[jrk]

To make "next to nothing" concrete: MIT EECS PhD students are currently paid about $4700/mo. This is substantially less than they'd make in industry, but it's around the US median personal income across all working-age adults, and well above the average 24 year-old. They frequently make a substantial extra at summer internships, putting them well above US median in the years when they do.

Also: it is school, not just a job. They are developing deep expertise and specialized skills. As a result, among other things, their earning potential tends to be significantly higher coming out of the PhD than out of undergrad.

[fredophile]

You're looking at students at a top tier university in a field that pays extremely well. The numbers are going to be at the high end for what a grad student can make. A quick search for PhD salaries suggests that $20-35k/year is more common.

The median wage number you cited is also for the total population. According to this graph the median wage for college graduates is around $7k/mo. I'm fortunate to make very good money but I'd still notice a $2k/mo pay cut.

[huimang]

That's MIT. At a state university my friends were making in the ballpark of ~30k.

And yes, that is "next to nothing" compared to the salaries they make now after quitting and just finding work. And their outlooks are in significantly better shape, whereas one friend was highly depressed before.

People can also develop "deep expertise and specialized skills" through their work, and network via conferences, generally paid by their employer. Well, if they can find a job as a junior nowadays.

[tayo42]

It's 56k a year for 6 years?

I don't think the entire US matters for this point your trying to make. What are college educated people making in a city like Boston.

[throwaway2037]

    > What are college educated people making in a city like Boston?

Google tells me the median is 80K USD per year.

[chongli]

Is that $4700/mo net pay? Or do they have to pay tuition fees out of that?

[matternous]

If you're paying tuition for your PhD, you're getting scammed.

[throwaway2037]

Is this true for arts and letters as well (non-STEM)?

[darkwizard42]

Generally speaking PhD students do not pay tuition, they are given a stipend and so there are no tuition fees.

[nickpsecurity]

What's the cost of living in that area?

[throwaway2037]

High inside Boston city limits, but not as crazy as Manhattan (NYC).