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2nd reserve for PhD funding

Hi folks, desperate for some advice, guidance and any words of support :(

I’d been accepted to my dream PhD program months ago, but just found out that i’ve been placed as 2nd reserve on the waitlist for the full scholarship I’d needed to attend the program. The candidate who was offered the scholarship has also accepted.

What do you think the chances are of this funding working out? Should I even bother hoping or just defer my PhD altogether?

I’m in utter despair.... any advice would be super appreciated.