1 Consider starting a psychology club at your school. 2  Look for volunteer opportunities in your community. 3  Start looking at universities during your junior year.  Get to know your teachers so that they will be able to offer good letters of recommendation.
A stipend is a fixed, regular payment, usually meant to pay for something specific. It's kind of like an allowance, but for grownups â a college scholarship might include a stipend each semester for books, for example.
Stipends used to pay for personal expenses such as travel and housing would be taxable income, however. The institution paying the stipend may withhold taxes from the stipend payments, but in some cases the IRS exempts students and scholars from Social Security and Medicare taxes.