<p>Here are a few questions for those of you whose adult children have moved on to funded PhD programs. My college senior is applying now. I guess we will not be able to claim him as a dependent on our tax returns if he is getting a stipend in the mid-$20K plus tuition waiver. But depending on the cost of living in the area, is this enough to live on with anything left over for travel home, or extras? After paying taxes, rent, food, my guess is some subsidy by parents might be welcomed.</p>
<p>One big variable could be medical expenses. Eligibility to stay on our family policy will end before the PhD will be earned. Some programs don't offer insurance but require a student to have an outside policy as a condition of enrollment. Some programs say they offer insurance as a benefit--the fine print says this can be purchased through the universities for a price ranging from about $1200 to $2500, with the student responsible for additional deductables and copays. Some offer dental insurance, some don't; some offer prescription; some don't...what is the best deal a student can hope for--does any place offer coverage along with a stipend? There are also mandatory fees for the student health services, and these can be quite steep. Why can't students opt out of paying for and using the student health service if they have their own coverage? Our experience is that the student health services have not been too good.</p>
<p>Son on stipend in expensive metropolitan area. Makes enough to cover living expenses and is even putting funds in a Roth IRA so yes certainly can cover all necessary expenses. He goes on vacation, has a pretty good life.</p>
<p>Our son is a first year grad student, and if I understand the tax laws correctly we will be able to claim him as a dependent this year, for the last time.</p>
<p>He’ll be under 24 at the end of the year and is a full-time student, so he passes those tests. While he lived on campus as a college senior he was still legally considered to be living with us, as education is a temporary absence, so he passes the residency test. His PhD stipend didn’t begin until September so he’s only supporting himself for 4 months this year (we supported him until them). So we’ve supported him for more than half a year.</p>
<p>He is able to live on his stipend and was able to opt out of student health with proof of insurance. He’s still on our policy and unless the terms of our policy change, he can stay on it as long as he’s a full-time student, with no upper age limit. We’re hopeful that will continue until he’s finished with school and employed, as he has a chronic medical condition which is quite costly and I’m guessing he’s uninsurable.</p>
I make a lot less than that as a TA in Los Angeles, and it’s enough to live on (barely). I’m more frugal than most, I think, but I definitely think he’d be fine anywhere with a $20+K stipend.</p>
<p>My school (UCLA) provides health/dental insurance to TAs. It allows students to opt out if they have their own insurance, though, if I remember correctly.</p>
<p>PHD grad students can often find others to share dorms, rooms, apts etc. And programs can vary widely in how much they charge for health, dental coverage. DS really lucked out with his program- very cheap health and dental insurance and a generous stipend with enough money to travel home when he wants [ twice a year] and save some each month. But he is learning to be very frugal. They dont call them 'Poor grad students" for nothing!
we are still planning to kick in some each year, under the tax exempt IRS gifts to children statute.</p>
<p>My son’s PhD program allows you to skip the insurance if you’re already covered thru your family’s plan.</p>
<p>His stipend ($26k) is enough to pay his rent (his half is about $750/month), food, trips home, clothes, etc. He was able to determine what his taxes would be and he’s saving enough for that. We still pay for his car insurance (which he probably could pay for) and his cell phone. He’s in a univ-owned grad apt (2 bedrooms), so he didn’t have to find someone for the other room.</p>