Definition: A stipend is payment made to students for work completed but it is not necessarily based on work performed or hours of work. Many stipends are offered to students who are completing an internship or apprenticeship and used to help defray the costs of housing, food, and transportation. A stipend is a fixed sum of money that is paid periodically and usually agreed upon at the beginning of a work agreement. Stipends may be paid all in one sum or in equal installments throughout the work agreement.
Also Known As: compensation