Generosity Through Scholarships

It’s scholarship season.

More specifically it’s scholarship hunting season, as high school seniors seek scholarships to attend their chosen college or university this fall. Statistics show that more than 60% of college students rely on scholarships, and about 15% of those receive private scholarships. Some calculations state that 1.8 million private scholarships are awarded annually in the U.S.

Establishing a scholarship is a great way to extend generosity and pay it forward.

Some wish to honor a loved one who appreciated education or help a student pursue their same major. Others simply want to lessen the financial burden and reduce the need for student loans. Whatever the reason, it is one of the more generous gestures: giving someone you may only know on paper the opportunity to pursue their dreams and desires.

Setting up a scholarship takes some thought; and the more effort you put into considering the details, the more successful your scholarship will be. Keep the following in mind:

1. Consider the type of student to help. Yes, focus on programs, academic qualifications, whether it should be need- or merit-based, a student from your home high school or church, or even more general categories than those; but do not be so restrictive that you drastically narrow applicants and limit those who qualify. You want your scholarship to be awarded, rather than dormant (if none apply). Generosity is only such when it’s active.
2. Consider how you will fund it—annually, build toward endowment or both—but give more thought to the amount. With the cost of education—whether trade school, two- or four-year college—you want to provide an amount that truly makes a difference and motivates the student to apply, do well and keep themselves eligible, if it is renewable. Once you choose the amount, consider how you will sustain it or for how long.
3. Consider the application and selection process and how rigorous you wish both to be. Again, the amount of the scholarship may drive intensity. A prestigious, generous scholarship can justify a rigorous process, but some students will weigh the amount of time and effort against the return. A personalized process allows for more interaction and acquaintance with the student. Ask others to join in the selection process, to objectively narrow applicants; and allow yourself to make the final selection from their chosen pool.
4. Consider with whom to set up the scholarship. A community foundation is poised to help. You will find it more rewarding to outline all the details and allow them or another entity to follow through on implementation. They can oversee the application and selection process, involve you where you wish, and then follow through on the award, payment and requirements.

You can decide how connected you wish to be with your recipient. Seeing your generosity in action is incredibly rewarding, sometimes even creating a friendship for the rest of your life.

If you are contemplating the establishment of a new scholarship, Greene Giving can guide you through the process. Contact us at greenegiving.org or 937-458-2064.