Fortunately, for many students, not all of that money must be paid from their own bank accounts. Instead of scraping their own pockets for a few extra thousand dollars, a large number of scholarships are available that can help ease the financial burden. The first step is for donors to provide information regarding who would receive the scholarship.
Donors can choose between two types of scholarships.
The first, a named scholarship, allows the donor to name the scholarship, determine renewal policies and choose the award criteria, which may depend upon enrollment status, academic major or program, academic record or financial need. Although donors have some say in establishing an award, they are not able to pick which student will receive the scholarship. The school invests 6 percent of the figure in a scholarship, such as the Presidential scholarship. The rest of the money collects a minimum of 6 percent interest, which returns to the account for later use. Between 30 and 50 endowment funds have been established, Koeman said.