Event Summary - Let’s Talk Money: An Honest Conversation with First-Generation Graduate Students

December 01, 2020

By FGI Graduate Student Programming Committee 

This event was held on Friday, October 23, 2020

We know that graduate school can be a financially trying time for first-generation students. That is why we compiled a list of suggestions offered by a panel of first-generation graduate students, who at a panel in Fall 2020, spoke candidly about their experiences navigating finances in graduate school. 

As the panelists iterated, it is imperative to recognize that graduate students, especially those from first-gen backgrounds, confront difficult challenges that are not always acknowledged or talked about. For instance, some graduate students rely on their stipends to pay off student debt; some have family and caregiving responsibilities; and some face persistent housing, food and/or financial insecurity; to name a few of the challenges. Divided by themes, these points offer insights into resources, mental health and community support, among other poignant topics. 

Funding:

Graduate student income often comes in multiple forms (e.g., GSR, TAship, Fellowship) and changes throughout the year, making taxes, budgeting, paying personal expenses, and other necessary tasks complicated. The speakers offered useful tips on addressing these challenges: 

  • When possible, apply to grants, fellowships, and scholarships, including funding opportunities with smaller financial awards. Remind yourself that you deserve high-quality funding and graduate opportunities. 
  • Do not let your current funding hinder you from applying to more funding opportunities if you can. For example, even if you already have a fellowship that covers living expenses, it can be helpful to see beyond one’s basic needs and expand the scope of one’s research possibilities by, for example, seeking funding to hire and pay undergraduate researchers. 
  • Find funding sources (small or large) before you start graduate school or early-on in the first year to help address the financial hardships that some graduate students face when starting a program. The first year of graduate school can be especially difficult for many graduate students, especially financially.  
  • Becoming an RA in the dorms can also be a good option for reducing expenses and covering some basic needs. 

Budgeting:

  • When making a budget, some things to include might be rent, utilities, food, transportation (insurance, gas, car payment), and family visits.
  • Have a savings account and put away money for your future! This can help with any unexpected expenses (e.g. medical).Think about how you might be able to do that, including through fellowships, grants, TA-ships and other means. 
  • Thrift shopping or buying used items can be great ways to save money on items you might need (e.g. furniture, clothes)
  • Graduate students sometimes need to assume more financial responsibility for different reasons, including assisting family. In this case, setting a timeframe for each task may help you see the light at the end of the tunnel and reduce burnout. 
  • If you need to take out loans (like federal loans) to cover expenses, then you should feel no shame for doing so.

Taxes:

Completing your taxes is complicated, so here are some tips on how to navigate the process.

  • GSRs & TAships get taxed and show up on your W-2 Form at the end of the year.
  • Fellowships and grants are not taxed throughout the year, but any money that was not used for education expenses does get taxed.
  • Do it yourself tax preparation (e.g. TurboTax) can sometimes be challenging to navigate. Finding a tax preparer, although it can cost some money, can help you pay less in taxes at the end of the year. The Santa Cruz Community Credit Union offers free tax prep assistance. The GSA also offers on-campus tax workshops.

Meeting Basic Needs:

Being in graduate school does not exempt students from experiencing hard times and having responsibilities beyond studies and research. Here are a few suggestions for seeking support and meeting one’s basic needs. 

  • Turn to your trusted community to share your ordeals and needs. Some people might be able and willing to assist you, including from those you may not have expected support. 
  • Food pantries provide basic food needs. Family student housing also holds one the first and third Wednesday of the month.
  • When money and funding get tight, as they sometimes do in the unpredictable, dynamic world of graduate life, social welfare programs, such as an EBT card, are an option. Explanation for eligibility and more information can be found here: https://basicneeds.ucsc.edu/calfresh/eligibity.html. You can approach your department’s graduate advisor or a trusted faculty member about getting a note talking about your income status and current need(s) to submit along with your application.

Personal Life:

Our personal lives are inextricably linked with our professional and academic lives. Taking care of one’s self is important for overall well being and performance. 

  • As desired and appropriate, the panelists advised seeking counseling to navigate stress, family boundaries, self-care and other topics. Seek support and resources from UCSC’s Counseling & Psychological Services (CAPS), including creating a coping plan. 
  • Schedule in self-care breaks, such as walks with music or making tea. 
  • As appropriate, share with your advisor, trusted colleagues and/or community your needs and where you need support.

UCSC Campus Resources: 

Encourage yourself, encourage others: 

  • Be your own advocate and talk about challenges and needs with your advisor/staff/trusted colleagues. 
  • Be validating and supportive! 
  • A short “Just go for it!” goes a long way 
  • Take care of your emotional and mental selves!
  • Check in with family and loved ones as much as needed while also setting healthy boundaries. The interactions and relationships an individual decides to have with family and loved ones are highly personal and up to the individual alone.

Terminology:

  • First-generation graduate student: This term is person-dependent and folks may or may not identify with it. One definition of a first-generation graduate student is a person who is the first generation in their family to earn a Bachelor's degree—and is now working towards a Master's or Doctoral degree. 
  • Graduate student research (GSR): Academic position where the focus is on conducting research. Pays more than a TAship.
  • Teaching assistant (TA): Academic position where you assist the professor in a classroom by hosting section, grading, etc. 
  • Resident Assistant (RA): Position in either graduate student housing or family student housing where you develop programming needs for residents and are on-call for any needs of the resident. Stipend pays for on-campus rent and housing meal plans.