How to Create a Scholarship

February 8, 2018

Although Scholars.shop has made creating and implementing a scholarship program seamless, we still want you to be prepared prior to posting your scholarship so that you can make sure that you and/or your organization is best fulfilling your mission. We'll help you create any kind of scholarship from a community based program, an education non-profit, a memorial scholarship, alumni program or just because!

 

The below are the steps to think about when creating your own scholarship:

1. Funds - Who will financially support the scholarship fund? 

 

It’s important to know what your budget is prior to offering a scholarship. This way, you can determine how many students you want to award, if their will be different value amounts for a 1st place or 2nd place and so forth.

 

Examples of places to raise funds:

  • Crowdfund through Scholars.shop to accept donations from from friends, family, or employees

  • Set-up a community or school event or auction to raise money

  • Contact your employer to see if they have a corporate giving program. Some companies will match employees donations

  • Contact the local newspaper to make the community aware of your efforts and ask for donations to collect through Scholars.shop

  • If you are setting up a memorial scholarship, include your intentions in the appropriate places to spread the word of your honoring and include where people and supporters can donate to contribute

  • If it’s for a school or community based organization, find a list of alumni to contact to ask for donations

 

2. Determine Goals - What is the core mission of the scholarship fund?

 

This helps you set the criteria of what kind of applicants you would like to support as well as what kind of questions you would like to include in applicants applications. On Scholars.shop, we ask for these three key terms that embody your mission so that students can easily find your scholarship by searching by key terms. Key terms also help students easily evaluate if they would be a good fit as an applicant.

 

Example: If you have an organization that supports low income students and you are trying to encourage them to go into a STEM field, your key-terms could be: ‘Low-income’, ‘STEM’

 

 

3. Eligibility & Requirements

 

Determine if there is a minimum GPA, or test scores that you would like students to have and if you will require an interview during the selection process. Eligibility usually goes hand in hand with the scholarships goals and mission.

 

Example: Minimum GPA is a 2.0 and we will require a phone interview

 

 

4. Who will manage your scholarship?

 

  • Who will will answer students questions throughout the application period?

  • Who will be the person, or people, that read/review applications?

  • Who will be the person responsible for awarding students and changing their application status on Scholars.shop?

 

5.  Set an application deadline for students

 

Please remember that while using scholars.shop, we have you make your student award decisions within 60 days of the students application deadline. Please plan accordingly that all readers will be able to review and decide within that time period.

 

 

6. Create the application

  • Choose questions that you would like students to answer when submitting their application. On scholars.shop, we have a set of questions for you to choose from, or you can custom create your own.

Example: Please tell us why you are choosing a STEM major and what motivated you to go into that career path?

  • Additional documents - If you wish, you can choose to have students submit additional documents such as transcripts and request a person of their choice to write a letter of recommendation.

 

7. Determine student selection criteria

 

What will be the criteria you will judge scholarships based on and what is the order of importance. It is important that everyone who is reading students scholarship applications know this criteria and stay consistent when reviewing all applications.

 

Example: Most important is how many science and math classes the student has taken. The second important factor is the students grades in those courses.

 

 

8. Post and Advertise

  • Post your scholarship using the above criteria you chose on Scholars.shop. After posting, review to make sure that everything is correct.

 

  • Share your scholarship link on social media and any related personal websites! *Although Scholars.shop markets your scholarship for you through our database and optimizes it for students to find, it is important that you and your organization (if applicable) advertises it to ensure excellent traction and applicants for your scholarship.

 

9. Award your scholarship!

  • Within 60 days of the applications deadline, make sure all reviewers have reviewed applicants, made their notes and you have chosen a student or students to award!

  • Update all students application status on Scholars.shop. From here, our system will send them a message to their email notifying them of their award status. When selecting the winner, you will be taken to the award page where you can directly transfer students their financial scholarship reward!

 

 

Now you are ready! Click here to post your scholarship with your custom criteria, so that students can start applying today!

 

 

 

If you have any questions, please feel free to email us at help@scholars.shop.

 

We're here to make the process of creating a scholarship and raising funds for it as easy as possible!

 

Share on Facebook
Share on Twitter
Please reload

Featured Posts