Guaranteed funding for 5 years?

[ecneicS]

What does it mean if you're guaranteed funding for the first 5 years? Is this just an insurance for you or would I likely cease to be funded after this 5 years? 

[zipykido]

If you're in graduate school for more than 5 years then you will have to find funding from another source. Graduate school isn't supposed to be a career, if you can't finish in 5 years in most fields (some require more) then you, your adviser, or you project need serious evaluation. 

[ecneicS]

8 minutes ago, zipykido said:

If you're in graduate school for more than 5 years then you will have to find funding from another source. Graduate school isn't supposed to be a career, if you can't finish in 5 years in most fields (some require more) then you, your adviser, or you project need serious evaluation. 

l appreciate your bluntness but for this field (and specifically this program)  you're very wrong--the average degree completion for this program is 5.5 years. 

[zipykido]

8 minutes ago, ecneicS said:

l appreciate your bluntness but for this field (and specifically this program)  you're very wrong--the average degree completion for this program is 5.5 years. 

Which is why I said that some fields require more than 5 years. Guaranteeing 5 years of funding simply means that you'll have to find external funding after 5 years or petition your adviser to pay you completely out of their budget. 

[Neist]

12 minutes ago, zipykido said:

If you're in graduate school for more than 5 years then you will have to find funding from another source. Graduate school isn't supposed to be a career, if you can't finish in 5 years in most fields (some require more) then you, your adviser, or you project need serious evaluation. 

I should state, just for the sake of clarity (in case others stumble into this thread), many people spend much more than 5-6 years to finish. This is a little bit old, but.. 

https://www.cgsnet.org/ckfinder/userfiles/files/DataSources_2010_03.pdf

To @ecneicS, I think it means it's just insurance, but it might be possible to secure funding later. I imagine most programs state this because they have to forecast budgets, and they can't really say "you can be here as long as it takes". Of course, the exact intent of the wording probably varies from program to program.

[TakeruK]

Wording like "guaranteed funding" is tricky. In some instances, when the school uses the term, it means that's the extent of your funding---beyond 5 years then sorry, no more money. However, in my field, what it usually means is that the school has already set aside 5 years of funding for you and you will get this money with 100% certainty. Beyond 5 years, you will need another funding source, which is often just a grant from your advisor, or TAship. They just can't promise it to you but you will likely get it if you are not about to fail out.

So, the best thing to do is to just ask students and faculty when you visit what happens after the 5 years. Ask if it's the case that everyone who needs money does get funded beyond 5 years but the offer just starts at 5 years. In my field actually, it's very atypical to get a letter promising money for 5 years. Instead, we only get a promise for the first year and promise of additional money as long as we maintain "satisfactory progress". But in this language, "satisfactory progress" means "didn't fail"---our programs would never let someone stay but cut off funding---the only way you'll lose funding is if you get "fired" or kicked out.

[nevermind]

11 minutes ago, TakeruK said:

Wording like "guaranteed funding" is tricky. In some instances, when the school uses the term, it means that's the extent of your funding---beyond 5 years then sorry, no more money. However, in my field, what it usually means is that the school has already set aside 5 years of funding for you and you will get this money with 100% certainty. Beyond 5 years, you will need another funding source, which is often just a grant from your advisor, or TAship. They just can't promise it to you but you will likely get it if you are not about to fail out.

^ This. In my offer, I was "guaranteed" 5 years, but the letter also provides additional information saying that advanced candidates can petition for additional TA-ships "if necessary" and that those that need that have "been very successful" in getting those positions. So basically, "if you need more than 5 years, there are alternatives"--but they can't guarantee more than that. In other programs, I'm sure it's different.  

Edited February 26, 2016 by nevermind

[ecneicS]

@Neist, @TakeruK, @nevermind Thanks for your perspectives. I think what I'm taking away from this is that I need to talk to the current grad students and learn about their post 5 year funding situations. Cheers.