Scholarships are a popular way of supporting the students of St. Scholastica. A scholarship can be created through annually renewable giving or through creating an endowment whose income supports the scholarship now and in the future. Benefactors who prefer to restrict their gift to a specific program or purpose can achieve their goals through a scholarship. To discuss the many possibilities for designing scholarships that reflect your interests, contact Jenny Brodin at 800 447-5444 or e-mail: firstname.lastname@example.org.
There are two primary types of scholarships at St. Scholastica: annual and endowed.
An annual scholarship is given out each year. The amount of the gift received annually is the amount of the scholarship. Once the gifts stop, the scholarship will also stop. A gift must be received before March 1 in order to be given the following academic year.
An endowed scholarship is a perpetual scholarship at St. Scholastica. A minimum support level of $25,000 guarantees that the scholarship endowment's income will be sufficient to achieve the goals of the gift in perpetuity. The support level can be established in one gift or in stages over a period of up to four years. Once it reaches $25,000 an award will be given to a student based on the interest the fund earns. The College ensures consistent awarding of interest earned while the remaining interest is invested in the endowment fund so it will continue to grow.
In either scholarship type, you as the benefactor help the College establish the criteria or guidelines for the scholarship. You will receive all student acknowledgments. All endowed scholarships are formally reported annually to you, listing endowment earnings, expenses, and the new endowment value.