Semi-structured, qualitative interviews conducted with an ethno-culturally diverse group of 27 doctoral students in one Canadian university department produced narratives that often featured stories of stress and struggle. Two interrelated themes emerging from the data are highlighted here: surviving financially and dealing with divisions and diversity. The context is one where student bodies have become more diverse and the academic labour market less geared to full-time tenured positions. We argue that the commonplace notion that doctoral study means elite students being socialized into academic futures de-emphasizes the material conditions and interpersonal tensions that actually characterize everyday student life.