Best Practices for Groups Offering Scholarships and College Money
http://www.educationbuzz.net/articles/9911/1/Best-Practices-for-Groups-Offering-Scholarships-and-College-Money/Page1.html
Christine Harrell
Author is a freelance copywriter. For more information on Private
Schools, visit http://www.Petersons.com By Christine Harrell
Published on 01/4/2012
Before advertising the grant, the monetary amount and how it will be funded should be determined. How many winners and how often they receive the money for college is another consideration. The scholarships or grants may be for a contribution of a set amount, such as $50, $500 or $1,000, or it may cover a full semester or year of tuition.
Many church groups and local clubs like the idea of helping today's young people go to college, but do not know how. One option is to offer a scholarship or grant. While the term scholarship is typically reserved for schools, some clubs offer sums of money presented as scholarships or grants to the children or grandchildren in their midst. Choosing the parameters for the grant is usually decided on by the club or association. These are some of the guidelines and best practices that groups should consider when offering financial awards to college students.
Amount and Number
Before advertising the grant, the monetary amount and how it will be funded should be determined. How many winners and how often they receive the money for college is another consideration. The scholarships or grants may be for a contribution of a set amount, such as $50, $500 or $1,000, or it may cover a full semester or year of tuition.
Scholarship Committee
Those responsible for choosing a beneficiary should be determined before the award is announced and applications are accepted. It should be determined whether friends and relatives of committee members are eligible for help in paying for college.
Requirements
Most organizations gear the money for college toward a young person who is involved with their group or related to a member. For example, a social group, such as a women's club or knitting guild, may limit the applicants to those related to members. An equestrian club, on the other hand, may limit the applicant pool to those who ride horses within their group or may open it up to all young riders in general. Proof of membership and a minimum amount of time or frequency for attendance may be one of the requirements. Number of years in school, grade point average, application forms and essays may be others. Some groups choose based on financial need, while others choose based on merit.
Deadlines
Set an application deadline both for the applicants and the organization's committee to choose a winner. Be sure it leaves time to secure the funding and transfer it to the school. It should also leave ample time for non-winners to seek other means of paying for school.
Announcements
The club or organization should make an official announcement of the grant or scholarship award. This not only creates positive publicity for the club, but bestows a certain amount of honor upon the student and makes their parents proud, too. It also lets up-and-coming high school students know about the future availability for college money.
Financial Awards
Be sure that the money is absolutely available before offering the financial award. It should be held in a designated account or transferred into escrow to protect the funding until it is awarded. Any restrictions on the college money's use should be clarified before applications are accepted and again when the winner is announced. The procedure for the student receiving proper credit in the bursar's office should be confirmed by the club prior to transferring the money to the school on the student's behalf.
Amount and Number
Before advertising the grant, the monetary amount and how it will be funded should be determined. How many winners and how often they receive the money for college is another consideration. The scholarships or grants may be for a contribution of a set amount, such as $50, $500 or $1,000, or it may cover a full semester or year of tuition.
Scholarship Committee
Those responsible for choosing a beneficiary should be determined before the award is announced and applications are accepted. It should be determined whether friends and relatives of committee members are eligible for help in paying for college.
Requirements
Most organizations gear the money for college toward a young person who is involved with their group or related to a member. For example, a social group, such as a women's club or knitting guild, may limit the applicants to those related to members. An equestrian club, on the other hand, may limit the applicant pool to those who ride horses within their group or may open it up to all young riders in general. Proof of membership and a minimum amount of time or frequency for attendance may be one of the requirements. Number of years in school, grade point average, application forms and essays may be others. Some groups choose based on financial need, while others choose based on merit.
Deadlines
Set an application deadline both for the applicants and the organization's committee to choose a winner. Be sure it leaves time to secure the funding and transfer it to the school. It should also leave ample time for non-winners to seek other means of paying for school.
Announcements
The club or organization should make an official announcement of the grant or scholarship award. This not only creates positive publicity for the club, but bestows a certain amount of honor upon the student and makes their parents proud, too. It also lets up-and-coming high school students know about the future availability for college money.
Financial Awards
Be sure that the money is absolutely available before offering the financial award. It should be held in a designated account or transferred into escrow to protect the funding until it is awarded. Any restrictions on the college money's use should be clarified before applications are accepted and again when the winner is announced. The procedure for the student receiving proper credit in the bursar's office should be confirmed by the club prior to transferring the money to the school on the student's behalf.