This turned out to be a little longer than I thought it would be, but hopefully you find this at least a little helpful
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I applied during my senior year and got interviews at 5 programs; I was accepted at 4 of those 5 (although not all of them were fully funded). I am attending a fully funded program starting this August. I think only 2 of us in my cohort are straight out of undergrad.
I was also completing a senior thesis during that time, not to mention working 20+ hours/week. It definitely wasn't easy, but I don't think it was that bad either. IMO, the key is to start getting everything together in the summer (including having your GREs out of the way). Before the semester started, I already had the packets ready for all of my letter of recommendation writers and I had already written my SOP. I was also able to fill out parts of the applications during the first week in September, before things got too hectic. Filling out the applications did take up a lot of time, but having everything ready to go really made everything go smoothly. I should also mention that I only applied to 9 schools--I am sure it would be a lot more work had I applied to 15.
One thing to note about LOR writers: don't trust them with deadlines! It's simply not worth your future, regardless of how responsible you think they are. They have busy lives, and it only takes one letter writer forgetting to submit their letter to screw up your applications. I gave everyone their packets by the second week of school (roughly September 14) and told them my deadline was November 1st (even though none of my letters were due at that time). I was lucky that all of my LOR writers got the letters in on time (i.e., by November 1st), but I made sure that I had a month "grace period" for myself in case one of them had something come up and couldn't get it in on time.
As for what to expect at interviews...at least in my experience, I don't think it was any different than it was for other applicants. I was never asked anything about applying straight out of undergrad and no one ever said anything to me about not being ready or "do you think you would benefit from taking a year off." I was asked pretty standard interview questions.
I think the main thing to worry about is not coming off as a silly, immature undergrad. Faculty want to make sure that you are emotionally and intellectually mature enough to take on graduate-level work and responsibilities; therefore, talking about all the partying you did at your big-10 undergrad school is grossly inappropriate (even if it's just around the grad students). I was next to someone while they were discussing their frequent nights out at the clubs (when a professor was standing right next to us
😱), and I can't even describe the professor's facial expression when they heard that. Needless to say, that person was not accepted. Just focus on being yourself and conveying your passion for research, and you will be fine (again, as long as you don't do or say anything really inappropriate).
My one other suggestion is to make sure you have really well-defined research interests and you are able to talk about them eloquently. In one of my group interviews, they asked each of us to talk about what we're interested in. The person next to me said "well, I think depression is really interesting...um...especially treatment for depression...and uh...also..um... yeah." I think that person might have just been super nervous (she has actually spoken to me about her research interests at the dinner we had the night before, and they're a lot more specific and thought-out than how it came off at the interview). So my advice to you: practice your answers ahead of time! Before I went on interviews, I made a list of questions I might be asked and literally wrote out my answers for each one. I also practiced saying them out loud, just to hear what it sounds like (you'd be amazed at how something could sound so incredibly great when it's written but so incredibly awkward when you actually have to say it).
Anyway, because you are competing against applicants who have taken time off, they might have more research experience than you or have had more time to think about what they want to research. So you want to make sure you are able to say "I am interested in the effects of x on y, and I think this [insert study idea] would be a really cool way to study that." I'm not saying you necessarily have to have a thesis idea all mapped out--just something that would be nice to have. I've actually been asked "if you have unlimited funding and resources, what study would you do for your thesis?" That question really caught me off guard, but I was lucky that I already had an idea in mind that was related to the professor's current research. Just something to think about
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I will also mention that I graduated early (December of my senior year), so when I went on interviews I was already out of school. It would have been really difficult to miss classes and research hours while at interviews, and I can't really weigh into the difficulty of doing that (other than telling you that I've heard from others that it's pretty stressful).
For the sake of not making this into an essay, I won't continue to bore you with my oh so great words of wisdom

But if you have any other questions, feel free to PM me or add questions to this thread. Good luck!
