Advertisement
savings

How to Endow a Scholarship

There may be contribution minimum requirements to set up a scholarship in your area. Here's what you need to know.

Question: My family would like to establish an engineering scholarship in memory of my uncle. How do we set one up? - E.S., Green Bay, Wis.

Answer: You can set up a scholarship directly with a college or support local students through a community foundation (see www.cof.org/community-foundation-locator to find one in your area). You generally need to contribute at least $25,000 to $50,000 to set up an endowed scholarship, which will provide an award every year in the future. For example, you need to contribute at least $25,000 to endow a scholarship at the University of Wisconsin–Madison, which would pay out about $1,125 per year. Or you may be able to give a smaller amount and provide scholarships for a few years.

Advertisement - Article continues below

If you’re setting up a scholarship at a college, ask the development department how much of the criteria you can specify (such as reserving awards for engineering students).

Advertisement
Advertisement

Most Popular

18 Things You Can't Return to Amazon
Smart Buying

18 Things You Can't Return to Amazon

Before tossing these items into your virtual shopping cart, be sure to read Amazon's return policy first.
September 17, 2020
Election 2020: Joe Biden's Tax Plans
taxes

Election 2020: Joe Biden's Tax Plans

With the economy in trouble, tax policy takes on added importance in the 2020 presidential election. So, let's take a look at what Joe Biden has said …
September 18, 2020
7 Foreign Countries Luring Americans to Work Abroad During the Pandemic
careers

7 Foreign Countries Luring Americans to Work Abroad During the Pandemic

Work remotely – really remotely – in these appealing destinations offering special visas for American workers.
September 18, 2020

Recommended

A Step-by-Step Guide to Being an Estate Executor
retirement

A Step-by-Step Guide to Being an Estate Executor

Whether you’re planning ahead for your own heirs or have been asked to serve as an executor of an estate for someone else, it pays to understand what …
September 17, 2020
How to Finance Home Schooling Your Children
family savings

How to Finance Home Schooling Your Children

Kiplinger.com web editor Andrea Browne Taylor joins the Your Money's Worth podcast for a discussion on the financial pros and cons of homeschooling yo…
September 15, 2020
Should You Move Forward with Your Divorce or Wait?
family savings

Should You Move Forward with Your Divorce or Wait?

Despite the tensions brought on by the pandemic, a number of couples are waiting right now, with good reason.
September 10, 2020
18 Things You Should Know Before Shopping at Trader Joe's
Smart Buying

18 Things You Should Know Before Shopping at Trader Joe's

Everything you need to know to save money and shop smarter at the quirky Trader Joe's supermarket chain.
September 4, 2020