Setting-Up a Scholarship 101


September 5, 2007
by Scholarships.com Staff
Many students are in desperate need of financial aid, and setting up a scholarship
    is a wonderful way to help them. According to the National Center for Education
    Statistics, the average cost of a college education in 2006-2007 was $10,454 at
    public colleges and $26,889 at private ones. With Pell Grants capping at $4,310 this year, government money hardly cuts it.
    Here are a few things providers should think about when creating a scholarship.

Many students are in desperate need of financial aid, and setting up a scholarship is a wonderful way to help them. According to the National Center for Education Statistics, the average cost of a college education in 2006-2007 was $10,454 at public colleges and $26,889 at private ones. With Pell Grants capping at $4,310 this year, government money hardly cuts it. Here are a few things providers should think about when creating a scholarship.

One-Time Scholarship or Endowment?

An easy way to create a one-time or annual scholarship is to submit award information to a local scholarship foundation. It should be noted that annual scholarships (endowments) may require the provider to come up with more than $20,000. Ongoing scholarships are similar to bank accounts in that interest accrues on the initial deposit. The earned money then becomes an award. If winners are to receive a significant amount of money, a large initial donation may be required.

IRS watch

As long as scholarships are used for college expenses, they are usually tax-exempt. However, there are some IRS regulations, and they are particularly strict when it comes to corporate scholarship providers.

Who is eligible?

Scholarships are a great source of support to students who face difficult circumstances or enter underrepresented fields. Regardless of targeted recipients, providers should be clear on who they are looking for. There is no point in reading applications from students who won’t be considered. Criteria such as GPA, field of study, year in school etc. should be specific, but lax enough to give students a shot.

Advertising

With the help of Scholarships.com, advertising can be a cinch. Once a provider submits scholarship information, it will be made available to students who visit our site. To prevent providers from being inundated with applications from ineligible students, Scholarships.com will only show the scholarship to students who meet its eligibility criteria.

Getting more college financial aid doesn’t have to be a relentless search. Scholarships.com is totally free. Connect with our massive database of millions of college scholarships at any time by searching for awards in a variety of ways. Scholarships.com offers the quickest and easiest way to search for, apply to, and win college scholarships. Start making your college education affordable or perhaps even free, by conducting a free college scholarship search at Scholarships.com.

Posted Under : Federal Aid , Scholarships , Tips

Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



If you can read this, don't touch the following fields


 

    Enjoy a seasonal treat this season with fall scholarships from Scholarships.com to help pay your college tuition bill. Harvest some of the largest dollar scholarships, most prestigious scholarships, and brand name scholarships out there with our list of October scholarships. These autumn scholarships are so good you'll scream! So hurry and apply for these scholarships due in October and don't let them fall by the wayside. For a complete list of scholarships due in October, click here.

Harvest Fall Scholarships for College

September 7, 2017 3:42 PM
by Susan Dutca
Enjoy a seasonal treat this season with fall scholarships from Scholarships.com to help pay your college tuition bill. Harvest some of the largest dollar scholarships, most prestigious
If you're pursuing or thinking of pursuing a career in coding, you may be one of the 75,000 aspiring developers to land an Android Scholarship or Web Development Schoalrship, sponsored by Google and Udacity. Google and Udacity have been partnered over the past two years and doled 1,000 and 10,000 scholarships for coders in 2015 and 2016, respectively.

Google, Udacity Offer 75,000 Scholarships for Coders

September 5, 2017 1:14 PM
by Susan Dutca
If you're pursuing or thinking of pursuing a career in coding, you may be one of the 75,000 aspiring developers to land an Android Scholarship or Web Development Schoalrship, sponsored by Google and
San Diego State University plans to offer a course titled Black Lives Matter: A Focus on Black Boys and Men in Education, which will be open to the public for enrollment this coming October. The course, which will cover topics of how black men are undervalued in the classroom, is under fire for featuring “speakers whose members have been accused of inciting violence.

Black Lives Matter College Course Faces Criticism

August 30, 2017 8:32 AM
by Susan Dutca
San Diego State University plans to offer a course titled "Black Lives Matter: A Focus on Black Boys and Men in Education," which will be open to the public for enrollment this coming October. The
More and more colleges are introducing free college scholarship programs, with more than 20 states currently on board. The latest states to join the free community-college program initiative are Arkansas, Indiana, Montana and Rhode Island. Some critics claim that, while the idea sounds great, free college may not actually help those who need it most.

Free College Introduced in 4 More States

August 23, 2017 9:15 AM
by Susan Dutca
More and more colleges are introducing free college scholarship programs, with more than 20 states currently on board. The latest states to join the free community-college program initiative are
The looming 1.4 billion student debt haunts not only college students and graduates, but blue-collar students as well. Dozens of truck drivers recount the industry's hopeful advertisement and how they are left in debt with thousands of dollars in training fees and poor job prospects.

Blue-Collar Students Trucking Through Student Debt

August 15, 2017 2:24 PM
by Susan Dutca
The looming 1.4 billion student debt haunts not only college students and graduates, but blue-collar students as well. Dozens of truck drivers recount the industry's hopeful advertisement and how

    Just because you're already in college - even halfway through or in your final year - doesn't mean you couldn't use more financial aid to help pay your college tuition bill. Scholarships for college students are everywhere, including undergraduate scholarships and scholarships for grad students. In fact, many of the prestigious scholarships and large dollar scholarships out there are offered to college students. We understand college students' hectic schedules and having to balance academics, athletics, and extracurricular, so we've put together a wholesome list of scholarships for college students to make things easier for you. Don't forget to check out even more scholarships for undergraduate students and graduate scholarships by conducting a college scholarship search:

Find Scholarships for College Students

August 9, 2017 2:17 PM
by Scholarships.com Staff
Just because you're already in college - even halfway through or in your final year - doesn't mean you couldn't use more financial aid to help pay your college tuition bill. Scholarships for
$7.3 million will be spent to create or expand free college education programs in New York prisons. Among the seven colleges who will offer the College-in-Prison Reentry Program at 17 state correctional facilities over the next five years is Cornell University.

NY to Spend $7.3M on College-in-Prison Program

August 8, 2017 9:56 AM
by Susan Dutca
$7.3 million will be spent to create or expand free college education programs in New York prisons. Among the seven colleges who will offer the College-in-Prison Reentry Program at 17 state

    School is starting again soon. For some, that may bring a sense of dread - back to early morning alarms, late night homework, and for others, having to start college applications or finding ways to pay upcoming tuition bills. If searching for and applying to scholarships wasn't on your summer bucket list and you're now scrambling to find last-minute college scholarships, don't worry. We took it upon ourselves to create a Back to School Scholarship list. Whether you're a high school student, incoming college freshman or returning college student, get financially ready for a new school year with these back to school scholarships:

Back to School Scholarships 2017

August 3, 2017 3:51 PM
by Susan Dutca
School is starting again soon. For some, that may bring a sense of dread - back to early morning alarms, late night homework, and for others, having to start college applications or finding