ImGrumpy

Living at home a year and working would certainly help. Another option is plan to get a job after you get the degree in a geographic location where you have family who will let you stay with them for a minimal cost. Yes, it will affect your social life. And it will present its own stress levels living at home again. However, the amounts you could save could lessen the financial stress tremedously.

I have an acquaintance in the same area that did just that. Got several job offers before graduation. Even though the pay was a little less "back home", she chose that one because the cost of living was also lower plus what she would save living at home made a huge difference. Left her fiance (who was still in school and acquiring his own debt) and moved back home. Is at the end of the first year and plans to stay 6 more months. She will start marriage with a nice amount in emergency savings, her undergrad loans paid off, and only her graduate loans left. It will make a big difference in how they will be able to live when they start their new life. An unexpected benefit is she and her Mom have actually become closer since they now both work in a medical setting and can bond over their experiences. Wouldn't have happened if they weren't together at the end of the day.

You need to contact the school and get clarification of your funding status. Varying rules apply to different universities and different states. I am assuming you were attending undergraduate school in this state but you did not graduate High School in this state. What was your status during undergraduate years?

In some states, you can become a state resident after one year living in the area. In some states, you cannot become a state resident even after that time period if the primary purpose of living in the area is to attend school. Some universities give automatic instate tuition (although not instate status) to teaching/research assistants in which case your in state tuition wavier will cover it all. Usually, some internal and external fellowship will also have this. Other universities will not grant this and in that case, yes, you would pay the difference between in state and out of state.

Rules vary from state to state and even universities within state. The only way to know for sure is call either your dept or the graduate office or the financial aid office and get a clarification of exactly what they are offering you. After they explain it to you, I would ask if there is a webpage where this is explained. Better to see it in writing than be verbally told one thing, accept on that basis, get to school and find that your dept didn't really know what they were talking about.

Bottom line is don't assume and don't guess. Don't rely on other grad students at the university. Go to someone official and make sure you understand exactly what your financial obligations will be. Also, it's good to know if your circumstances change (for instance you don't get a TA/RA after year two) how that will impact your status.

You need to contact the school and get clarification of your funding status. Varying rules apply to different universities and different states. I am assuming you were attending undergraduate school in this state but you did not graduate High School in this state. What was your status during undergraduate years?

In some states, you can become a state resident after one year living in the area. In some states, you cannot become a state resident even after that time period if the primary purpose of living in the area is to attend school. Some universities give automatic instate tuition (although not instate status) to teaching/research assistants in which case your in state tuition wavier will cover it all. Usually, some internal and external fellowship will also have this. Other universities will not grant this and in that case, yes, you would pay the difference between in state and out of state.

Rules vary from state to state and even universities within state. The only way to know for sure is call either your dept or the graduate office or the financial aid office and get a clarification of exactly what they are offering you. After they explain it to you, I would ask if there is a webpage where this is explained. Better to see it in writing than be verbally told one thing, accept on that basis, get to school and find that your dept didn't really know what they were talking about.

Bottom line is don't assume and don't guess. Don't rely on other grad students at the university. Go to someone official and make sure you understand exactly what your financial obligations will be. Also, it's good to know if your circumstances change (for instance you don't get a TA/RA after year two) how that will impact your status.

Although I agree with this, It would be wise to check exactly what "full tuition support" means at this University. While tuition and academic fees are usually included, at some places "non academic" required fees are not included (think newspaper, athletic, graduate student association etc). So you may still owe some portion of the fees. Better to know this ahead of time.



Be careful with this. How the school classifies a stipend/fellowship only affects whether they are required to handle Federal Witholding for Taxes or provide a W-2 or 1099 for this income or not, NOT if you owe taxes. If the school requires some work in return for the stipend (RA/TA) then it is considered wages and they are required to withold taxes. If no work is required for the stipend, then the school is not required to withold Federal taxes but any money that the graduate student receives that isn't used to pay tuition and fees is taxable to the student.

If the student's total taxable income is less than $9500, ($3700 exemption and $5800 standard deduction), then the student doesn't need to file a federal income tax and will owe no taxes. However, with a $29,000 stipend, you will need to pay taxes even if the University doesn't withold any. Using the IRS witholding calculator, if you are single and have no other deductions, you will owe between $2400 and $2800 in Federal taxes. You will also owe state taxes in most states. That will vary but most likely between $950 and $1100 in state taxes.



.

Although I agree with this, It would be wise to check exactly what "full tuition support" means at this University. While tuition and academic fees are usually included, at some places "non academic" required fees are not included (think newspaper, athletic, graduate student association etc). So you may still owe some portion of the fees. Better to know this ahead of time.



Be careful with this. How the school classifies a stipend/fellowship only affects whether they are required to handle Federal Witholding for Taxes or provide a W-2 or 1099 for this income or not, NOT if you owe taxes. If the school requires some work in return for the stipend (RA/TA) then it is considered wages and they are required to withold taxes. If no work is required for the stipend, then the school is not required to withold Federal taxes but any money that the graduate student receives that isn't used to pay tuition and fees is taxable to the student.

If the student's total taxable income is less than $9500, ($3700 exemption and $5800 standard deduction), then the student doesn't need to file a federal income tax and will owe no taxes. However, with a $29,000 stipend, you will need to pay taxes even if the University doesn't withold any. Using the IRS witholding calculator, if you are single and have no other deductions, you will owe between $2400 and $2800 in Federal taxes. You will also owe state taxes in most states. That will vary but most likely between $950 and $1100 in state taxes.



.

Although I agree with this, It would be wise to check exactly what "full tuition support" means at this University. While tuition and academic fees are usually included, at some places "non academic" required fees are not included (think newspaper, athletic, graduate student association etc). So you may still owe some portion of the fees. Better to know this ahead of time.



Be careful with this. How the school classifies a stipend/fellowship only affects whether they are required to handle Federal Witholding for Taxes or provide a W-2 or 1099 for this income or not, NOT if you owe taxes. If the school requires some work in return for the stipend (RA/TA) then it is considered wages and they are required to withold taxes. If no work is required for the stipend, then the school is not required to withold Federal taxes but any money that the graduate student receives that isn't used to pay tuition and fees is taxable to the student.

If the student's total taxable income is less than $9500, ($3700 exemption and $5800 standard deduction), then the student doesn't need to file a federal income tax and will owe no taxes. However, with a $29,000 stipend, you will need to pay taxes even if the University doesn't withold any. Using the IRS witholding calculator, if you are single and have no other deductions, you will owe between $2400 and $2800 in Federal taxes. You will also owe state taxes in most states. That will vary but most likely between $950 and $1100 in state taxes.



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Here is more information on taxes for students and scholarships/fellowships directly from the IRS.

Topic 421 - Scholarship and Fellowship Grants

A scholarship is generally an amount paid or allowed to a student at an educational institution for the purpose of study. A fellowship is generally an amount paid to an individual for the purpose of research.
If you receive a scholarship or fellowship grant, all or part of the amounts you receive may be tax-free.
Qualified scholarship and fellowship grants are treated as tax-free amounts if the following conditions are met:
You are 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
Amounts you receive as a scholarship or fellowship grant are used 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, and generally amounts received as payments for teaching, research, or other services required as a condition for receiving the scholarship or fellowship grant. Also you must include in income any part of the scholarship or fellowship that represents payments for services.
However, you do not need to include in gross income any amounts you receive for services that are required by the National Health Service Corps Scholarship Program or the Armed Forces Health Professions Scholarship and Financial Assistance Program.
If any part of your scholarship or fellowship grant is taxable, you may have to make estimated tax payments. For more information refer to Publication 970 , Tax Benefits for Education.

Additionally, some tribal fellowships, even for room and board/etc are tax free. Depending on their home country, International students may not owe Federal taxes based on tax treaties the US has with their countries. They would then follow the tax rules of their own country.

Although I agree with this, It would be wise to check exactly what "full tuition support" means at this University. While tuition and academic fees are usually included, at some places "non academic" required fees are not included (think newspaper, athletic, graduate student association etc). So you may still owe some portion of the fees. Better to know this ahead of time.



Be careful with this. How the school classifies a stipend/fellowship only affects whether they are required to handle Federal Witholding for Taxes or provide a W-2 or 1099 for this income or not, NOT if you owe taxes. If the school requires some work in return for the stipend (RA/TA) then it is considered wages and they are required to withold taxes. If no work is required for the stipend, then the school is not required to withold Federal taxes but any money that the graduate student receives that isn't used to pay tuition and fees is taxable to the student.

If the student's total taxable income is less than $9500, ($3700 exemption and $5800 standard deduction), then the student doesn't need to file a federal income tax and will owe no taxes. However, with a $29,000 stipend, you will need to pay taxes even if the University doesn't withold any. Using the IRS witholding calculator, if you are single and have no other deductions, you will owe between $2400 and $2800 in Federal taxes. You will also owe state taxes in most states. That will vary but most likely between $950 and $1100 in state taxes.



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My advice to first year Graduate Students: Change your mind and turn around. Don't go to grad school!