Compare Grad School Funding Offers
Enter your funding offers and see which gives you the strongest financial foundation in Year 1 and across your guaranteed support period.
How this works
What we calculate
Year 1 Net Cash is your immediate cash position in the first year of the program:
Annual Stipend + Summer Stipend + Signing Bonus − Unwaived Tuition/Fees − Your Estimated Cost of Living
This number tells you how much money you'll have on hand after tuition and living expenses in Year 1, before taxes and health insurance.
Total Guaranteed Value is the sum of all commitments over your entire guaranteed funding period:
(Annual Stipend × Guaranteed Years) + All Summer Stipends + Signing Bonus − (Unwaived Tuition × Guaranteed Years)
This assumes tuition and fees remain constant each year, and that you receive the full amount each year.
Understanding the fields
Annual Stipend: Your base yearly funding. Enter it in your own currency. We don't convert. This is typically paid monthly or on a different schedule; use your offer letter to determine the total annual amount.
Guaranteed Funding Years: How many years the university has committed to fund you (usually 4–6 for PhDs, 2–3 for Master's). If your offer says "funding guaranteed through year 5," enter 5. After the guarantee ends, support may continue, but it is not contractually promised.
Tuition/Fees Fully Waived: Check this if the offer covers 100% of tuition. If you'd still owe part of it, leave unchecked and enter the annual amount you'd pay.
Summer Funding: Many programs offer summer support. If your offer includes a summer stipend amount or notes summer funding, check the box. Otherwise, leave it blank.
Cost of Living: This is your estimate. There's no right answer. Research the city's cost of living using independent sources (Numbeo, Livingcost.org, local university grad student surveys). Include rent, food, transport, and discretionary spending. This directly affects your Year 1 net cash, so be honest.
Worked example
Offer A: University of Example, PhD in Physics
- Annual stipend: $25,000
- Guaranteed years: 5
- Tuition fully waived: yes
- Summer stipend: $5,000 (included in offer)
- Signing bonus: $0
- Estimated cost of living: $18,000 per year (based on your research of that city)
Year 1 Net Cash: $25,000 + $5,000 + $0 − $0 − $18,000 = $12,000
Total Guaranteed Value: ($25,000 × 5) + ($5,000 × 5) + $0 − $0 = $150,000
You'll have $12,000 left after tuition and living expenses in Year 1, and the full 5-year commitment totals $150,000 in cash.
What "guaranteed" actually means
A "guaranteed funding" offer means the university is contractually committed to fund you for that number of years if you maintain satisfactory progress (usually defined as academic standing and on-time progress toward your degree). It does not guarantee you'll finish in that time, nor does it guarantee you'll want to stay that long.
Guarantees can be conditional: for example, they may require you to TA or RA part of that time, or they may end if you accept outside fellowship funding. Always read the fine print in your offer letter and ask the graduate coordinator or advisor if anything is unclear.
Questions to ask your program
Before you decide, contact the graduate admissions office or your prospective advisor with these questions:
- If I lose funding before the guarantee ends, what happens? (Can I switch to part-time? Do I forfeit the whole degree?)
- Are graduate students typically able to secure additional funding (fellowships, grants, external funding) during their time here?
- Is there a cost-of-living adjustment each year, or is my stipend fixed?
- If I finish early (or late), does the funding adjust?
- Are there any restrictions on outside work, consulting, or fellowships that might affect my funding?
Taxation: a qualitative note
Fellowship stipends (often called "awards" or "scholarships") may have preferential tax treatment under certain conditions, but this varies significantly. Teaching assistant (TA) and research assistant (RA) salaries are typically fully taxable as employment income. Some universities withhold taxes automatically; others require you to file quarterly estimated taxes yourself.
This calculator does not model taxes. The cash-flow figures above are gross (pre-tax). To estimate your take-home:
- Consult the IRS Publication 970 (Tax Benefits for Education) for the specific rules on qualified scholarships and assistantships.
- Ask your university's tax office or graduate student services for a worksheet or example based on your state and funding type.
- Use a tax calculator (TaxAct, 1040.com, or TurboTax) with your estimated gross to get a ballpark figure.
- If international, consult the university's international tax advisor and your home country's tax authority.
After-tax income is what you actually spend, so this step is essential for an honest comparison.
Frequently asked questions
Are PhD stipends taxed?
It depends. Fellowship funds that meet specific IRS criteria may be partially or fully exempt from federal income tax. However, TA and RA salaries are nearly always fully taxable, and many fellowships are taxable too. Your university's offer letter should indicate the tax status of your particular funding, but confirm with your tax office. The IRS Publication 970 has the official rules.
How do I compare offers in cities with very different costs of living?
That's exactly what this calculator helps with. Enter your own research-based cost-of-living estimate for each city, and the Year 1 Net Cash column will automatically account for the difference. A $30,000 stipend in an expensive city might yield less take-home cash than a $26,000 stipend in a cheaper one. This is also a good reason to reach out to current graduate students in each program. They can give you realistic monthly budgets.
Should I try to negotiate a funding offer?
Yes. If you have competing offers or strong reasons (e.g., a family member's medical needs requiring you to stay in one location), many programs will negotiate stipend, tuition coverage, or signing bonuses. The worst they can say is no. Frame it professionally: "I'm very interested in this program. Is there room to adjust the funding package?" Admission directors are often more flexible than they first appear.
What if my offer doesn't specify summer funding?
Leave the summer funding box unchecked. If you later learn your program offers optional summer support (via RA/TA work or research grants), you can adjust. The calculator will show Year 1 and total values without it; once you confirm the summer amount, re-enter and the totals will update.
What counts as cost of living?
Everything you spend monthly to live in that city: rent, utilities, food, local transport, phone, internet, insurance (car, renters, health if not university-covered), and reasonable discretionary spending (entertainment, dining out, hobbies). Do not include student loan payments, credit card debt, or money sent to family. Those are personal financial issues, not cost of living. Research using local rental sites, grocery apps, transit agencies, and alumni networks.
Can I compare international and domestic offers together?
Yes, as long as you use the same currency throughout. If an offer is in pounds and another in dollars, convert one of them before entering. Keep in mind that currency fluctuations, visa sponsorship costs, and home-country tax obligations may not be captured in your cost-of-living estimate. Add them separately to the Year 1 net cash figure before deciding.
Sources
- IRS Publication 970: Tax Benefits for Education: covers scholarship, fellowship, and assistantship taxation rules.
- NAFSA: Association of International Educators: resources on international student funding and tax compliance.
- Numbeo: crowdsourced cost-of-living data by city.
- Livingcost.org: another cost-of-living research tool.