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.
How is stipend or fellowship income treated for tax purposes? Both are usually tax-exempt, as long as you use the money for tuition, fees, books, supplies and equipment required for enrollment and in the pursuit of a degree.