Scholarships are financial awards that can be used to pay tuition fees, books, room and board expenses, other educational materials, living expenses, research fees, lab fees, etc. Scholarship funds in honor of someone refer to the event that marked the presence of loved ones. When someone passes away, their children or family members want to honor their memory in some definite way including providing scholarships. Everybody thought that the scholarships were awarded by the government, universities, corporations, and any other fundraising company. On the other hand, scholarships are awarded to anyone who wants to start for the welfare of society. You have to follow some rules and criteria for setting up a scholarship fund in honor of someone and we will discuss all the steps here. Also, you will learn how much money is needed to start a scholarship fund and other important factors.
What is the Scholarship Fund in Honor of Someone?
It is a memorial scholarship fund that is designed and awarded in honor and the legacy of someone who has passed away. Flowers, cards, and gifts are one type of gesture and consequently, the collection of funds to award a scholarship in the name of the individual who is no longer living. There is no restriction on who can set up the fund and in which individuals’ memory the scholarship fund will be honored. The scholarships in honor of someone are tax deductible and help students in paying their educational expenses.
How to Start a Scholarship Fund in Honor of Someone?
When you decide to start a scholarship fund in honor of someone, you have to consider several things but with this, you can keep your loved one’s memory alive. It is one of the healing ways to help the community and to help someone who is in need. Many students face financial issues in getting higher education. The steps that you have to follow are mentioned below.
- The Goal of Scholarship: Before setting up the scholarship fund, consider and evaluate the goal of the scholarship, and who you want to honor with the scholarship. Once you decide your purpose or goal, you can easily find the parameters of the scholarship including budget, type of recipients, and the time limit of the scholarship.
You can decide the name of the scholarship as per the habits, qualities, and personality of the individual who is no more. It is the most rewarding way to keep their memory alive. You can decide the eligibility criteria for the scholarship based on the legacy of your loved one. The requirement of skills, the subject that is preferred for scholarship, the benchmark of the grades, etc.
- The Timeline Determination: The timeline is one of the important factors when you start a scholarship fund for how many years you would run the scholarship. This scholarship is awarded as a one-time award or continuous for four years of graduation study. Students apply for the scholarships based on the timeline because according to the timeline, they decide on their higher studies journey.
- Determine the Requirements: To define the eligibility criteria of the scholarship, set the requirements, students have to meet to qualify. It includes the common set of average GPA, unique skills, leadership qualities, community involvement, submission of essays, supporting documents, etc.
- Selection Process: For the effective selection of the candidates, create a committee or team of experts who have experience in application evaluation. The members of the committee should be bound by the norms and must follow the formal procedure for selecting the best candidates. Take enough time to review the applications and then make your decision. Don’t make your decisions under the influence of any family member. Give an equal chance to all the applications.
- Create and Promote the Scholarship: You can use bold.org to create the scholarship. Once you create a scholarship after answering a few basic questions, discuss your overall idea of the memorial scholarship with the team of bold.org. If they are satisfied with your plan, then they will prepare an official scholarship for you. After this, you can get applications once you provide funding for the scholarship.
- Award Scholarship: Once you reach the deadline for the scholarship, start reviewing the applications to select the right candidate. The selection committee will help you with the right candidate. Now, this is the time when you provide the scholarship in honor of the loved one to the candidate who values your loved one’s memory.
Therefore, these are the steps that you have to follow to start a scholarship fund in honor of someone.
How much Money is Required to Start a Scholarship Fund?
To start any scholarship fund, you do not require any big amount because you can start it as little as $500. You only have to fulfill the requirements for the creation of a scholarship. If you are using any organization to create a scholarship, then you have to follow their norms and if you are using any website like bold.org, then you have to follow the criteria of that website. If the amount is small, then the scholarship is set up as a one-time scholarship.
To ensure the legacy of the person you lost, offering a scholarship fund in honor of someone is the most helpful way. You can start a scholarship fund by following some steps including the determination of the goal, the selection process, the determination of requirements, the creation of a scholarship, and then awarded a scholarship. Rewarding funds to deserving students is one of the best ways to provide financial help to needy students. To start a scholarship fund, you do not require a large amount as you can start it with $500 as well. There are a lot of ways available through which you can create a scholarship in honor of someone including bold.org. This is one of the easiest ways to set up the scholarship because it requires minimal time and effort.