But to what extent does this benefit translate into other positive outcomes? How, specifically, does winning scholarships help students achieve their college goals? Four studies being presented this week at the Association for the Study of Higher Education's annual conference seek to answer these questions.
But you don't have to be a billionaire to create a lasting legacy for students. By endowing a scholarship, you can accomplish a similar goal, see the immediate benefits of your gift, and take an income tax deduction to boot.
Fry Scholarship. The Marine Gunnery Sergeant John David Fry Scholarship (Fry Scholarship) provides Post-9/11 GI Bill benefits to the children and surviving spouses of Servicemembers who died in the line of duty while on . Benefits for membership in the Mean Green Scholarship Fund, the primary fundraising arm for North Texas Athletics, with annual contributions made by its members helping to support student-athlete scholarships and a variety of personal and academic support programs. The Critical Language Scholarship (CLS) Program provides overseas foreign language instruction and cultural enrichment experiences in 13 critical need languages for U.S. students in higher education. (TANF) program, formerly Aid to Families with Dependent Children, program provides a variety of benefits and services to Federally-recognized.
Someone will be assigned to guide you through the process. But it helps to consider several factors ahead of time, including what you hope to achieve, the amount of your endowment and options for funding, the tax benefits, and the satisfaction you'll get from your gift.
What is your objective? Whether you want to make an impact for students in a chosen field, assist faculty or fund research programs, it helps to know your goals ahead of time.
If you prefer that the university determine the best use for your scholarship, let the development officer guide you, she adds. Student Debt Reaching Unmanageable Levels Advertisement Donors with a specific objective in mind can have a say in a variety of criteria, according to Chris Pizzinat, deputy director of the Office of Development at the University of California, Santa Barbara.
For them, it's merit," he adds. In that case, donors can design a scholarship for a particular major and set a minimum GPA. Although donors have a great deal of discretion in the criteria of the scholarship, they can't name particular students to receive the scholarship.
Another limitation in California is a state law that stipulates that university scholarships can't discriminate on the basis of ethnicity or gender, says Pizzinat. Since men outnumber women in engineering, the scholarship can be earmarked for "underrepresented students in engineering, with a preference toward girls," Pizzinat explains.
The minimum amount of an endowed scholarship will vary with the university, as will the required number of years before it has to be fully funded.
The beauty is that once endowed, they can be added to over time, even through a will or trust at death. Some universities, such as UC Santa Barbara, will allow donors to pool together to create an endowment.
Others, such as the University of Delaware, discourage it. Some will accept in-kind gifts such as artwork, while others prefer cash.
What are the tax benefits? When it comes to the tax benefits of an endowed scholarship, several factors come into play, says Mike Cumming, leader of the tax practice group at Dykema law firm near Detroit.
If, however, your gift is in some form other than cash, the tax consequences are different. If you fall in that group, your deduction will depend on the amount your AGI exceeds certain thresholds.
Giving at death, through a trust or will, provides an unlimited charitable deduction, says Cumming. The right way to endow a scholarship for tax purposes is determined "case by case," Cumming says, "depending on your adjusted gross income and your federal gross estate.The sale benefits the Mildred Eggers, Ruth Tolley and Beverly Whaley scholarships across the Syracuse University and the SUNY College of Environmental Science and Forestry campuses.
It is the group’s biggest fundraiser of the year. Each county in the state shall be entitled, annually, to one honorary scholarship at the University of Illinois, for the benefit of children of veterans of WWI, WWII, Korean War, the Vietnam Conflict and any time on or after August 2, and until those persons in service are no longer eligible for the Southwest Asia Service Medal.
Benefits for membership in the Mean Green Scholarship Fund, the primary fundraising arm for North Texas Athletics, with annual contributions made by its members helping to support student-athlete scholarships and a variety of personal and academic support programs.
The Benefits Of A Scholarship May 16, Leave a comment Online Learning By Rosemary In today’s world, financial assistance is necessary for many university students and scholarships are the most desirable form of financial aid. College students who receive generous scholarship opportunities are relieved of some of the financial burden of paying for school.
But to what extent does.
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