alt Hacker NewsTo make "next to nothing" concrete: MIT EECS PhD students are currently paid about $4700/mo. This is substantially less than they'd make in industry, but it's around the US median personal income across all working-age adults, and well above the average 24 year-old. They frequently make a substantial extra at summer internships, putting them well above US median in the years when they do.
Also: it is school, not just a job. They are developing deep expertise and specialized skills. As a result, among other things, their earning potential tends to be significantly higher coming out of the PhD than out of undergrad.
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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.
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.