The place that grad students say they are, when asked about their occupation, as opposed to "the graduate school" which is the actual institution that sucks away your will to live. Both are bad, and anyone telling you differently has a hidden motive.
Features of grad school are low pay, long hours and the chance to be your own boss. Unfortunately, you are the worst boss you ever had. Perhaps the only true redeeming quality of grad school is that it is rumored to last a finite amount of time, although this is debatable, due to the invention of post docs which are really just grad students in disguise.