How do professors spend their NSF grants?
Ficticious but reasonably realistic example; YMMV, sometimes significantly:

Fall/Spring:


Stipend: $9,000/semester
Tuition: $7,000/semester @ 50% off
Health insurance: $1,000/semester
F&amp;A overhead: $5,400/semester @ 60%


Summer:


Stipend: $9,000
Tuition: $0
Health insurance: $1,000
F&amp;A overhead: $5,400 @ 60%


Total: $60,200 per student*year. In the example above F&amp;A overhead is 60% of stipend only, with no overhead on tuition or health insurance. Tuition is 50% off because it's an overhead-bearing grant.

So your $200,000 would be 1 student over 3 years plus some leftover for PI Summer salary, travel, misc. expenses, etc.