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In addition to student loans, schools and sometimes
your employer may offer other sources of money to help you pay for
your education.
If you’re a graduate student, you may apply for an assistantship,
or a paid opportunity to research and sometimes teach at your school.
These positions are often competitive, and can cover a substantial
part of your tuition and living expenses. Just keep in mind that
teaching and research may require 20 hours or more of your time,
which will add up, especially when you have classes and exams to
study for.
In exchange for your work as a research or teaching assistant, you’ll
probably receive a stipend, or spending allowance.
You’ll receive this allowance either in installments or as
a lump sum. But you’ll owe federal income taxes on the money
you receive. Your employer will provide an IRS Form W-2 with the
amount by January 31 each year.
Sometimes, your employer will agree to pay for part
or all of your graduate education. However, you may have to commit
to working for that employer after you’ve received your degree.
In some cases, you can work part-time for an employer while you’re
a student and avoid locking yourself into a commitment after graduation.
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