all these terms and consider the unique benefits of private student loans before deciding what the best graduate student loans are for your situation. 

How to apply for a graduate loan

To apply for federal student loans, you’ll need to sign up for a Federal Student Aid (FSA) ID. You'll then complete the Free Application for Federal Student Aid ( FAFSA ) and provide basic information about your financial credentials.

If you’re applying for a graduate PLUS loan, you’ll also need to complete the Direct PLUS Loan application . This can be done online, and you’ll need to provide your FSA ID, your school name, your personal and employment information, and the amount you wish to borrow. 

Private student loan lenders each have their own application process. It's helpful to get multiple online quotes from different lenders to compare pricing and then move forward with completing an application with the most affordable loan provider.

With a private lender, you can expect to be asked for proof of income as well as your Social Security number for a credit check. Your cosigner will also need to provide financial information if you’re unable to qualify to borrow on your own. 

Tip: If you have a cosigner, you can always choose to refinance student loans later once you can qualify on your own so your cosigner won't always have to be responsible for the debt. Some lenders also offer cosigner release after a certain number of on-time payments.

Alternatives to pay for graduate school

Graduate student loans are not the only option to pay for an advanced degree. Other potential sources of funds include:

• Scholarships: Scholarships are great because you don’t have to pay back the money. You can check with your school's financial aid office, use resources such as BigFuture's scholarship search , or check with local and professional organizations and groups about available scholarships. 
• Grants: Grants are also free sources of funds you don't have to pay back. They’re often based on financial need and may be offered by the government, nonprofits, or private organizations. Check with your school's financial aid office or your state's Department of Education to find grant options. 
• Savings: If you have money saved, you can use it to pay for school and avoid borrowing. This will allow you to save on interest charges over the life of your loan. 
• Employer education benefits: Some companies, including Deloitte, Best Buy, and KFC, provide tuition assistance programs for graduate students. 

Frequently asked questions

What type of loan is best for graduate school.

Most graduate students will find that Direct Unsubsidized Loans are their best borrowing option. These federal loans come with low origination fees and interest rates, are available regardless of your credit history, and come with federal borrower benefits, including access to loan forgiveness and income-driven repayment plans. Grad PLUS loans also offer federal benefits and are a good borrowing option, although interest rates are higher than Direct Unsubsidized Loans. Private student loans can help fill the gap and cover what federal loans don't. 

What is a good interest rate for grad school loans?

Direct Unsubsidized Loans for graduate students offer a competitive interest rate of 7.05% if disbursed on or after July 1, 2023, and before July 1, 2024. Many students will find Direct Unsubsidized Loans usually have the lowest interest rate, below what other federal or private loans charge. However, it can be a good idea to research multiple private loan options to find out if you may qualify for a lower rate.

What is the average student loan debt for a graduate degree?

The average grad school loan debt varies by type of degree and program. For example, in the 2019-20 academic year, 37% of masters degree recipients and 25% of doctoral degree recipients graduated with a cumulative debt of $50,000 or more, according to recent College Board data . 

How much does FAFSA give for grad school?

The Free Application for Federal Student Aid (FAFSA) allows graduate students to become eligible for Direct Unsubsidized Loans. These loans have an annual limit of $20,500 for graduate or professional students. Your school will determine how much you can borrow.

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Personal Finance for PhDs

Live a financially balanced life - no Real Job required

The Complete Guide to Quarterly Estimated Tax for Fellowship Recipients

April 3, 2019 by Emily

If you’re reading this article, you’ve already done the hard part: You know (or suspect) that you’re supposed to pay quarterly estimated tax on your fellowship using Form 1040-ES . Whether you’re a graduate student, a postdoc, a postbac, or some other kind of fellow or trainee, if you’re not having tax withheld from your income, it’s pretty likely that you have the responsibility of paying quarterly estimated tax . The main obstacle to PhD students and postdocs paying quarterly estimated tax is simply awareness! The process itself is not complicated or difficult, as I’ll show you in this complete guide to quarterly estimated tax for fellows.

If you’re still unsure that you owe income tax at all on your fellowship income—or you want to help your peers understand this issue as well—I have plenty of articles and podcast episodes on that topic in particular.

Further reading and listening:

• Do I Owe Income Tax on My Fellowship?
• Weird Tax Situations for Fellowship Recipients
• What Your University Isn’t Telling You About Your Income Tax

This article is for US citizens, permanent residents, and resident aliens living and working in the US, and I’ve made the assumption that you are not, in addition to being a fellow, a farmer, fisherman, or business owner/self-employed, that you do not have any household employees, and that your adjusted gross income is less than $150,000. (There are additional factors at play for these groups with respect to calculated estimated tax due.)

This post is for educational purposes only and does not constitute tax, legal, or financial advice.

This post was most recently updated on 3/21/2024.

Table of Contents

What is estimated tax, who has to pay estimated tax.

• Who Doesn’t Have to Pay Estimated Tax?

Fill Out the Estimated Tax Worksheet in Form 1040-ES

Method for irregular income, paying your quarterly estimated tax.

• Penalties for Underpaying Tax Throughout the Year

State Quarterly Estimated Tax

Set up a system of self-withholding.

• How to Avoid Paying Estimated Tax Using Your Spouse’s Withholding

This article is an overview of how to handle estimated tax as a fellowship recipient. For an in-depth, line-by-line exploration of the Estimated Tax Worksheet in Form 1040-ES that addresses the common scenarios fellowship recipients face, please consider joining my tax workshop. It comprises pre-recorded videos, a spreadsheet, and quarterly live Q&A calls with me.

Click here to learn more about the quarterly estimated tax workshop for fellows.

The IRS expects to receive tax payments from you throughout the year , not just in the spring when you file your tax return.

To that end, employers offer automatic tax withholding to their employees. The employee files Form W-4 with the employer. This form helps the employee perform a high-level calculation about the amount of income tax the employee will owe for the year, which tells the employer approximately how much income tax to withhold from each paycheck. (Non-student employees will also have FICA tax withheld.)

Non-employees are almost never extended the courtesy of automatic income tax withholding by their university/institution/funding agency. (Income tax withholding for fellowship/training grant recipients is offered in rare cases—Duke University is one, at least while I was there—so it is worth inquiring about, but don’t be surprised if the answer is no.) Instead, the onus is on the individual to manually make tax payments.

By the time a person/household files a tax return in the spring of each year, the IRS expects the tax paid throughout the year to be in excess of or only slightly less than the actual amount owed. Approximately 3 in 4 Americans receive a tax refund (the amount of tax paid throughout the year minus the actual amount owed) after filing their tax returns. The rest, presumably, owe some additional tax when they file their tax returns. If the amount of additional tax due (above the amount paid throughout the year) is too high, the IRS will penalize the taxpayer.

To help taxpayers avoid underpaying tax throughout the year and being penalized, the IRS has set up a method of making manual tax payments four times per year: quarterly estimated tax payments . Anyone whose primary income isn’t subject to automatic withholding (e.g., fellowship recipients, self-employed people) or who has significant income in addition to their employee income (e.g., investment income) should look into making quarterly estimated tax payments.

In general, you should expect to pay income tax in the year you receive your fellowship unless:

• Your income is particularly low (e.g., you had an income for only part of the year or your fellowship went toward qualified education expenses instead of your personal living expenses) or
• Your tax deductions and/or credits are particularly high.

Your tax due for the year might be large enough that you are required to make quarterly estimated tax payments or small enough that you can skip the quarterly payments and pay all the tax due at once with your annual tax return.

The dividing line is $1,000 of tax due at the end of the year in addition to the tax you had withheld and your refundable credits. If you expect to owe more than $1,000 in additional tax for the year, you should make quarterly tax payments, unless you fall into one of the exception categories discussed in the next section. If you expect to owe less than $1,000 in additional tax, you don’t have to make those quarterly payments and will just pay everything you owe with your annual tax return.

For individuals who receive only fellowship income not subject to tax withholding throughout the calendar year, the calculation is straightforward: How much income tax will you owe for the year, greater or less than $1,000?

For individuals/households with fellowship income not subject to withholding plus employee income subject to withholding (e.g., one person with part-year fellowship income and part-year employee income, one spouse with fellowship income and one spouse with employee income), both the total amount of tax owed across all incomes and the amount withheld must be taken into consideration. If you will owe more than $1,000 in additional tax at the end of the year and don’t fall into an exception category, you should file quarterly estimated tax.

Having a combination of fellowship and employee income is very common for PhD trainees, especially if they are married. My tax workshop addresses how to handle this particular scenario in detail.

Click here to learn more about the estimated tax workshop.

Who Doesn’t Have to Pay Estimated Tax?

Some people who owe more than $1,000 in additional tax at the end of the year are not required to make quarterly estimated tax payments.

• If you had zero tax liability in the previous tax year, you are not required to make quarterly estimated tax payments in the current tax year. For example, if last year you were a undergrad or grad student with a low enough income that you didn’t pay any income tax, you’re not required to make quarterly estimated tax payments this year. Please note this refers to your overall tax liability for the year, not whether you had to make a payment when you filed your return.
• If the sum of your tax withholding throughout the year and refundable credits equals or exceeds 90% of the tax you expect to owe this year, you are not required to make quarterly estimated tax payments. For example, if your spouse earns the lion’s share of your household income and has a generous amount of tax withheld automatically, your household’s overall tax withholding might be sufficient to exempt you from making quarterly estimated tax payments on your fellowship.
• If the sum of your tax withholding throughout the year and refundable credits equals or exceeds 100% of the tax you owed last year, you are not required to make quarterly estimated tax payments. For example, if last year you finished undergrad and started grad school with a stipend, your tax owed for the year was likely quite small. If you have assistantship pay with tax withholding for part of this year and then switch to a fellowship with no withholding, your tax withholding from your assistantship might cover 100% of your tax owed from last year, and you wouldn’t be required to make quarterly estimated tax payments.

The best way to estimate your tax due this year along with your withholding and refundable credits and determine whether you are required to pay quarterly estimated tax is to fill out Form 1040-ES .

Psssst… Want to take a shortcut? If you have no interest in filling out Form 1040-ES’s Estimated Tax Worksheet, join my tax workshop. I explain a shortcut method to make sure you pay enough in estimated tax to avoid a fine without having to complete an advance draft your tax return this year. This method will only take a few minutes!

Form 1040-ES , specifically the Estimated Tax Worksheet (p. 8), guides you through 1) estimating the amount of tax you will owe for the year, 2) determining if you are required to make quarterly estimated tax payments, and 3) calculating the amount of your required estimated tax payment.

I’ll point out a simple approach to filling out the Estimated Tax Worksheet for individual taxpayers/households with only fellowship and employee income. If you additionally have self-employment income or other types of income, your approach will be more nuanced.

If your fellowship income is disbursed frequently throughout the year (e.g., once per month for the entire year), this simple method will work for you. If your fellowship income is disbursed infrequently (e.g., 1-3 times per year) or throughout only part of the year (e.g., only the fall term after switching funding sources), keep reading for an alternative method.

The important numbers a fellowship recipient needs to plug in to Form 1040-ES to fill it out are:

• Line 1: Your expected Adjusted Gross Income (AGI) , which is your total income for the year less your above-the-line deductions (e.g., deductible portion of student loan interest paid, traditional IRA contributions). Your AGI includes your fellowship income, taxable scholarship income (if applicable), and any wages you (and your spouse) received, e.g., from an assistantship.
• Line 2: Your deductions . If you plan to itemize your deductions, you should enter the total of those itemized deductions in line 2a; otherwise, enter the amount of your standard deduction (in 2024: single $14,600, married filing jointly $29,200).
• Line 7: The sum of your credits if you plan to take any. Examples of credits include the Lifetime Learning Credit, the Child Tax Credit, and the Child and Dependent Care Credit.
• Line 11b: The sum of your refundable credits if you plan to take any, such as the Earned Income Credit or the Additional Child Tax Credit.
• Line 12b: Your total tax liability for the prior year .
• Line 13: Income tax you expect to be withheld throughout the year. This can generally be extrapolated from your most recent pay stub.

If you come to the worksheet with this set of numbers, all you need to complete it is to follow the arithmetic steps instructed in the form and to look up your tax due using the Tax Rate Schedule on p. 7.

Once you fill out the worksheet, line 11c will tell you the total amount of tax that it is estimated you will have to pay for the year. The rest of the form helps you determine the minimum amount of quarterly estimated tax you have to pay to avoid a penalty, which might be $0. Both of these numbers are key for your tax planning for the year ; don’t just make the minimum payments necessary and forget that you might owe additional tax along with you tax return in the spring.

Are you curious about the rest of the lines in the Estimated Tax Worksheet and wondering if you need to fill them out? My workshop devotes a module to explaining each line so you can determine if they apply to you or not.

If you receive your income unevenly throughout the year, the IRS has a method for calculating a different amount of estimated tax due in each quarter, the Annualized Income Installment Method (see Publication 505 ).

Essentially, you calculate your tax due for each quarter based on your cumulative income up to that point of the year. Ultimately, you can pay the lesser of the estimated tax calculated through this worksheet or the quarterly estimated tax calculated from the previous method. (This is helpful if your income is higher later in the year than earlier; you don’t have to pay the extra tax until you actually receive the income.)

If you receive your fellowship income irregularly throughout the year—particularly if you are paid more later in the year than earlier—and want to be very exact about the amount of estimated tax you pay each quarter, you should fill out the Annualized Income Installment Method Worksheet after you complete the Estimated Tax Worksheet.

However, the Annualized Income Installment Method is a very complicated and fiddly worksheet, so if you don’t mind just making the regular quarterly payments, perhaps with guesstimate adjustments, that’s going to be faster and easier. For example, if you have tax withholding in place for much of the year through your assistantship but switch to fellowship funding for just the fall semester, your estimated tax payments all need to be made in the last one or two quarters, not the earlier part when you were having tax withheld.

Join my tax workshop for more details on how to handle quarterly estimated tax when you switch on or off of fellowship mid-year, a common scenario for fellowship recipients.

If you are required to pay quarterly estimated tax, you have many options for doing so, such as by mail, over the phone, and through the IRS2Go app. The easiest method is most likely through the website IRS.gov/payments , where you can choose to make a direct transfer from your checking account for free or to pay using a debit or credit card for a fee.

The due dates for your 2024 quarterly estimated tax are:

• Q1: April 15, 2024
• Q2: June 17, 2024
• Q3: Sept 16, 2024
• Q4: Jan 15, 2025 (or Jan 31, 2025 if you file your annual tax return by that date)

Please note that these dates are not at 3-month intervals. Quarter 1 is three months long; quarter 2 is two months long; quarter 3 is three months long; quarter 4 is four months long.

Penalties for Underpaying Tax throughout the Year

There are penalties for failing to make estimated tax payments when you are required to do so or underpaying your estimated tax. The penalty is calculated separately for each quarter, so you may be penalized for underpaying in an earlier quarter even if you made up for it in a later quarter. The details about the penalties can be found in Publication 505 .

Your state and/or local government may also require you to make estimated tax payments.

If you are going to owe any income tax for the year and do not have automatic income tax withholding set up, you should intentionally prepare for your tax bill, whether or not that tax is due with your annual tax return or quarterly.

My recommendation is to set up a separate savings account labeled “Income Tax” or similar. With every paycheck you receive, transfer into your savings account the amount of money from it that you expect to pay in income tax. For example, if you receive monthly fellowship paychecks, you should set aside 1/12th of the amount you calculated in Line 11c (rounding up). When you pay tax quarterly or annually, draw the payment from that dedicated savings account.

For more details about how to set up this kind of system and save in advance for each of your tax deadlines, join my tax workshop.

How to Avoid Paying Estimated Tax Using Your Spouse’s Withholding

If you are married filing jointly with one spouse receiving a fellowship not subject to withholding and one spouse subject to automatic withholding, it is possible to set up the withholding on the employee income so that you don’t have to pay quarterly estimated tax on the fellowship.

The idea is that you will increase the automatic withholding on the employee’s income so that it covers what you owe in tax for the year as a couple . This involves filing a new Form W-4 with your spouse’s employer.

The simplest way to make this change is to enter an additional amount of money on Form W-4 Line 4c to have withheld from each paycheck (Form 1040-ES Line 11c divided by the number of paychecks your spouse receives per year).

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Reader Interactions

April 15, 2018 at 6:26 pm

I read your post about how graduate student stipends are not self-employment income, and therefore we don’t have to pay self-employment taxes on them. If I am filing estimated quarterly taxes, do I have to report my income in a particular line to make it clear that it’s not self-employment income?

Thanks so much – these posts are incredibly helpful 🙂

April 15, 2018 at 6:39 pm

When you pay quarterly estimated tax you actually don’t file any forms; it’s only a transaction. Form 1040-ES is for your own records. When you prepare your annual tax return, you will report your stipend income differently than self-employment income would be (I’m sure you’ve read about that already), and the return just asks for how much you’ve paid in estimated tax on another line. So the short answer is: no reporting/forms and therefore no differentiation at the estimated tax stage.

You’re welcome!

January 6, 2020 at 7:26 pm

I just moved to Virginia a little over 4 months ago for a fellowship and have to pay taxes quarterly. I’m originally from New York and have used my parent’s New York address for important documents. However, last year, I worked a campus job while going to college in Colorado (earned <$200) up til April 2019, and then I stayed in New York mostly over the summer (earned no income) until I started my job in September. My driver's license is still Colorado's, but my vehicle was registered in Virginia and consider my Virginia address as place of domicile. Do I file as Virginia part-year resident? Would I need to file a Colorado non-resident even though I earned below the filing requirement? Does switching over my driver's license to Virginia make a difference after I file the first quarter's taxes on January 15?

March 31, 2020 at 1:11 pm

You need to read what the requirements are for being a part-year resident in each state you lived and/or earned money in for the year. It may depend on how long you lived or intend to live in each state. I doubt it matters for tax purposes where you DL is or whose address you use for mail. If your move to VA is long-term, I do recommend updating your DL, voter registration, insurance, mailing address, etc.

April 11, 2020 at 7:26 am

Thanks for this info, Emily! I just have a few more questions…

1) I didn’t have federal tax liability for 2019 but I did have state tax liability: do I need to make estimated quarterly payments on that basis?

2) Even if I don’t *need* to pay estimated tax, could I choose to do it anyway, to avoid one huge bill when I file for 2020 (since my fellowship won’t withhold my income tax)?

3) If I do make estimated payments, since I just switched from an employee position with tax withheld (Jan 1st – March 31st) to a fellowship position without tax withheld (April 1st – Dec 31st), will I only have to start payments in June?

4) Finally, my spouse is currently job hunting so it’s very hard to estimate what our joint 2020 income will be. How do you recommend we do this?

Thanks again and all the best!

April 12, 2020 at 4:00 pm

1) You may very well have to make estimated tax payments to your state, so you should definitely look into it. Your state might go off the same exception rules as the federal government or might now.

2) Yes, you may.

3) The deadlines really don’t apply to your situation, so you can make payments whenever you like. But if you were required to make payments, yes, the Q2 deadline would be the first.

4) Just go off of what you know now and make adjustments as things change.

I recommend joining my estimated tax workshop http://pfforphds.com/qetax/ for more detailed discussions on your questions 2-4.

[…] Further reading: The Complete Guide to Quarterly Estimated Tax for Fellowship Recipients […]

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[…] receive your paper check rather than just days or weeks for the direct deposit.   Further reading: The Complete Guide to Quarterly Estimated Tax for Fellowship Recipients   If you were not required to file a tax return in 2019 or 2018, you should go to the other link […]

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• PhD Salary in UK – Explained
• Funding a PhD

What Are PhD Salaries?

The average cost of undertaking a PhD in the UK is approximately £20,000 per academic year for UK students and £40,000 for international students. To help offset the cost of this, many students question whether undertaking a doctorate comes with a PhD salary.

The salary of a PhD student is governed by three factors: whether they’re assisting in undergraduate teaching, assisting in research, or have secured a PhD with a stipend. Depending on which of the three categories a student falls within, they will receive an income during their studies, however, the amount will differ by a substantial amount.

To help show you how you can fund your postgraduate degree and how much you can expect to earn whilst doing so, carry on reading below.

Types of PhD Salaries

There are three types of PhD degree salaries:

• Graduate Teaching Assistantships (GTAs) . In exchange for a salary, you’ll be required to assist in the delivery of one or more courses over a number of years. This includes, but is not limited to, marking student tutorials, supervising lab experiments and providing support to undergraduates during office hours. Besides this, you may have to teach a small section of the course itself. You can discover more about GTAs on King’s College London’s website.
• Research Assistantships (RAs) . In exchange for a salary, you assist a departmental professor with their research. In the ideal scenario, the professor you work with should also be your PhD supervisor and the research you’re asked to support with relates to your own doctoral project.
• Stipend via Studentship: A stipend is a non-repayable grant provided to doctoral students to help support their studies. A studentship covers a student’s tuition fees whilst a stipend covers a PhD student’s living costs. This includes outgoings such as rent, food, bills and basic travel. Unlike Graduate Teaching or Research Assistantships, stipends rarely have duties attached to them. The only expectation of receiving a stipend will be that you maintain continuous progress within your degree.

It’s worth noting these earning opportunities can be also be combined. For example, it’s possible to be a research assistant whilst also committing time to teach undergraduate students.

Average PhD Salary in UK

The average PhD student salary for teaching assistantships will vary depending on the level of responsibility you’re taking. However, to provide figures, past doctoral students have reported receiving approx. £10/hr for marking tutorials, £15/hr for leading laboratory sessions and up to £20/hr for leading undergraduate classes and tutorials.

The actual amount you can earn from teaching assistance will depend on the rate your department offers and the hours you can realistically take on. If you’re on a Graduate Teaching Assistantship programme, they will require you to dedicate a set number of hours per week. If you’re not on a GTA but would still like to earn an income through this scheme, you will likely need to commit several hours per week consistently. Although this can be a great way to earn whilst you study, you need to make sure you manage your time effectively as to not become overwhelmed by taking on an additional commitment.

The average salary for research assistantships will vary depending on the field of the doctoral degree you are enrolled in. Usually, these positions pay between £25,000 to £30,000 per year, however, it’s possible to come across positions which sit slightly outside of this. As a general rule of thumb, STEM assistors are paid more than non-STEM assistors.

In the UK, PhD students can receive a stipend which varies between £15,000 and £18,000 per annum. As part of the studentship your stipend is provided under, your tuition fees will also be paid for. UK tuition fees will vary between universities but are approximately £4,500 per year for doctoral courses starting in 2021/22 as per the UKRI recommendations .

Although £15,000 to £18,000 per year is the typical range for a stipend, some can be far greater than this. For example, Wellcome Trust , a research-charity based in London, offers an annual stipend of up to £23,300 and £26,000 for doctoral students located outside and within London, respectively.

Are PhD Salaries Taxed?

PhD stipends are tax free. Therefore, you don’t need to pay any income tax nor do you need to make any national insurance contributions. This means you’ll keep all the money you receive from an annual stipend. However, this is not the case for Research Assistants.

In the UK, Research Assistants are employed as university staff members and are paid a direct salary as opposed to a stipend. As a result, it will require you to pay tax on your earnings and make national insurance contributions.

To put this into perspective, for the 2019/20 UK tax year, you’re required to pay a 20% tax on any income above £12,500 but less than £50,000. You’re also required to make national insurance contributions of 12% of your weekly earnings over £166 but less than £962. This means that an annual Research Assistantship salary of £30,000 will equate to a take-home salary of £23,938 per year.

How to Get a PhD Stipend

To find research positions which offer stipends, we recommend you search our PhD database and filter by ‘funded’ positions.

Besides this, you can also secure a studentship from UK Research Councils or directly from your university as a scholarship. Independent organisations, such as charities and research trusts, and innovative firms within your industry also offer funding. You can read our PhD studentship guide to see how these work or our Where to find a PhD guide for further ideas.

Finding a PhD has never been this easy – search for a PhD by keyword, location or academic area of interest.

How to Get a Research Assistantship PhD

Unfortunately, research assistantships opportunities aren’t as common to come across compared to PhD stipends. Besides this, when they are available, they’re predominantly in STEM subjects such as computer science and engineering. The reason for this is these subjects usually have access to greater research grants and have a greater volume of practical work available.

To find a research assistantship, we recommend that you contact the university departments who host the courses you’re interested in directly. This is because research assistantships help professors with their research, and while they may require help, they may not be openly advertising for it. They may, therefore, be able to create a role for you within their department or put you into contact with one of their colleagues who already has an open position.

International Students

It’s worth noting that international students will have a harder time securing a funded PhD position than UK ‘home’ students will. This is largely because there are usually fewer funding opportunities available to international students, which as a result also attract significant competition.

Besides this, if you’re an international student studying in the UK you will most likely than not be on a Tier 4 visa. Although a Tier 4 visa will allow you to work to earn an additional income alongside any studentship you may have, there will be certain restrictions on what you can and can’t do. For example, during term-time, you won’t be allowed to work more than 20 hours per week. For a full list of restrictions, please refer to the government website.

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Please note that the payment plan company does not have access to your eBill, financial aid, loan request, outside aid, or other information about your resources. You must determine the correct plan amount to cover the balance due on your bill each semester.

There is no payment plan offered during the summer semester. The payment plan does not currently support payment from bank accounts outside the US.

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Topic no. 421, Scholarships, fellowship grants, and other grants

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A scholarship is generally an amount paid or allowed to a student at an educational institution for the purpose of study. A fellowship grant is generally an amount paid or allowed to an individual for the purpose of study or research. Other types of grants include need-based grants (such as Pell Grants) and Fulbright grants .

If you receive a scholarship, a fellowship grant, or other grant, all or part of the amounts you receive may be tax-free. Scholarships, fellowship grants, and other grants are tax-free if you meet the following conditions:

• You're a candidate for a degree at an educational institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities; and
• The amounts you receive are used to pay for tuition and fees required for enrollment or attendance at the educational institution, or for fees, books, supplies, and equipment required for courses at the educational institution.

You must include in gross income:

• Amounts used for incidental expenses, such as room and board, travel, and optional equipment.
• Amounts received as payments for teaching, research, or other services required as a condition for receiving the scholarship or fellowship grant. However, you don't need to include in gross income any amounts you receive for services that are required by the National Health Service Corps Scholarship Program, the Armed Forces Health Professions Scholarship and Financial Assistance Program, or a comprehensive student work-learning-service program (as defined in section 448(e) of the Higher Education Act of 1965) operated by a work college.

How to report

Generally, you report any portion of a scholarship, a fellowship grant, or other grant that you must include in gross income as follows:

• If filing Form 1040 or Form 1040-SR , include the taxable portion in the total amount reported on Line 1a of your tax return. If the taxable amount wasn't reported on Form W-2, enter it on Line 8 (attach Schedule 1 (Form 1040) PDF ).
• If filing Form 1040-NR , report the taxable amount on Line 8 (attach Schedule 1 (Form 1040)).

Estimated tax payments

If any part of your scholarship or fellowship grant is taxable, you may have to make estimated tax payments on the additional income. For additional information on estimated tax, refer to Publication 505, Tax Withholding and Estimated Tax and Am I required to make estimated tax payments?

Additional information

For more information, refer to Publication 970, Tax Benefits for Education and Do I include my scholarship, fellowship, or education grant as income on my tax return?

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Johns Hopkins PhD students vote to ratify three-year collective bargaining agreement

The approved contract guarantees increased pay and benefits for represented students and ensures that jhu remains a leader in graduate education.

By Hub staff report

Union-represented PhD students at Johns Hopkins University have voted in favor of ratifying a three-year collective bargaining agreement that guarantees them enhanced pay and benefits.

The 29 articles that make up the contract between the university and the union that represents PhD students—Teachers and Researchers United – United Electrical, Radio and Machine Workers of America Local 197 (TRU-UE Local 197)—address a broad range of important topics including minimum stipend levels, union rights, appointment duties, grievance and arbitration, training and professional development, professional rights, and health and safety provisions.

The contract offers enhanced pay and benefits that raise the minimum stipend to $47,000 per year beginning this July. Stipend increases are approximately 32% on average across the bargaining unit and more than 50% in some departments. The three-year agreement also includes guaranteed minimum stipend increases of more than 6% in the second year of the contract to $50,000, and then a 4% increase in the third year of the contract. Among other benefit enhancements, the contract also includes paid health benefits for children and some spouses, parental leave benefits, increased vacation and sick time, and a one-time $1,000 signing bonus for all bargaining unit members.

"We are confident this newly ratified contract will allow Hopkins PhD programs to offer highly competitive funding packages and continue building on our nearly 150-year-old tradition of recruiting some of brightest minds and most promising talent in the world to study here in Baltimore," JHU President Ron Daniels and Provost Ray Jayawardhana wrote in a message to faculty. This moment marks just some of our first steps towards meeting the ambitious vision for the future of graduate education laid out in the university's Ten for One strategic plan, and with PhD education as a major focus of the institution's philanthropic efforts, more exciting developments lay ahead.

"We extend our gratitude to the faculty members and the student workers who participated in this process, and who helped us reach this important milestone."

The ratified agreement is the product of more than 40 bargaining sessions between university and union representatives. Terms of the proposed agreement were reached on March 29.

Posted in University News

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For college students, sending money to friends has never been easier thanks to peer-to-peer payment apps like Venmo, PayPal and Cash App. But that convenience poses risks, including vulnerability to errors, fraud and the tendency to overspend.

As a result, payment apps can contribute to financial stress at a time when young people are learning how to manage their finances on their own. “Peer-to-peer payment apps are cash on steroids because they’re a straw stuck into your bank account,” says Anne Lester, author of “Your Best Financial Life.”

Not only does that make spending easier and more “frictionless,” Lester explains, but it also means “if you trust the wrong person, then you’re in big trouble,” because it can be difficult or impossible to get the money back.

To keep young people safe while using payment apps , money experts suggest taking these extra steps to guard against scams and overspending.

Triple-check the recipient

One risk with peer-to-peer payment apps is sending the money to the wrong person by accident. “If you send money, make sure you are 100% certain you are sending it to the right person, because it’s very hard to get the money back,” says Nilton Porto, associate professor of consumer finance at the University of Rhode Island.

For college students living on tight budgets, Porto says, an incorrect payment could really impact their ability to pay for essentials like rent and food, even if they eventually get the funds returned.

Protect against fraud

Porto suggests being wary of unexpected requests, even those purportedly from a roommate, that claim to be urgent. “We don’t need to send money to almost anybody right away,” he says, explaining that scam artists often use urgency as a way to trick people into sending cash to them. Similarly, disregard any requests received through one of the apps containing a link that requests personal information, as it could also be a scam.

Erin Lowry, author of the “Broke Millennial Workbook,” warns against downloading any unfamiliar payment apps. “I would not be an early adopter to a payment app,” she cautions, given that it has access to your bank account.

As an additional precaution, Lowry suggests connecting payment apps to a bank account that you don’t keep the bulk of your money in. “My payment apps are connected to a bank account that’s not my primary account, so if something were to happen, it’s a low risk,” she says.

Update your privacy settings

“Default privacy settings are usually public,” notes Amanda Christensen, an accredited financial counselor and extension professor at Utah State University. That means a young adult’s payments to friends or funds received for a job could be visible to the public.

“The social part of the payment apps is where we get some of the best scammers out there because they can see what’s being regularly paid for,” Christensen says. To adjust who can see your activity in Venmo, for example, go into “settings” on the app and scroll to find the various “privacy” options, such as public, friends or private.

Earn a return elsewhere

Christensen suggests establishing a habit of transferring any balance out of payment apps once a week. “Set a note in your phone,” she says, cautioning against treating the app like a checking account, where you let money sit.

Not only is cash sitting in an app vulnerable to fraud, but it also doesn’t earn a return like it could in a savings account . Jake Cousineau, author of “How to Adult” and a high school teacher, says he sees many young people receiving payments for side jobs like tutoring through payment apps. Instead of quickly transferring the money into a savings account, they let it linger, which means losing out on interest that would otherwise be accumulating. Payment apps also generally lack the protections from the Federal Deposit Insurance Corp. that come with bank accounts, he adds.

Don’t forget to budget

The convenience of payment apps makes it easy to overspend, Christensen notes. That’s why she suggests turning to cash at times for a week or so. “Reconnect yourself to the pain of spending,” she says.

Cousineau recommends not letting “these apps get in the way of having a detailed budget.” Just because you can easily send a friend $20 with a few taps doesn’t mean you should.

The apps might even be able to help. Porto says you can use the timeline of a payment app to help track your spending . Just as with a credit or debit card, you can scroll through your history to determine what changes you might want to make in the future. “You can see where all the money went, which can be very powerful for college students,” he says.

In other words, leverage the power of these payment apps to help you manage your money, instead of just spending it.

This article was written by NerdWallet and was originally published by The Associated Press.