As college tuition continues to increase, it means fewer students can afford the high cost of furthering their education. Scholarships are available but are often limited due to the high percentage of applicants. If you want to create your own scholarship program and make a difference in the lives of students, there are a few steps to take.

Find the Funding

The funding that is obtained for a scholarship is the most important part of the process to ensure that you can financially assist students. Consider creating a non-profit organization or setting up a trust fund. If you can afford it, you can also consider using your own funds to provide.

Set the Criteria

You’ll need to set the criteria for your applicants to determine who can qualify for the scholarship. There may be certain skills that you want the applicants to have or a minimum on the GPA. There are also many legal regulations that you need to follow, making it necessary to check with governing scholarship programs. You also want to be clear about how the funds can be used.

Establish a Deadline

Each scholarship that is created should have a deadline on when students can submit their applications. Make room for time to promote the scholarship, which typically takes an average of two months. Overall, the students should have enough time to review all of the criteria, prepare their documents, and complete their application.

Determine the Winner

Rely on a team of people who will assist with reviewing all of the applications and grading each one to determine who stands out. Excel files can be used to list the contenders and even grade the applications to make it an organized process. Create a grading rubric to ensure that everyone is graded fairly. You can plan on emailing or phone calling the winners once they’re selected.

Provide the Funds to the School

Once you decide the winners of your scholarship, you’ll want to provide the funds directly to the school that they’re attending to ensure that the money is not used on anything other than tuition. You can also decide to authorize the funds to be used on textbooks or other necessary supplies students might need during the school year.