Following approaches consistent with the qualitative research tradition, attempts to capture the essence of the full-time graduate student experience. Using the constant comparative method, analyzes several sources of data to arrive at a grounded theoretical model of the graduate student experience. Findings suggest that stress is at the core of the graduate student experience and is amplified by conflicting demands and internal conflict unique to this type of student. Additionally, international graduate students appear to face some tremendous obstacles that span both their personal and professional lives. Also identified are several of the tactics and mechanisms that students adopt to reduce hardship as they proceed through their respective programs. Finally, implications for current administrative practice and future research are discussed. (Contains 1 figure and 4 tables.)