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.
Qualified purchases with nontaxable stipends include tuition, books, equipment and supplies, according to Washington University in Saint Louis. Stipend money used for educational pursuits that benefit the grantor are taxable, reports H&R Block, as is money received for performance of current or future services. When the stipend is a payment for services, the person making payment should provide the recipient with a Form W-2 by Jan. 31.