From my offer letter:
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Economics PhD students receive financial support throughout their graduate training. The precise nature of this support varies depending on their year in the program and on other factors. The department guarantees full funding support for five years provided that you remain in good academic standing. This support includes tuition, health care coverage, and a financial stipend to cover living expenses.
Although the financial stipend varies from year to year, the typical current graduate student receives approximately $38,970 per year to cover living expenses. This amount will gradually increase each year. See the table at the end of this letter for additional details on expected stipend increases. (These are approximate figures which include both funding during the academic year plus summer funding.)
First Year
In your first year you will receive an Economics Graduate Fellowship that provides tuition and fees for the academic year, health and dental insurance for you and your eligible dependents and a stipend of $25,980 (the stipend per semester is $12,990). Unlike the financial support in years 2-5, the fellowship in year one does not require you to work as a teaching assistant, grader or research assistant.
In the summer following your first year, the Department of Economics offers a Summer Research Apprenticeship (SRA). The intent of these apprenticeships is to give students first- hand experience on a research project under the close supervision of a faculty member in the Department of Economics. You will be expected to devote a significant amount of time (typically 80 hours) towards working on this project in Ann Arbor during two months of the summer. First- year students who participate in the SRA receive a stipend of $12,990.
Total financial support for year one (academic year plus summer funding) is $38,970.
Second Year
In your second year, you receive financial support by working as a Graduate Student Instructor (GSI) in the department during the fall and winter terms. A GSI position is a teaching commitment
of no more than 20 hours per week and provides a full tuition waiver, a stipend, and health and dental insurance for you and your eligible dependents. You will also be eligible to independently apply for a Graduate Student Research Assistant (GSRA) position in lieu of a GSI position, which would still provide full support in exchange for your contributions to a faculty research project.
Second year students (like first year students) are also eligible to participate in the SRA program to receive summer financial support.
Third through Fifth Year
In years three through five, you will receive financial support by working as a GSI or GSRA during the fall and winter terms.
Unlike first and second year students, once a student attains candidacy in their third year, they no longer need to participate in the SRA to receive summer funding. Instead students receive summer support by teaching as GSIs, conducting research as GSRAs or working on their own dissertation research.
The table at the end of this letter includes a summary of the funding throughout years 1-5 for your reference.
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