What is the purpose of your scholarship ? Ask yourself…
Who would be applying for your scholarship?
What would it be called?
What would it be utilized for? ex: Tuition & books
Decide how much money the scholarship will include
- Scholarship amounts do not always have to be excessive, for students every bit counts. They can range anywhere from lower than S500 to over S50,000
Decide how the scholarship would be awarded
- Is it a one-time award or an amount that the winner would receive over a period of time?
Is this an annual scholarship or just a one time award?
Keep in mind that you will need at least an additional 6-8 weeks to review the applications and choose a winner.
What is the deadline for students to apply?
- You should think about how much time you will need to promote your scholarship and allow students to submit the application.
When will the winner be announced?
- If you want the student to recieve their scholarship at the same time they’d recieve their college acceptance letters in the spring, you should start planning a year in advance.
Create a criteria / scoring sheet on how you will select a winner.
- After getting many submissions it’s goingto be hard to keep track of all the applicants and your thoughts on their applications. The scoring sheet is to help you fairly assess the applications and will assist you select a winner.
Scholarships can be awarded based on merit (grades), need (income), athletic ability, skills, creative content… Keep the application simple to encourage a wide pool of applicants.
- Would they need to write an essay?
- Should they include their GPA?
- Do they have to be within a certain age or region?
How will students apply for the scholarship?
- Is the application going to be online or on paper?
- Would it have its own website or just be received through an email?
You will also need to check with state, federal, and IRS guidelines to ensure your program adheres to all legal requirements governing scholarship programs.
How much money would you need for your scholarship to happen?
Will there be marketing expenses?
- How will people know about your scholarship?
Contemplate where the money could come from
- Will you fund the scholarship or will you start a fund within your community and ask your peers to help donate to make your scholarship a reality? You can utilize websites such as gofundme to do this, or rely on word of mouth and tap into your existing network
Think about how you will attract applicants
- Speak to counselors and principals throughout schools in your area to inform their students about your scholarship.
- Also speak to churches and or Boys and Girls clubs within your region
Select a winner
Announce the winner
Distribute the scholarship to the winner