<p>I'm currently a double major in economics and math and am torn about whether to go to graduate school or not (I have over a year to decide, I'm just going into Junior year). When I picked up math as my second major, my intent was for me to get into graduate school in economics (which apparently requires a lot of math) and I am fairly passionate about the subject (I really like learning in general, I would be a student for the rest of my life if it paid). But I have always left the option open of working full time after college or maybe switch to a masters in a related field. </p>
<p>I should be coming out of undergraduate with no debt, but I will not have money left for graduate school. I have no idea if it would be possible to enter a PhD program with no money and still live comfortably (as in money for basic needs with a little spending money left over) with no support from parents. I would guess this would probably require either almost free graduate school as well as working part time, or large enough compensation afterwards where going into debt would be no problem. Do you think this is possible in doing a PhD program, or will I likely run out of money and regret not just working full time or opting for a Masters?</p>
<p>polar, for Economics, it’s not the case that top schools universally fund their students. I know of quite a few Top 20 schools (Stanford, UCSD, etc.) that only fund a small portion of their students until they pass their comps; until then, those students have to typically pay most of the tuition out of pocket or with loans, or if they’re lucky, they pick up an assistantship after the first term.</p>
<p>Stanford fully funds basically everyone. At the flyout in April, I think everyone had full funding. MIT however, is known for not offering funding to everyone.</p>
<p>Thanks for the answers. Will you get the stipend if you just do the work for the PhD, or do you have to do extra research/teaching on top of the work you would be doing?</p>
<p>Also, I think I heard it from a professor at my school, but apparently Chicago is known for accepting way too many people, making them all pay for the first year, then making it ridiculously hard the first year so that only a few of the hardest workers stay and get the rest of their years paid for while all of the other students are left with empty pockets and no school. Has anyone else heard of this, and is this common practice?</p>
<p>My daughter was offered full funding, guaranteed for 4 years, with TA position at her current school (top 10 in CS), her other near top 10 school offered more money but only 2 years guaranteed. UCLA did not offer funding, and we were stunned. Of course she could not accept that. She has lived like a poor student, though, until she got a high paying intership this summer.</p>
<p>Her Econ friend in school was offered full funding for PhD in Econ/Finance from INSEAD and also from another good school or two. Her math friend was offered full funding for math phD from UCLA which includes $1,200 for grad housing. Freaking hell my daughter pays $450 and rooms in a nice 4 BR with 3 other PhD students. Her physics friend got full funding to UC Berkeley. Her other CS friend who did the 1 year masters at her school got full tuition and stipend from UCSD, among other schools (it had her speciality.) I can go on.</p>
<p>You should expect funding. Start talking to your profs and advisors about where they thing you would place well.The only thing I would owrrry about is because of the economy many people ( like the INSEAD guy) couldn’t get a job or hardly an interview, despite graduating with honors, phi kappa phi and speaking 5languages. The academic field for grad school may be uber competitive now.</p>
<p>Usually you have to work as a TA to get the stipend and everyone gets that. If you are a special pick you can get an RA position. I have not heard what you have regarding Chicago.</p>
<p>Having trouble placing from INSEAD for Finance? That’s extremely odd. They’re known to place their graduates as competitively as the Top 10-15 B-Schools in the US.</p>
<p>Anyway, here’s the forum I frequent, ever more since applying to Econ programs last year:</p>
<p>You should be able to find a good amount of information there about everything Econ Ph.D.-related.</p>
<p>If you want to see a thread with people posting some of the higher financial packages (i.e., really not representative of the average offer from the majority of schools), check this one (I posted about Kellogg near the end):</p>
<p>Oyajams, there was not any trouble placing at, or getting full aid at INSEAD. It was the best offer in the end. Very generousl That is why I mentioned it instead of other offers.</p>
<p>Also I meant to tell the OP that some very top students will get a full fellowship, which means you doh’t have to TA or RA.</p>
<p>Caveat: I don’t know economics, so the following is more general information which may, or may not, apply.</p>
<p>Almost all PhD program stipends require work as a TA or RA. The only difference with a fellowship, either internal or external, is that you get a little more freedom to decide your own research path because potential advisors don’t have to come up with the funding themselves. No matter what, you will be performing research under the guidance of a professor. Since the whole purpose of a PhD program is to perform intensive research, an RA position usually doesn’t pose any more demands than you’d normally face. Many, but not all, programs also require that students, with or without fellowships, complete at least one semester as a TA so they are at least partially trained in teaching at the college level. When you TA, you’re often also doing the work of a RA since you are working on dissertation research.</p>
<p>Most of the Econ programs will give you a fellowship for the first year or two and then require teaching and/or research work after that. With regards to Chicago, that’s less so now than in the past. This year in particular, it looked like they cut down on the number of students outright admitted and wait listed those on the fence. Also, at least according to their website, about 70% of entering students finish the program. It’s not as high as MIT, Harvard, and Princeton (three highest, in the 80-95% range) but it’s pretty good. Finally, Chicago is a bit mean with the funding. This year they offered packages from full funding (but only 22K) to no funding until the third year.</p>