The issue here is that your PhD might not be a requirement of the position you're applying for (though some schools offering applied sciences diplomas will benefit from them more than a technology school). What the school might need as a baseline is a Master degree, and industry experience is of more importance even then. Hence, the suggested pay of $5K might be a reflection of what the school feels is directly relevant and fair compensation (4 years), relative to what it's offering other persons of equivalent industry experience.