How do Ph.D. students make money, or how can you earn money as a student, you may be asking yourself? Stay with me for tips on how to make money in grad school and some popular side hustles for grad students.
Grad school is an exciting time and a great opportunity to learn new skills, gain experience and make a name for yourself but it can also be a time of great financial stress. Many students are worried about the cost of tuition and living expenses and wonder how to make money while in grad school in order to live a comfortable life.
To put this into perspective, Statista shows that the tuition fees for graduate school in one of the faculties in Harvard University for the year 2020 to 2021 was $49,448. Mind you this is tuition alone without any of the other expenses. Even if you have a tuition scholarship, you still need to be able to cater for all other living expenses like food, accommodation, clothing, etc.
The fact is that free money for grad school is hard to get these days and many grad students have to take part-time jobs to make ends meet. You might have been told that you need to work harder, but there are some simple ways to make money in grad school without sacrificing your academic or professional goals.
You don’t have to be an expert – just offer your knowledge or skills and the right person will pay for it. On the other hand, you certainly do not want to be working as a waiter or a dog walker in grad school! Let’s leave those jobs for undergraduate students.
This post will guide you on how to make money as a graduate student in a decent manner so that you do not live on student loans and constantly have to worry about finances.
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What are some of the skills that you need to make money in grad school?
Grad school is a time when you are constantly learning new skills and growing your network. It can be difficult to find a job that fits your skillset, especially if you have an advanced degree.
In order to make money in grad school, you need to have several skills. Some skills that will help you are:
- Writing skills
- Research skills
- Speaking skills
- Teaching skills
- Math and science skills
- Programming and coding skills
- Marketing and business skill
If you possess some of these skills, it will be much easier to get one of these student side hustle jobs discussed below.
How To Make Money During Grad School With A Part-Time Job
Grad school is expensive. When you think of paying tuition fees and living expenses, not to mention many students still have student loans to pay, it’s no surprise that grad students are looking for ways to make extra money while they’re in school.
Although most universities offer some form of financial aid for graduate students, it is never enough to cater to all their expenses.
Graduate students have a lot of time on their hands. If they are willing to put in the hustle, they can earn money while they study.
You do not have to be a personal finance student to know that there are many ways to make extra money as a grad student that don’t require a ton of effort. Here is a list of some of the best side hustles for grad students to teach you how to make money as a masters student or a doctorate student:
1. Teach English as a Second Language (ESL)
ESL is one of the fastest-growing teaching industries in the world. The demand for ESL teachers has sky-rocketed and with it, the demand for ESL job openings.
In recent years, more than half of all new teaching job openings have been in ESL. You can teach English at an international school or at home with online lessons.
2. Become a teaching assistant
Graduate students typically have to work as teaching assistants to help pay for their tuition and living expenses. Teaching assistants work with other students who are learning courses at the university level. Teach a class or two in your department or at a nearby university to make some extra cash.
3. Tutor students or work at an afterschool program
If you are passionate about the teaching profession, there are many different opportunities available to you. Graduate students can earn extra income from tutoring students and working at an afterschool program which is a rewarding part-time job. You could work with students and help them learn the material they need to succeed in school.
Many schools also offer afterschool programs where you can work with students after school in their homes, or in some cases, even during the school day at school. You could also teach classes at the community college level or other local institutions.
4. Get a job as a research assistant
Many universities have their own research assistantships which allow students to work with faculty on specific projects. Research assistants work with professors on research projects and it is a great way to break into the world of academia. Assist professors with their research and get paid for it.
Research assistants also help advance their resumes by taking jobs as post-doctoral researchers. They can also help with administrative tasks and research projects in exchange for experience.
Why not also work with the university’s research center on projects related to your studies? University research centers are always looking for students to work on projects which could be related to their studies.
Additionally, if you have an idea for a project, you could just get in touch with the research director and see if you could be funded to conduct the research.
5. Find a part-time job outside the university
Working outside the university is an option for many grad students. But where should you work? There are many businesses that advertise part-time jobs outside of the university. You can find those jobs on sites like LinkedIn, Glassdoor, Indeed, etc.
6. Write for free online publications
Writing for free online publications is a great way to get your foot in the door. While you may only be using these publications as a stepping stone, they can help you gain valuable experience and build up your portfolio for future writing jobs.
7. Write grant proposals
Become a grant proposal writer and help non-profits look for sources of funding using your research and writing skills.
8. Work as an intern with a company that is hiring grad students in your field of study
Tired of going to school for years, only to graduate and realize that your dream job is not there? Luckily, internships are becoming a popular option for grad students.
Some internships are offered with a stipend or reimbursement if you go through the experience before graduating from college. This may not only help pay some bills but may also help you land a career in your field of study after school if you work diligently.
9. Sell your expertise or skillset as a consultant
Freelance consulting is a booming industry these days. You can offer consultation services on anything you have some expertise in. It could be in your field of study or an area that you have heard experience in. Who knows, consulting could be your ticket to financial security and happiness.
10. Freelance
Freelancing is one of the best ways for college students to make money online and supplement their income. It’s also an excellent way to make money on your schedule and take on work that aligns with your skills in a variety of industries.
Freelance writing is one freelance option that does not require a lot of experience for grad students – after all, you have been writing the whole of your college life.
Start with writing articles for blogs, websites, and magazines, and then later take on other freelance jobs for companies and individuals depending on your skill sets, for instance, graphic design, website development, blogging, etc.
11. Develop open-source software
Develop open-source software that is used by many people and make money from the product through consultations on how to implement and use it.
12. Sell your textbooks and other items on Amazon and eBay
Selling your textbooks is another way to declutter and make some quick cash to clear out your college dorm room and other living expenses. Amazon and eBay are two popular websites where students can sell their used textbooks and make a profit.
How to survive in Grad School before you get a job
Here are some tips to survive grad school whether you have a part-time job or not.
1) Create a realistic budget and stick to it
2) Get your loans in order and make sure you are paying them back on time
3) Apply for scholarships, free money for graduate school, grants, and fellowships. Many universities offer these to grad students.
4) Look for opportunities to work on campus as a research assistant or a teaching assistant
5) Find ways to make money outside of your schooling
6) Seek out other sources of income like consulting, tutoring, writing, etc.
7) Make friends with people who can help you find work after graduation
8) Take advantage of opportunities that come up during the school year
Wrapping Up on how to make money in grand school
There you have it – tips on how to have money in grad school. I hope I have convinced you that there are many jobs to have in grad school if you are daring and creative enough.
Also, learn how to earn passive income in grad school if you want an easier way to make money at school. Passive income for grad students is when you do the heavy lifting at the beginning and after that, you can enjoy the fruits of your labor for a long time.
Working while in grad school, you need to figure out what your strengths are, and then find ways to leverage them.
Maybe you’re good at building relationships with your classmates, or maybe you’re great at analyzing data and crunching numbers. Whatever it is that you do well, learn how to make money as a graduate as soon as possible. Pick one method discussed above, get creative, and start making money today.