How to Create a Scholarship Fund in 8 Steps

8 Steps for Starting a Scholarship Fund

1. Create your free donor account
2. Make a scholarship proposal
3. Finalize the details
4. Review the scholarship draft
5. Fund the scholarship
6. Review your applications
7. Choose your finalists and winner(s)
8. Awarding the scholarship

Click here to read common frequently asked questions regarding setting up a scholarship fund.

Creating a scholarship can feel daunting. Do you set it up yourself or use a scholarship management service? With so many different options available to you, starting your first scholarship may feel impossible. Luckily, Bold.org is specifically designed to make starting a scholarship as easy as possible. Follow the steps to quickly and painlessly set up your first scholarship.

Step 1: Create Your Donor Account

The first step in the process is to create a donor account. Creating a donor account is completely free and will allow you to create and fund scholarship proposals with the help of the Bold.org donor team. You can make your profile as detailed or simple as you’d like, including having the option of adding a profile picture and a mission statement.

Through your statement, you can give applicants a sense of who you are and what inspired you to become a scholarship donor. Whether you’re donating as an individual, a family, or a company, your donor account will allow you to outline your goals and connect with applicants.

Any funds or scholarships that you launch will be accessible through your profile, and letters you receive from your future scholarship winners will also be viewable on your page. Additionally, your account will allow you to track your number of scholarships, the total amount of money you’ve awarded, how many winners you’ve selected, and all of the contributions you’ve received.

Step 2: Make a Scholarship Proposal

Once you have set up your account, you'll be prompted to submit your first proposal. You'll have the opportunity to edit this information later, but your proposal will give our donor team an idea of what you're hoping to accomplish and who you're trying to help with your scholarship.

Depending on your financial plan, you also have the option of creating a fund through Bold.org before launching a scholarship. By starting a fund, you’ll have a unique page on which to display your mission and receive donations for your future scholarships. Creating a fund is a great option if you don’t already have the money needed to fund your scholarship. You can customize your page to include a cover image, your story, and your goal so that friends, family, and other donors can contribute to your cause.

Whether you plan on immediately launching your scholarship or beginning with a fund, you can use your proposal to establish a title idea, selection criteria, your desired number of winners, the intended scholarship amount, deadlines, and a description. If your scholarship is in memory of a loved one, you can even name it after them and include details about their life in the description.

Once you've submitted your proposal, a member of our donor team will be assigned to your account and you’ll be able to schedule a call to go over your proposal and the rest of the steps in further detail.

Step 3: Finalize the Details

During your call with our donor team, you can ask any questions you may still have about the process, Bold.org’s mission, or the services available to you. Additionally, you can finalize all of the details of your scholarship to ensure that your vision is brought to life. You can also discuss exactly what you can do with your scholarship, such as restricting it to students in a certain field or located in a certain state.

The possibilities for your scholarship are endless! Whether you choose to keep your scholarship open to all students or to restrict it to students of certain backgrounds or demographics, the scholarship will be true to your mission and focused on the students you’d like to help. With millions of students using the Bold.org platform, there’s no shortage of eligible applicants who will seek out your scholarship.

Step 4: Review the Scholarship Draft

After the call, our writing team will draft your scholarship and send it to you within 24-48 business hours so you can review the final product. If there are any changes you'd like to see or details you’d like to add, you can let the Bold.org scholarship program team know.

Make sure to confirm that the end date and announcement date, the number of winners, and the total award amount are correct. Additionally, ensure that you’re happy with the scholarship description, the cover image, and the title of the scholarship, all of which can be modified before publishing the scholarship by reaching out to the donor team member assigned to your account.

Learn about the next steps here!