The Financial Implications of an Internship
Ideally, all internships would be paid. Realistically, most organizations simply do not offer many, if any, paid internship positions. For this reason, we have put together the following guide to help you strategize and plan for supporting yourself financially during DPMI Plus, IPSS, and FMS.
IPSS in particular adds, for the traditional spring (May) graduating student, an additional two-three months of living expenses to your cost of attendance since the student graduates in August instead of May.
Creativity and early planning are essential to procuring any additional funding for off-campus professional development. While the Monterey Institute currently does not offer official funding for IPSS Fellows, there are many external opportunities that can be taken advantage of as long as you give yourself enough time to go through application process; a venture that can take considerable time and effort, but can be very worth it in the end.
The IPSS Funding Guide
The following information intends to provide a wide range of information regarding securing funding for IPSS. In some cases, there will be links to existing search engines that locate scholarship, grant, or fellowship opportunities according to specific parameters (area of study, family history, personal story, etc.). In other cases, we have included opportunities that are consistently available, and re-occur on an annual basis.
In general, internal funding options are similar, if not identical to those that you would pursue for regular, yearly funding. Your best sources of information include the Financial Aid Office, Student Services Immersive Learning Fund, and private bank loan programs.
In addition to internal funding, there are opportunities for external funding in the form of fellowships, scholarships, and grants. While many of these options are highly competitive, IPSS placements tend to make students stand out in applications due to the types of internships encouraged by the program, as well as the research and deliverables that students must provide to satisfy their graduation requirements.