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
- College Scholarships and Grants
- Find Scholarships, Other Financial Aid at Scholarships.com
- Five Tips For Writing Winning Essays
- National Scholarship Month
- Protect Yourself From Scholarship Scams
- Scholarship Awards
- Scholarship F.A.Q.
- Scholarship Money
- Scholarship Myths
- Scholarship Opportunities
- Scholarship Scams
- Scholarship Websites: Search Free or Don't Search
- Scholarship Winners' Secrets to Success
- Search for Available Scholarships
- Setting Up a Scholarship
- The Scholarship Advantage
- The Scholarship and American Society
- The Scholarship Application
- Win a Scholarship - We Want You To!
- Featured Scholarships
- LGBTQ Scholarships
- Scholarship Application Strategies
- Scholarship Directory
- Scholarship Information
- Scholarships by Grade Level
- Scholarships by Major
- Scholarships by State
- Scholarships by Type
- Scholarships Trending Now
- Scholarships.com Scholarships
- Sports Scholarships
- Success Stories
Latest College & Financial Aid News
August 30, 2016
by Susan DutcaFaculty at CUNY were relatively concerned when they noticed a $500,000 donation account only had $76 left in it. It was especially suspicious after City College President Lisa Coico previously used $150,000 towards personal expenses. The account - the Martin and Toni Sosnoff Fund for the Arts - is intended to support the humanities and arts department at the City University of New York. The [...]
August 25, 2016
by Susan DutcaSummer may be winding down, but scholarship season is strong. Students are preparing to head back to school, and what better way to prepare yourself financially than landing free money towards your college education? As you spend the next few weeks enjoying what’s left of the summer sun, take a quick moment to apply for these great scholarship opportunities with end of summer deadlines: [...]
August 23, 2016
by Susan DutcaToday, going to college could cost as much as buying a new BMW every year, according to the Wall Street Journal. With ever-increasing college costs ranging between $120,000 and $200,000 (depending on the school), some politicians' higher education reforms are simply a "massive bailout wrapped in the promise of free tuition and relief from student loans." College unaffordability has forced [...]