Establishing a Scholarship
The entire Allen University family thanks you for your interest in establishing a scholarship fund to improve the educational opportunities available to our students. A college education is a dream for many and an accomplishment for too few. At Allen University, we make that dream possible by providing a quality education at an affordable price. We also offer financial aid and each year distribute a number of scholarships to qualified students.
Over 95% of all Allen University students receive some type of financial aid, and scholarships are an important resource in helping students meet their educational costs. In many cases, scholarships are the key to success for a student struggling to afford University. Some scholarships are based on financial need, some on academic performance, and some are awarded to students who meet other special criteria. Such scholarships have been created by individuals, service organizations, corporations, and foundations and are an important part of the mission of Allen University because they help change lives, build futures, and provide the gift of education.
While gifts of any amount, given at any time, are greatly appreciated and will be added to the University’s general scholarship fund, the following information serves as a guideline for establishing a named scholarship at Allen University.
Endowing a scholarship is a long-lasting opportunity to honor or memorialize someone important to you. The initial gift forms the corpus of the endowment and is invested, while a percentage of the annual interest earned (typically 5%) is used for the scholarship(s). Any income in excess of the payout is returned to the corpus. The minimum amount required to establish an endowment at Allen University is $20,000. The larger the endowment fund, the greater the number and amount of the scholarship awards.
Ideally, the funds are given as a single gift. However, it is possible to set up a pledge payment schedule not to exceed five years. In cases where the minimum for creating an Endowed Scholarship is not reached within five years, Allen University retains the option to convert the funds to general scholarship support. A one-year delay in awarding the scholarship allows the fund time to generate interest. Additional gifts may be added to the fund at any time.
An annual scholarship is typically a short-term commitment by the donor – usually for an academic year. However, donors often renew their support.
Donors may also establish an Annual Scholarship while building an Endowed Scholarship. Awards can be made immediately from the Annual Scholarship Award, while an endowed account is created over the pledge/payment period of up to 5 years.
One-Time Memorial or Honorary Scholarships
The University provides the opportunity to establish a One-Time Memorial or Honorary Scholarship. These scholarships are non-repeating and have varied amounts (minimum $1,000). The scholarship sponsor is free to set the scholarship award criteria. If a scholarship gift is less than the minimum $1,000, the gift will be added to the University’s General Scholarship Fund and listed in the memory or honor of the named individual.
Giving to an Existing Scholarship
If you are interested in providing funding for scholarship purposes, but you are not ready yet to establish a named scholarship, contributing to an existing scholarship is an opportunity that may fulfill your intention. Your contribution may be earmarked for the general scholarship fund or you may select an existing named scholarship.