I'm considering applying for a PhD studentship next month in Psychology. I have a high 2.1 in Psychology undergrad and I'm on track for a distinction in my Psychology research masters. The studentship is for a project advertised by my current masters research supervisor which is really similar to the dissertation I'm currently working on for my masters, so she suggested I apply for it if I'm interested as I'll already be familiar with the topic and methods.
I'm still debating whether or not to apply but need to make a decision soon as the deadline is in a month. I think I'm worried that I won't stand a chance of getting it due to not having a first at undergrad and only having limited experience outside of uni (I have completed one psychology internship in an unrelated area during undergrad, volunteered as an OCD peer support group volunteer, and have just accepted an internship offer for research role in a different department of the uni). I also have to provide 2 references which I think I may struggle with as they both need to be academic. I completed my undergrad nearly 5 years ago now so I'm not sure if my supervisor would remember me enough to write a good reference, and I know my current supervisor would write me a good one but the studentship is for her project so I doubt that would work. The only other person I can think to ask is the supervisor i had for my psychology internship, but I'll still need one more.
I only really want to do a PhD at my current uni as I have just bought a home so it would be a really good opportunity, I have just heard about how competitive it can be so I'm not sure if the issues I've mentioned above would hold me back too much. I'm also not sure how the selection process works as the project is funded by the SPCR research council but it would be working with my current supervisor, so not sure how much say she would have over the selection.
Do you think I stand a chance of getting the studentship if I apply? and is it appropriate to speak to my current supervisor about my concerns and ask for help with the research proposal etc?