Create a Scholarship
Interested in starting a scholarship fund?
Setting up a named scholarship through the WSU Foundation helps the University stretch our resources. You'll help deliver the best education and experience possible for our incredibly talented students.
Also, establishing a scholarship in a person's name is a meaningful way to honor those who have had a major impact on your life.
If you’re considering creating a new scholarship at WSU, here are the basic steps to get started.
Step 1: Determine the Type of Scholarship Fund
The first step is to determine whether you would like to establish an endowed, hybrid or an annual scholarship.
Endowed scholarship funds are designed to be permanent and perpetual. The principal of the fund is invested to produce income, and an annual award is made to students. The principal remains untouched, so the endowment can last for decades.
Because this type of scholarship relies on investment incomes, takes at least $30,000 to create an endowed scholarship. You can provide the full gift amount at the outset or make a smaller initial commitment that you add to over time until the endowment reaches $30,000.
In the hybrid model, the donor grows the endowment over time while making annual awards.
You'll work with the Advancement Team to develop an agreement and a plan for funding the endowment to at least $30,000 within 5 years.
If the endowment has not been funded according to the agreed-upon plan, the donor will be notified and the fund will convert to an annual scholarship fund.
Annual scholarships can be established with an outright gift of $1,000 or more.
An annual commitment of $1,000 per year for four years is recommended. This allows for an annual gift to awarded over the four-year period.
Unlike an endowed scholarship, an annual scholarship is not a permanent fund. Awards are given to students only as long as you (or others) choose to contribute to the fund.
Step 2: Choose Scholarship Name & Establish Scholarship Criteria
As a scholarship donor, you choose the name of the scholarship as well as the criteria. The Office of Advancement staff can help you select the criteria for your scholarship.
Scholarships at WSU are usually awarded to deserving students based on criteria such as:
- area of interest
- geographical origin
- leadership potential
- financial need
- academic achievement
You can combine these criteria or develop some of your own. However, the WSU Foundation must agree to any special award conditions you wish to establish.
Step 3: Award Scholarship Funds
Typically, a selection committee reviews the scholarship applications submitted by students and selects the most deserving recipient(s) based on the donor-established criteria.
Major contributors to a scholarship fund are notified annually when the scholarship recipient(s) are selected. You will be informed of the name and hometown of the recipient, as well as the amount of the award.