Higher education is costly, and although there are state and federal grants, students often find that the funding is not enough. This is where scholarships can fill in the gap, including nonprofit 501(c)(3) scholarship programs.
Scholarships are defined as a grant or payment made to support a student’s education, awarded on the basis of academic or other achievements. For most students seeking scholarships, they will look to state and federal grants first, and when that is not enough, they look to you, the nonprofit organization.
As a 501(c)(3) nonprofit organization, you can create a scholarship program to assist students in meeting their financial obligations for their education. If you are wondering how to do this, don’t worry. Below, we have outlined the key areas that the organization should focus on when building a scholarship program.
Building a Nonprofit Scholarship Program
- 1. Have a clearly defined mission and objective for the scholarship program that aligns with the organization’s mission.
- 2. Create and outline eligibility criteria that present requirements that must be met by the applicant.
- 3. Have an application process that is comprehensive yet straightforward. Be sure to include important dates and deadlines.
- 4. Create a budget and secure funding.
- 5. Market the scholarship program to your target audience.
- 6. Create a procedure for the selection process. This should include an evaluation of how the finalist is chosen.
- 7. Have a procedure for disbursing the award to the recipients. Will the funding go directly to the student or the school they will attend?
- 8. Consider if the scholarship program will offer supportive services such as mentoring. If so, how will it be implemented?
- 9. Like any other program, the scholarship program should also have an evaluation process. This can include feedback from the students and check-in points along their school journey.
- 10. While giving scholarships to students to ensure their higher education is rewarding, we cannot forget to ensure the program and organization are staying compliant with the laws and regulations of their state.
Creating a scholarship program for the nonprofit is a rewarding way to impact the community you serve. Use the above tips as your starting point for knowing what should be included for a successful program.
As consultants, BryteBridge Nonprofit Solutions is here to help you navigate this journey and unlock your nonprofit’s full potential. For more information, join BryteBridge Connect Membership for Live Bootcamps, Webinars, and classes. Speak to a BryteBridge Consultant today by calling 877-857-9002.
