I am brand new here and I know this will probably be a daft question but where does all the money go?
I have wanted to do this research (neural ageing) since my MSc and found a supervisor immediately, fortunately, who likes my project and is very keen. I start officially in Sep but in the meantime, he is helping me find funding with my proposal. I will be doing a big study involving 100 participants, computer based testing, physiological testing and fMRI testing. These, fortunately will be free from the Uni. So, I would like to know which things would I be expecting the money to be spent on and how much is realistic? I am really thrilled to find this group.
Money tends to fall into three categories - your fees, your research budget/costs and your stipend (living allowance). A "funded" student will receive all three of these. That is, your fees would be paid, you would receive a stipend of typically £12-15k (depending on where you are) and some sort of research budget would be allocated.
Research budgets are often frightfully small (depending on who is funding you) so it is quite common for students to go and find additional funding from charitable organisations, private organisations etc. Technically, you should not use your stipend for your research although some do. Hope this helps a bit.
Thank you, that does help as I wasn't sure what they expect you to use the funding for and thought I would have to find fee money outside of the amount. I live at home with my husband who works so living expenses are covered but I am looking for fee money and any research costs. Would I be expected to budget for paying my participants or can I keep it voluntary paying for transport costs only. At the moment, my supervisor is looking at a fund award for £7300 one-off just to get me going and I am going to apply for a scholarship, which will be a miracle to get (only 2 available).
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