Want to benefit your business? Create a scholarship program. It costs less to fund.
Students and undergraduates receive between $2,000 and $5,000 in scholarship funding—an average recipient receives around $4,202 in scholarship funds.
Your business is not limited by how much it can fund a scholarship program. Just make sure whatever figure you settle on, you can afford from the start.
Here are tips to help your company create an ideal scholarship program.
1. Create a Plan and Structure
To determine the best scholarship program to fund, create a financial plan.
Financial planning helps you structure a clear framework early on—saving time, eliminating research, and unreasonable timetables.
What type of specific students do you want the scholarship program to benefit? Are you focusing on helping needy students around your community or any students and undergraduates?
For example, if you’re a tech firm, gear your scholarships to help software engineers with a promising future. Should they succeed, they can apply for a job in your firm.
2. Set a Deadline
Once you have a framework and have decided how to fund the scholarship program, set a deadline for when the scholarship program will go live.
Launch your scholarship before the tax season, but most importantly, consider the fiscal year. Also, consider how applicants will apply for the scholarship—will they apply through digital software, in person, or print?
If you’re struggling to raise funds for your scholarship program, consider fundraising or applying for auto title loans. These loans are best suited for anyone in dire need of quick cash to cope with an emergency, pay off an overdue debt, or cover bills.
3. Evaluate Solutions
You’ll need a committee to review your scholarship program. Will you go for paid employees or volunteers as evaluators?
As you look into probable evaluation solutions, think of the best ways to award the scholarship. Will it be through fanfare or email?
While scholarship programs benefit hopeful students, they also build into your company’s PR and organic marketing efforts.
So, it’s prudent to turn a scholarship award ceremony into a company event with color and fanfare—award multiple scholarships depending on how deep your pocket is.
4. Award Give Out Scope
So you’ve given out scholarship programs. Are the scholarships a one-time thing or will they continuously renew say yearly for each recipient?
Decide on the award give-out scope—whether you want to give a student $2,000 every year until they graduate or award the student a check of $1,000 once and for all.
The average amount used on scholarship programs is around $7,923. Creating an award give-out scope will depend on your company’s philanthropic efforts, the PR angle you’re looking to explore, funding strategies, and tax necessities.
Every scholarship program will attract a different scope and unique quality. To design the best scholarship program, have a proper plan and suitable structure in place.
Remember, there’s no one-size-fits-all process for creating a scholarship program for businesses. So whatever happens, make sure it’s for the good of your business.
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