What Potential Donors Should Know About Creating Their Own Scholarships

Steps Organizations and Companies Can Take to Start a Scholarship

There are many reasons third-party donors may wish to establish their own scholarship programs. More often than not, these organizations or companies hope to give back to their communities in a meaningful way. As tuition costs continue to skyrocket and the value of a higher education continues to be questioned, scholarship donors often hope to enable and encourage students to continue their academic pursuits.

Additionally, some donors may hope to get acquainted with applicants for a number of reasons. Some companies may use scholarships as a way to market themselves when college students are one of their primary audiences, since these programs can be a good way of introducing their brand and services. In some cases, scholarship donors may even offer internships or employment to scholarship winners.

Ultimately, students who receive scholarships are not the only ones who benefit from these programs. Donors can potentially benefit from awareness, lifelong connections, and the knowledge that they were able to help a student pursue their dreams.

What Donors Should Consider When Creating a Scholarship

While donors should take their scholarship programs seriously, since they will have a commitment to support the students whom they choose to recognize, they have a great deal of flexibility when determining what types of scholarships to create and how these programs are built.

Scholarships should be managed ethically. Applicants should feel comfortable applying for the scholarship, meaning they should not be asked for unnecessary personal information such as Social Security numbers. Applicants should not have to pay to apply for a scholarship or be required to purchase any products upon applying or winning. Students should be able to trust that their information is safe, that they have a fair chance of winning, and that the winner will be selected and awarded in a timely manner. It is also important for donors to provide a point of contact for all prospective applicants and answer any questions or concerns that applicants may have.

When establishing a scholarship, a donor should consider the types of students they wish to award (eligibility criteria), what materials they want the student to submit (application requirements), and how applications will be managed.

To learn more about establishing a scholarship, visit OVC Scholarship Network.