Thank you for your question. The answer to this question varies from individual to individual. A basic income is provided by the hawza for students in accordance to their different levels of study and whether they are married or not, but the amount at each level is very basic and most students need alternative sources of income. That could come from teaching, translating, owning businesses, working in the holidays or another private source. The burden of earning naturally takes away from the time a student has to concentrate on their studies. Many students I know have had to give up the path of further study simply for financial considerations. The field of Islamic knowledge, especially in the traditional seminary, is not the field someone should be looking to if they want to make money.
As for free time that is again dependent on the number of commitments and individual takes on. Knowledge is also something that needs to be complemented with practice and thought.
At the higher levels of study, you are afforded more free time as there are many things that need to be studied which are not officially taught. Time needs to allotted for outside reading, research, writing papers and books, speech preparation and delivery, answering queries, helping people solve their personal problems, etc. Most of that work is unpaid and a labor of love. At the same time, the freedom that is afforded to students can also be misused and some may abuse the system in order to secure more freedom without perhaps using it as it is supposed to be used.