How to Survive on a Graduate Student Stipend

When Joe Brusca was living on a graduate student stipend, he cut expenses wherever he could.

The master's degree student bought dried beans, lentils and rice in bulk, rehydrating them throughout the week for cheap and healthy meals. "They have all the nutrients you need," says Brusca, whose stipend covered tuition and basic living expenses.

Brusca also started a side hustle to make ends meet, reselling sale and thrift store finds at a markup on eBay and Amazon. This survival strategy unexpectedly morphed into his full-time job. Several years after graduation, he now owns a couple of e-commerce stores.

[See: How to Live on $13,000 a Year.]

Graduate student stipends vary depending on the university, field of study, job duties and other factors. Typically stipends are designed to fund a student's living expenses although many also cover tuition, fees, health insurance and other costs.

The good news is that receiving a stipend means that a graduate student can borrow less -- or not at all -- to earn a degree. In exchange for the monthly stipend payment, graduate students typically commit to working, teaching or conducting research for the university.

The not-so-good news is that the stipend payout is typically very modest. For example, at the University of Iowa, the minimum stipend for half-time work as a graduate assistant is $18,809 for the 2016-2017 academic year. At New York state's Cornell University, graduate students typically earn $25,152 for a nine-month stipend.

That amount doesn't leave much wiggle room for budgeting blunders or unexpected expenses. Here's what to know about surviving on a graduate student salary.

Don't lose it. First things first. Don't do something rash to lose your stipend.

To continue qualifying for your monthly payout, you may have to maintain a certain grade-point average, take a minimum number of credits or decline to accept other off-campus jobs. Don't mess it up.

[See: 12 Habits of Phenomenally Frugal Families.]

"It's important when you're working on a stipend to make sure you understand any stipulations," says Jeanne Mahan, senior manager of college finance for College Coach, which advises students on the college admissions and finance process.

Budget, budget, budget. "If you try to live as best you can like a student when you're a student, you'll have the best chance of living like a professional when you leave this program," Mahan says.

That means ditching splurges, such as pricey lattes, cable television and the latest-model car. Live with roommates, take advantage of free food and check the university calendar for fun, frugal events on campus.

[See: 10 Fun, Frugal Ways to Spend Your Free Time.]

"You can survive, especially if you're innovative, especially if you're frugal and just smart about your money and smart about amenities," says Morgan Ponder, assistant director of the department of economics at University of Southern California.

Don't forget student-specific budget-stretching options. Think twice before running up credit card debt as a graduate student.

Graduate students have access to some unique financing vehicles, such as student loans, college-sponsored short-term loans and scholarships, which non-students can't use.

When University of Northern Colorado graduate student Jerilin Brewer, who earns a stipend as a graduate assistant in the school's financial aid office, needed extra cash to pay for a summer course, she decided to tap the student loans available to her.

Brewer, who is in the second year of a master's degree program, paid for the course on her credit card, then immediately repaid the balance with a federal student loan.

It was a savvy move: Federal student loans typically carry lower interest rates than credit cards. Plus, they come with deferment, forbearance and other payment-relief options that credit cards don't.

With student loans, "the interest rates are always going to be lower than a credit card, and you usually have deferment options," Mahan says.

At Northern Colorado, like at many other schools, small emergency loans are typically available for students who need an extra influx of cash, says Marty Somero, director of financial aid at the university. At UNCO, they need to be repaid, along with a flat lending fee, by the end of the semester, he says.

Pick up another job. If you're routinely busting your budget, and no amount of at-home coffee-brewing, ramen-eating and cost-cutting can save you, it might be time to add an extra job on top of whatever you're doing to earn your stipend.

If your stipend doesn't forbid it, look into tutoring, working on campus or taking a part-time job.

Ask your financial aid office and graduate advisors what jobs might be available to add extra cash to your budget. Just don't let it take over your schoolwork.

Says Mahan: "Your primary job is to be a student, and that comes first and foremost."

Susannah Snider is the Personal Finance editor at U.S. News. She previously covered paying for college and graduate school. You can follow her on Twitter or email her at ssnider@usnews.com.