Going from Working Full-time to Studying Full-Time - Money Concerns

[gatorsoc85]

Has anyone gone from working full-time (40 hrs/week with benefits) to solely a PhD program full-time with assistantship? Is it realistically do-able? What were some of the adjustment issues?

[Behavioral]

What do you mean by realistically doable? Plenty of people have made the transition as in some disciplines (biosci, psychology, business academia, etc.) it's almost required to have full-time work/lab experience in order to gain admission to top programs.

[NinjaMermaid]

Has anyone gone from working full-time (40 hrs/week with benefits) to solely a PhD program full-time with assistantship? Is it realistically do-able? What were some of the adjustment issues?

You just do it. I was in a very high paying job and just took the plunge. I don't regret a thing and extra loans can help you get by if you need.

[bluetubeodyssey]

I'm also going through this and sometimes I think that I am crazy for giving up a great salary and job security, but it's also a testament to how much we love our respective academic fields. At least I know that I can always fall back on my previous work experience if I can't find an academic job at the end of graduate school.

[wildviolet]

I'm in the same boat. I'm already looking at cost-of-living comparisons and figuring out what I can do without. But, in the end, it'll be worth it because this is what I really want to do.

[megumi85]

I don't regret a thing and extra loans can help you get by if you need.

Ditto. I'm in an MA program now on an assistantship after working full time for three years. I did have to take out some loans this year to supplement my funding, as it pretty much only covered my rent costs and not living costs. For me, one of the biggest adjustments was re-evaluating my spending and budget. Might seem like a 'duh' but it's been harder than I thought. For me, a big part of it was learning how to spend less on food and shopping--I had to start writing down every purchase, especially of food, so I could keep track of how much I was really spending. After about 5 months in the program I'm getting better at it, but it was definitely hard at first adjusting to a sudden lack of any discretionary income.

[skybythelight]

I'm facing this as well, as I was accepted into a Master's Program with a TA-ship and full tuition waiver. Luckily, Pullman, WA seems to have a pretty low cost of living and I only anticipate needing to take out a bit extra in loans to supplement my stipend. After working full time through my entire undergrad (and this particularly stressful application process), I'm more than ready to just be a student, even if it means giving up on some of my retail therapy.

[MashaMashaMasha]

I am also taking a huge pay cut to do what I love. I'm working on my budget and cutting out the fat. One of the ways I'm doing this, is by looking at what kind of "free" or discounted services or products I can access once I'm attending MyU. One of those benefits is a transit pass that is good for unlimited rides/transfers on the public transit systems in this city. So, I'm selling my car which will free up a little cash but also will mean no car payments and no insurance payments. I'll essentially be saving $600/month before the cost of gas, which is major. Another benefit is the student recreation center, so I'll be dropping my gym membership in favor of using the student center, which will cut about $50 a month.

I'm also holding back from buying lunches and cooking dinners that make good leftovers to take to work, so that I can get used to never ever ever eating out again

There are quite a few penny pincher resources out there. The blog The Simple Dollar is one of my favorites to peruse.

[chocoholic]

I'm also going from working full-time to being a master's student ( with a small assistantship). I work in the human services field and am therefore already accustomed to living off of a low salary. It will definitely come in handy when I'm living off of mostly loans and will have to severely restrict my spending. I still anticipate an adjustment, though, as I definitely will not have a lot of money for "fun" or other extras. But to me it is 100% worth it because I'm living out my dream! It's a small price to pay for meeting my life goals. I'm sure your adjustment will be fine. As someone who lives on a low income, I will say that the most important thing is to remember what your budget priorities are. Always make sure you pay the rent, necessary utilities, health insurance, and grocery bill before anything else! You can live without that trip to the mall or to a concert, but you can't live without a roof over your head or food to eat. If you're not frugal already, now is the time to learn. It doesn't sound like a lot of fun, but it actually can be. It forces you to be creative and have a new appreciation for what really matters in life.

[long_time_lurker]

As others have mentioned, it's certainly doable. Not easy, but doable.

Part of what makes it doable is doing other work besides your assistantship. I teach two classes at a private high school - so I work less than two hours a day - and make about 20 grand. Another guy in my program adjuncts, and someone else works as a consultant. If you can find a part-time job in your current field that will help tremendously. Obviously the key is you can't do too many hours because it becomes impossible to manage your workload, so you have to make good money per hour. Also, I and a few other people in my program are married and have spouses who work.

The biggest adjustment so far has been in regard to benefits. I used to get them for free, and now I pay out-of-pocket for mine and my wife's. She's underemployed, so her entire check from her $12/hr part-time job goes to our insurance company. Make sure when you go over your offers what kind of benefits you're being offered. Most schools seem to offer ersatz "wellness programs" that are not real insurance.

Otherwise, "quality of life" is no big deal. I found I was just blowing a lot more money on crap I really don't need when I made more money, and going out drinking and eating which isn't good for your health either.

Edited February 26, 2012 by long_time_lurker

[eco_env]

The biggest adjustment so far has been in regard to benefits. I used to get them for free, and now I pay out-of-pocket for mine and my wife's. She's underemployed, so her entire check from her $12/hr part-time job goes to our insurance company. Make sure when you go over your offers what kind of benefits you're being offered. Most schools seem to offer ersatz "wellness programs" that are not real insurance.

I don't think that's true. My school offers health insurance, including dental. If you take thier insurance, they give you extra funding to cover it. I got the impression that this is pretty standard, but maybe I'm wrong?

[long_time_lurker]

I don't think that's true. My school offers health insurance, including dental. If you take thier insurance, they give you extra funding to cover it. I got the impression that this is pretty standard, but maybe I'm wrong?

I could be wrong too; this was based on three schools only, but the experience was eerily similar. They offered a "student insurance plan" which was not comprehensive health insurance.

What was even more nuts was one school offered this to me with a fellowship, but if I could have gotten a TA position I would have gotten less money but would have been eligible for the same benefits as state employees (i.e. really good).

I'm glad to hear you got a good deal and hope OP's is as good.

[SeriousSillyPutty]

I know what you mean.

What's made me uncomfortable is when I say, "I'll be getting a stipend of $20k a year," some people reply, "Well you can live on that," -- like it's no big deal. I have a job I love, but struggle to keep things in order on $25K right now. I think the difference is that the people that think it won't be a problem are the people that are married. Maybe $40K for a couple is more doable? I'm hoping to do some tutoring on the side, so that I can base my side work based on how crazy grad school is.

The current grad students in the program I'll be enrolling in say there's also the possibility of a summer stipend. It might be worth asking around to see if that's possible in your program.

[rmgerdes]

This is me! I've been working full time for three years. My stipend will be half my salary.

While I have a partner, he'll also be leaving his job when we move to my school. It's highly unlikely he'll find full time work right away, so we're having to reassess a lot of things. I'm not sure how we'll make it work, but we will.

Somehow it is just reassuring to know that other people are going through the same things...

To complicate things we also have SEVERAL pets (four cats, 15 parrots, and a snake). They are very expensive and finding housing that suits them is difficult. But we made those commitments several years ago (worked for a rescue--we've actually gone down in pets over the last three years by two cats and six bird--natural causes) and are committed to their care. Still, it makes things much more difficult.

[Hillary Emick]

I am leaving a full time professional job that I have been at for 7 years to go live off a grad student stipend. I plan to supplement my stipend with some student loans, and to live more frugally for the next few years. It is a huge pay cut for right now, but an investment in my future.

[starmaker]

Depending on which offer I go with, my stipend will be roughly a quarter to a third of my current salary.

I'm fortunate to have lived below my means and saved up a nice chunk of cash over the last few years, so I have a cushion and experience living more frugally. I'm also hoping that my spouse will be making some money by then (right now I'm supporting both of us as he gets started as a freelancer).