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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

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