How to Start a Scholarship Fund: 3 Steps to Get Started
Don’t know how to start a scholarship fund? It’s easier than you think. This article will guide you through the process of how to start a scholarship fund and how it can help your community. The first step is to decide how much money you want to raise, how many scholarships you want to create, and what type of scholarships they will be (i.e., academic, athletic).
What is a scholarship fund?
Scholarships are special grants that help people attain an education. They can be private or public scholarships. If you know the name of the person who is in need of assistance with a scholarship, it is possible to create a scholarship fund. The scholarships created by a scholarship fund differ from traditional scholarship funds. Typically, scholarships are focused on a specific topic or subject area.
For example, a literary scholarship or a financial aid scholarship. More than 90 percent of colleges and universities have financial aid divisions. They assist students who need help paying for school expenses. Most colleges and universities have grant-giving programs, including scholarships.
How to start a scholarship fund
If you’re still looking for more help, you can consider any of the scholarship companies such as: Scholarships.com Scholarships America CollegeBoundScholarshipPanaceaScholarshipEaseBefore You Start a Scholarship Fund: 3 Questions to Ask Yourself Are you on track to meet your fundraising goals for the scholarship fund? Can you estimate the number of students you could fund with your scholarship? Are you spending the resources you have responsibly? If you answered “no” to these questions, you may want to try a few other options that you haven’t thought of yet.
Benefits of starting a scholarship fund
The first step is to decide how much money you want to raise, how many scholarships you want to create, and what type of scholarships they will be (i.e., academic, athletic). Once these decisions have been made, find sponsors for your scholarship fund by pitching them on all that it entails: the amount of money raised from the fund each year; how many people receive scholarships annually; who benefits from the scholarships; what the funds will be used for; and the impact on the community.
“Being a scholarship donor is a powerful way to give back to your community. After learning about this way of giving back, you will be inspired to not only support scholarships for your own children, but to find other ways you can give back to your community, and you will discover that you are not alone.
For more than a decade, the Boys & Girls Clubs of Chicago has awarded more than $12.5 million in scholarships to nearly 1,800 young people. This single community program, run by the Boys & Girls Clubs, directly benefits more than 7,600 young people and countless families every year. Not only do these scholarships serve as stepping stones for young people as they progress into higher education, they also provide financial stability and support for the families they come from. The BGC scholarships not only provide financial aid to young people who attend non-profit or public school after graduating from the BGC, they also fund the only summer enrichment program in the majority of the community-serving communities where the BGC serves.