The Indian government’s AISHE report says that enrolment in higher education has gone up from 3.42 crore in 2014-15 to 4.33 crore in 2021-22. It means the enrollment has gone up by 26.5% in the past years. But the real question lies in how many of them did get access to quality higher education or got admitted to their dream institution.
The hard truth is that numerous Indian girls and boys had to give up pursuing their dream course because of their financial inability. It is to help these deserving students; scholarships are set up. The union and state governments, along with multiple organizations, have been distributing scholarships to students to support them in one way or another. But it will either cover just a portion of the total expense or the complete waiver will only reach a handful of students.
If the students are availing themselves of loans, they will have to repay them within a stipulated time. But if you think you can help at least one student in their pursuit of a better life, but do not know how personalized scholarships are for you. No longer do you need to set aside and allow big agencies to step forward in giving scholarships. You can create a personalized scholarship either on your own or through trusts. If it sounds unbelievable, please be assured that it has become very much possible in recent times. Let’s discuss further to understand the concept of personalized scholarships.
What is a scholarship?
A scholarship is nothing but financial assistance provided to students to pursue their education. The assistance is provided without expecting any monetary returns. Scholarships are awarded by governments, educational institutions, non-profit organizations, and trusts. They are often awarded based on numerous criteria like academic achievement, financial need, ethnicity or group, area of study, athletic performance, and artistic talent. While a few scholarships cover their complete expenses, most of them help students cover some of their total expenses like tuition fees, books, and accommodation.
Understanding the concept of personalized scholarships
In general, personalized scholarships are awarded by individuals. It allows individuals to honor loved ones with memorial scholarships and carry their legacy forward or bring friends and family together around a shared cause. These scholarships can be tailored to the specific qualifications, background, or needs. Below are some of the points that one needs to consider while setting up a scholarship.
- Define the purpose of the scholarship: One needs to be clear why they are setting up the scholarship. If they are awarding the scholarship to honor their loved ones, then they need to reflect on what makes their loved one special and how they would like to be remembered. Ideally, the scholarship should reflect their values, interests, or even their career path.
- Scholarship amount: Scholarship amount should also be finalized in addition to determining the ways to raise the fund. One can sponsor the amount from their own pockets, or they can organize fundraising events along with their friends and families. There are several companies that will help you host fundraising events. This could be a one-time award, a renewable scholarship for multiple years, or a series of smaller grants over time.
- Type of scholarship: Individuals usually choose two of the primary ways to fund a scholarship—endowed scholarship and annual scholarship. The former type is a permanent fund where the principal amount is invested, and the income generated from the investments is used to award scholarships each year. The latter is where one raises funds every year to award scholarships, and this can be done through personal contributions, fundraising events, or donations from friends, family, or the community.
- Criteria of the scholarship: Setting criteria is essential to decide who the scholarship will support. Some of the common criteria include academic achievements, financial need, personal background, community or demographic, and career-focused. These criteria, along with their weightage, will help you to identify the students in the most effective way.
- Promote the scholarship: For anything to be successful and impactful, it needs to be promoted. Similarly, once the scholarship is established, it needs to be promoted among the target audience—students at schools, colleges, and universities. This could be done by publicizing the scholarship’s availability by contacting local newspapers, community bulletin boards, or university websites. In the tech era, setting up a website and social media page to keep donors and recipients informed about the scholarship will be an added advantage. The more people who know about the scholarship, the better.
Benefits of setting up personalized scholarships
Setting up a scholarship comes with numerous benefits for both the presenters and awardees. Some of them are listed below.
- Preserving the legacy of loved ones: If a scholarship is created in the memory of loved ones, it becomes a living tribute to them. There is no better way to honor their life and values than by empowering students. This scholarship will also ensure that their memory continues to have a positive impact on future generations.
- Empowering students: Scholarships provide financial assistance to students who might otherwise be unable to afford higher education. This assistance allows students to pursue their academic goals without the burden of excessive debt. This in turn will allow students to focus on their studies, research, and personal development without having to worry about their finances. Scholarships are a boon to students, especially those from marginalized communities.
- Addresses skill gaps: Scholarships that are targeted towards specific fields like Science, Technology, Engineering, and Mathematics (STEM) or health-related careers. These targeted scholarships help communities fill critical skills gaps, ensuring that there are trained professionals to meet market needs. A more educated and skilled workforce benefits local businesses, institutions, and industries, creating a more prosperous and resilient economy.
- Breaking the cycle of poverty: By providing financial support to students from marginalized communities through scholarships, one can help them to have access to higher education. This will improve their earning potential. As a result, it will lead to greater economic mobility for individuals and families, helping to break the generational cycle of poverty.
- Strengthening the community: By supporting students from marginalized communities, one can contribute significantly to strengthening the community and fostering economic and social mobility. Financial aid provided to students in a specific city or region can help develop local talent and improve the area’s workforce in the long term. It will also help to bridge the rich-poor divide and other inequalities in the society.
Creating a scholarship in memory of a loved one through Smile Foundation is an incredibly meaningful way to honor their legacy and make a lasting impact on others. By following these steps and carefully considering how the scholarship reflects their life, interests, and values, you can create a memorial that continues to give back to students for years to come. Whether it’s a one-time award or a permanent endowment, the gift of education will carry on their memory and inspire future generations.
