<p>I've heard about things called fellowships like the Rhodes Scholarship, Fulbright Scholarship, and Gates Millenium Scholarship but I don't really understand what they are. Basically, if they accept you, they pay for you to go study for a Masters or PhD program somewhere, right? What's the difference between applying to these awards versus plain old applying to Masters and PhD programs? I know these awards fund your studies but aren't regular graduate degrees often funded anyway (in a lot of science fields)?</p>
<p>Most funded graduate students are either RA’s or TA’s, who work ~20 hours per week for a wage that is at best a little above the poverty line. Fellowship recipients generally receive much more money as well as a resume boost, and generally have little to no work obligation. So you complete your degree faster (since you can focus on the research) and live much more comfortably while doing so, plus get to call yourself a “… Scholar” or such.</p>
<p>Also, a fellowship gives you a lot more freedom to pick your research area. Since no one has to pay for you, almost anyone will work with you, especially since getting the fellowship already marks you as cream of the crop.</p>
<p>For comparison on the money, the same school that offered me a $30k fellowship pays TA’s ~$14k. RA’s vary considerably, but rarely anywhere near what a fellowship gives.</p>