How to Make Money While in Grad School

Graduate school presents a significant investment of time and financial resources. Many students find it necessary to supplement their income to cover living expenses, tuition, or other educational costs. Navigating the academic demands alongside financial obligations requires strategic planning to identify suitable income-generating opportunities. This article explores various avenues available to graduate students seeking to earn money while pursuing their studies.

On-Campus Employment Opportunities

Working directly within the university environment offers distinct advantages, often providing flexibility that aligns with academic schedules. Teaching Assistantships (TAs) are a common role, where graduate students assist faculty with undergraduate courses. Responsibilities typically include grading assignments, leading discussion sections, holding office hours, and sometimes delivering lectures. Compensation usually involves a stipend, which is a fixed payment, and often includes full or partial tuition remission. While tuition remission used for qualified educational expenses like tuition and required fees is generally not taxable, any portion covering living expenses or received as payment for services is usually considered taxable income.

Research Assistantships (RAs) are another prevalent on-campus position, involving students in faculty research projects. RAs might collect data, conduct experiments, perform literature reviews, or assist with manuscript preparation. Like TAs, RAs typically receive a stipend and often benefit from tuition remission. For both TA and RA roles, the stipend amounts vary widely by institution and department, but can range from approximately $15,000 to $30,000 or more annually, depending on the field and workload.

A financial consideration for on-campus employment is the Federal Insurance Contributions Act (FICA) tax, which includes Social Security and Medicare taxes. Graduate students employed by their university in positions related to their studies are often exempt from FICA taxes if they are enrolled at least half-time and their work is primarily for the purpose of pursuing a course of study. This exemption typically does not apply during extended breaks in enrollment if the student is not taking summer courses. These positions are frequently advertised on department websites, university human resources job boards, or through direct communication with professors.

Beyond assistantships, universities often offer various other part-time jobs. These can include administrative support roles within departments, library assistant positions, or staff roles in student services, campus events, or recreational facilities. These jobs might offer hourly wages and often provide more predictable work schedules than assistantships, although they rarely include tuition benefits. Compensation for these roles typically falls within a range of $12 to $25 per hour, depending on the specific duties and the institution. Listings for these opportunities are usually available on the university’s central job board.

Flexible Off-Campus Work

Balancing graduate studies with external employment requires finding jobs that offer considerable flexibility. Many traditional part-time roles outside the university can accommodate a demanding academic schedule. Retail and hospitality sectors, for example, frequently offer evening, weekend, or holiday shifts, which can align well with a student’s class and study hours. Positions might include sales associates, baristas, or front desk staff.

The service industry also provides numerous flexible work opportunities. This includes roles in food service, such as restaurant servers or delivery drivers for various platforms. Driving services, where individuals use their personal vehicles to transport passengers, offer substantial autonomy over work hours, allowing students to earn income during their free periods. These types of roles often provide hourly wages, and in some cases, tips can significantly augment earnings.

General part-time jobs in local businesses, such as tutoring centers, administrative offices, or small shops, may also offer flexible scheduling. These positions can be found through local job boards, online classifieds, or by directly inquiring with businesses. While these roles might not directly relate to a student’s academic field, they provide a reliable income stream. Most off-campus employment will result in W-2 income, meaning the employer withholds income taxes and FICA taxes from each paycheck.

Leveraging Skills Through Freelancing and Gig Work

Graduate students possess specialized knowledge and skills that can be leveraged for independent income generation through freelancing and gig work. Tutoring is a direct application of academic expertise, where students can offer services to undergraduates, high school students, or individuals preparing for standardized tests or professional certifications. Tutoring rates can vary significantly, often ranging from $20 to $75 per hour, depending on the subject matter and the tutor’s qualifications. Opportunities can be found through university tutoring centers, online platforms, or by marketing services directly to potential clients.

Academic support services provide another avenue for utilizing research and writing skills. This includes offering services such as academic writing, editing, proofreading, or data analysis for other students or even small businesses. For instance, a student with strong statistical skills could offer data processing and analysis services to researchers or companies. Online gig platforms connect freelancers with clients seeking various services, including graphic design, web development, virtual assistance, or transcription. These platforms allow students to bid on projects or offer their services at a set rate, providing flexibility to work around their academic commitments.

Income earned from freelancing and gig work is generally considered self-employment income, which has specific tax implications. If net earnings from self-employment are $400 or more in a tax year, individuals are typically required to pay self-employment tax, which covers Social Security and Medicare contributions. Self-employed individuals are responsible for both the employer and employee portions of these taxes.

Freelancers report their earnings and expenses, and calculate their self-employment tax. A significant benefit for self-employed individuals is the ability to deduct ordinary and necessary business expenses from their gross income, thereby reducing their taxable income. Common deductions include a portion of home office expenses, business-related vehicle mileage, professional development costs, and the business portion of phone and internet bills. If a freelancer expects to owe at least $1,000 in federal taxes after accounting for any withholding and credits, they are typically required to make estimated tax payments quarterly to the Internal Revenue Service (IRS).

Paid Internships and Fellowships

Paid internships and fellowships represent structured opportunities that can provide both significant income and valuable professional experience. Industry internships are common in fields such as technology, finance, research institutions, and non-profits, offering students a chance to apply their academic knowledge in a practical setting. These internships are often short-term, project-based, and can be highly competitive, with compensation varying widely based on the industry and role. Internships are generally considered employment, and earnings are typically reported on a Form W-2, with income and FICA taxes withheld by the employer.

Research fellowships are distinct from typical research assistantships, often external to the university or part of highly competitive internal programs. These fellowships usually provide a stipend to support a student’s research, rather than requiring specific services in return. The taxability of fellowship stipends depends on how the funds are used; amounts spent on qualified education expenses like tuition and required fees are generally tax-free, but funds used for living expenses, such as room and board, are taxable. Some grants also provide stipends for specific academic pursuits or research projects, effectively serving as income.

The application process for internships and fellowships typically involves submitting a resume, cover letter, academic transcripts, and often letters of recommendation. These opportunities are frequently advertised through university career services, professional organizations, academic department mailing lists, and specialized online job boards. It is advisable to apply well in advance of the desired start date, as many programs have application deadlines several months prior. While these opportunities can be demanding, they offer substantial financial support alongside career advancement.