It's not that big a deal. Actually, your proposal will probably get better as you go through each round of applications. Rhodes and Marshall (if you're applying to those) are early so if you don't get those, you can tweak your application once you have a better (or more concrete) idea of what you want to do. My application changed dramatically from the beginning. I started out applying to physics programs and then switched to religion programs. Weird switch but once you start everything you probably want to make little tweaks along the way to find out what works in an application and what doesn't.
It's also a good prep for grad school apps which are basically the same thing except you have to send them writing samples too.
I should qualify my "it's not that big a deal" with "it's not that big a deal in retrospect" If you put all your hope in one of the earlier applications, it becomes a little more daunting but I just wanted funding of any sort to do something that vaguely interests me. :)
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It's also a good prep for grad school apps which are basically the same thing except you have to send them writing samples too.
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