Setting Up a Scholarship

Maybe you or someone you know had particular difficulty getting a college education and you feel the pressure of funding was a big part of it, or perhaps distracted you from addressing other issues involved in moving on to college. Now you are in a position to make a difference in a young person’s life- someone in a similar situation, most likely. Someone who, with a little financial aid, particularly the free kind they won’t have to repay, could become successful and maybe help others and so forth. That, or maybe you are just really kind and wealthy and have no idea who to help with all the money you’ve earned or inherited, but you think helping people learn would be a good place to invest your time and monetary resources. A scholarship seems like a great idea, but how do you set it up?

Setting up a scholarship is not terribly difficult, and there are a few general guidelines with which we can provide you, but you may need to consult an attorney, an accountant, or maybe both, for setting up the actual "foundation" that will offer the scholarship itself. Here are some tips to get you started:

  • Who?

    First, figure out who your target demographic is. Does he/she need to be a good student? Implement a GPA requirement. Are you targeting only people who declare a specific major? Must your target student be in a particular grade to qualify? Is there a particular region from which this student must come? Think it through thoroughly and make a bulleted list of all the criteria.
  • What?

    What are you offering to this student or students? Money? Free airfare and/or lodging for someone wanting to study abroad, perhaps? Figure this part out and then you can decide how many awards you or the fund you’ve established can afford to dole out each year.
  • When?

    Most scholarships tend to have a deadline no later than April and begin taking applications no earlier than January of each year. Also, you should take into consideration the importance of the efficiency of the presentation of the award once the awardees have been selected. You will need time to process all the applications and judge them and then distribute the awards. You probably don’t want to do this last any later than August, since most students will begin school in September, so give yourself ample time to properly review the applications of all those who qualify and took the time to apply.

Of course, once you have worked all of this out and established the scholarship, knowing the answers to all the most important questions like how much you are giving and who may qualify, you should go to Scholarships.com to submit your scholarship so that it can be listed and accurately filtered by our database and presented only to those who qualify

Latest College & Financial Aid News

Groundbreaking Same-Sex Marriage Ruling Impacts Higher Education

June 29, 2015

by Chris Bernardi

With a decision that will rewrite United States history, the U.S. Supreme Court ruled Friday that the Constitution guarantees a right to same-sex marriage. The Chronicle of Higher Education recently reported that for most colleges, the impact for employees and students will be minimal but uncertainty looms at Christian colleges. The SCOTUS decision could potentially affect [...]

The Perfect College: It Exists...But It's Different for Everyone

June 29, 2015

by Erica Lewis

My name is Erica Lewis and I attend the University of Nebraska-Lincoln, where I am majoring in food science and technology. I chose UNL because it was the right fit for me: It was close to home but far enough away that I didn't feel like my parents were right there! UNL also offered many great scholarship opportunities, which made it more affordable than many of the other schools that I looked [...]

Seattle University Grad Addresses Campus Safety with Smartphone App

June 26, 2015

by Chris Bernardi

As an undergraduate at Seattle University, Rob Monkman was held at gunpoint, robbed and helplessly watched as the assailants kidnapped his roommate. What seemed like his worst nightmare had become a life or death reality: The robbers threatened to kill his roommate if he called the police, leaving the fate of two young lives in unpredictable hands. Fortunately, he and his roommate came out of the [...]

Follow Us:

facebook twitter rss feed