You're looking at students at a top tier university in a field that pays extremely well. The numbers are going to be at the high end for what a grad student can make. A quick search for PhD salaries suggests that $20-35k/year is more common.

The median wage number you cited is also for the total population. According to this graph the median wage for college graduates is around $7k/mo. I'm fortunate to make very good money but I'd still notice a $2k/mo pay cut.

Is that $4700/mo net pay? Or do they have to pay tuition fees out of that?

It's 56k a year for 6 years?

I don't think the entire US matters for this point your trying to make. What are college educated people making in a city like Boston.

It’s not crazy… the wages are below food prep. What would be crazy is paying to help someone else’s career. That’s why a well known rule of thumb for graduate program evaluation is whether or not they pay their grad students.

If they pay their grad students, then at least the time the grad students spend creates enough value to offset the cost of paying them.

If not, stay far away from the program.

Also, regarding the career comment: If graduate school is not at least the first step in a given career (it should the second, undergrad being the first), how/why do you expect gifted intellectuals to spend their prime wage earning years doing it?

Most people do not have access to enough wealth to spend prime wage earning years toiling to help someone else’s career with no return on investment.

I was working retail in Eugene, Oregon during the 2014 University of Oregon grad student strike. I had a little bit of a chip on my shoulder because I was working retail with a master's degree in physics (because I did not have the endurance to complete a PhD, but had not yet accepted that fact).

My then-partner was part of the strike. One of the strike demands was higher wages as teaching assistants. And while I worked 40 hours a week, for $11/hr, I made considerably more and worked fewer hours than her. She put in probably 30 hours a week just on her teaching load, plus an additional 30 hours split between explicit course work and dissertation work.

It's crazy that a job that requires excellent marks while completing a 4-year degree pays worse, has worse working conditions, and is considerably more competitive to get into than a job selling office supplies.

One of the other things the grad students were demanding (which they only sort of got) was paid parental leave, because they did not fail to notice that most of their professors were in their late 30s or early 40s before they could afford to stop work long enough to start a family. It was very rare for two academics to have children together, because of the heinous, career ending financial cost to having children when you were young enough that their high school graduation date was before your expected mortality.

I think the key difference is that: "going to school", sure you need a living stipend, but the actual research phase has serious WLB and working condition issues

I agree with you. It is definitely what the PhD student signed up for. But like I said in a sibling reply I think if we are worried about having fewer grad students (not saying that we should be), then we may need to change the incentive structure surrounding the PhD programs to make it more worthwhile for people to invest the time and energy. Because how it is currently going it seems to me like fewer and fewer people are going to consider it worth the investment just for the credential alone.

In the US, phds and professional degrees are more or less geared toward students who are comfortable enough financially to stomach the opportunity cost of 6-10+ years of additional education, unpaid or underpaid residencies and internships, and long apprenticeship hours (which prevent backfilling financial gaps) before making “real” income.

JD isn't a terminal degree. There's two higher degrees I think.

MDs and JDs are professional professional qualifications, which makes their situation a bit different from purely academic degrees. For example the ABA acts kind of like a cartel.

I don't think I disagree with you, by the way. I'm just more unhappy about it. All of these sclerotic, even corrupt, institutions acting like aging vats for talented youth, all to exclude newcomers and to maintain hierarchies...they're not ideal.

Masters in Law so you can…pontificate about the law?

Yes, but I think as time goes on, fewer and fewer people are going to consider those letters next to their name worth it for the years that they need to invest. So, I am just saying that if MIT or whoever else is worried about having fewer grad students (not saying that they/we should be), then maybe it's time to change how it works.