There are many reasons to start a scholarship. A common one is to help make college education accessible and affordable for everyone. Establishing a scholarship is also an excellent way to support your professional industry, field of study, or alma mater or to honor the memory of a loved one. Whatever the reason for establishing a scholarship, once you have made the decision, there are five important things to consider.
- How will you fund your scholarship?
THCF accepts a wide variety of complex assets, from IRAs to farmland; we can help you wade through your options so you can easily establish your scholarship fund. Scholarship funds at THCF should be valued at a minimum of $25,000 and be permanently endowed.
- What is the purpose of your scholarship?
You will want to consider if there is a specific field or level of study you would prefer. You can be as broad or specific as you like, understanding that the more general the requirements, the more students will be eligible to apply for your scholarship. You can also choose if your scholarship will be renewable.
- What will be the eligibility criteria for your scholarship?
You can choose from several eligibility criteria, from class rank and leadership potential to financial need and extra-curricular activities. You determine what type of student is eligible for your scholarship.
- How do you want to manage the selection process?
You can be as involved as you want in the student selection process. Some fundholders allow the THCF Scholarship Committee to review the applications and select their scholarship recipients. In contrast, others establish their own review committees (including a THCF team member) and are engaged in the entire process. How you manage this aspect of your fund is entirely up to you.
- What will you name your new scholarship fund?
This is the best part of the whole set-up process—naming the scholarship. Because scholarships are endowed, your chosen name will live on perpetually. With your newly named scholarship fund set up, you can start using it to make a positive impact on students for years and years to come.
If you have additional questions about any aspect of setting up a scholarship fund, Rachael Watkins, Director of Scholarships, would be happy to speak with you. You can reach her at email@example.com.