Fin Aid Questions for PhD programs

[Praying18Crim]

If you receive a stipend from your program for TA/RA work, is that money taxable? 

Also, if you do receive tuition waiver and a stipend, can you take out a fed loan if you need extra money for the area where you are? I'm applying to a school in NYC and rent is naturally abysmal there. I don't relish this idea, but you gotta do what you gotta do.

 

Thanks!

[MarineBluePsy]

Whether or not your TA/RA funds are taxable is a question that should be discussed with a tax professional to get the most accurate information for your situation.  If your school participates in the federal financial aid program then federal loans could be an option for you to meet cost of living expenses.  You can get more information about loan products at studentloans.gov

[clinicallyindependent]

Stipend/teaching/aid is all taxable. Must pay uncle sam at the end of the year! 

[Sandmaster]

Typically yes, your stipend is taxable. If you get a waiver, then usually the school will exclude that from your COA (cost of attendance) and you are only able to get financial aid (scholarships, loans, grants, etc) up to your COA. Your cost of attendance usually includes your living expenses and transportation expenses. It includes books as well. Every school is different in what they include, so talk with your financial aid office to see what their procedures are.