Maximizing the Impact of Your Scholarship Program: Key Takeaways from Our Recent Session
Scholarship programs face numerous challenges, from navigating complex systems to ensuring every dollar is distributed effectively and responsibly. Our recent webinar, hosted by National Scholarship Providers Association, provided actionable insights and strategies to help scholarship administrators address these issues and improve the overall impact of their programs. Below are some key takeaways that you can apply to your own scholarship initiatives.
1. Unlock Unawarded Scholarships
Unawarded scholarships are a common issue for many scholarship providers, especially those that have created opportunities with outdated or niche criteria. We shared strategies to unlock these unawarded funds, including by starting with a fund audit, which allows you to catalog and evaluate all opportunities and their status. Use the information from an audit to educate donors on what is—and what isn’t—being awarded, and why. Consider re-homing such dollars into a pooled fund, which could target your community’s high-priority students who will benefit most from the funding.
2. Prevent Scholarship Displacement with 529 Plans
Finding efficient, flexible, and sustainable ways to distribute scholarships is essential, and 529 plans are a tool that scholarship providers are using in growing numbers to enhance the effectiveness of their programs. A 529 plan is a tax-advantaged savings account designed for educational expenses, and using it in your scholarship program can help mitigate scholarship displacement, avoid challenges of liaising with institutions, and provide quick disbursements. They offer liability for students when used for qualified educational expenses (not always the case with scholarship payments made to schools or students directly). And if hosted by a third-party like a scholarship provider, 529s won’t affect students’ eligibility for other financial aid. (Here’s our blog post with FAQs on 529s—a must-read if you’re considering this approach!)
3. Maximize Impact by Targeting High-Priority Students
By identifying and prioritizing students who will benefit most from your scholarships, you can increase the impact of your program. We discussed how to prioritize student populations whose trajectories will be most positively affected by scholarships, including those who have been historically excluded and oppressed, those pursuing high-demand fields, or those facing significant barriers today. We shared how one scholarship provider identified these students in their community, using national and local trends as well as data. They used these high-priority characteristics to screen and score all applicants, providing a final culled group of high-scoring students to their selection committee. Using (and documenting!) those practices ensures that their programs make measurable differences in their communities.
4. Assess Need Beyond FAFSA
As financial aid continues to evolve, it’s crucial to think beyond using traditional measures like the FAFSA to determine financial need. We discussed how to assess financial need through simple individualized assessments, like using provider-developed financial need forms, incorporating key questions throughout the application or selection process, and effectively training interviewers on how to ask questions about financial circumstances. There are indeed effective ways to to bypass the unpredictable FAFSA, including those that can consider a broader, sometimes more nuanced understanding of a student’s unique financial situation.
5. Make AI Work for You and Your Students
Artificial intelligence is revolutionizing the way we operate, and scholarship programs are no exception. In our session, we explored practical ways to integrate AI into your scholarship program, ensuring security while supporting students in using AI responsibly. Developing an organizational philosophy around AI use allows your organization to use tools responsibly, securely, and consistently. By building your own learning model in one of those secure tools, you can collect, synthesize, and generate game-changing information about your student population, their needs, and how to best serve them. (Something we’re playing with at SFC!) And by choosing to allow students to embrace AI, rather than penalizing use of it, you support their long-term educational and professional trajectories, helping them build skills for AI-assisted learning and on-the-job performance.
Real-World Case Studies and Q&A
Throughout the session, we showcased real-world case studies of scholarship programs implementing these strategies with success. This helped attendees see how these tools and methods can be applied in their own programs. We also left plenty of time for Q&A, providing participants with the opportunity to get answers to their specific challenges and needs.
Empowering Your Scholarship Program
The strategies shared during this session are designed to help scholarship administrators improve the effectiveness, efficiency, and impact of their programs. Whether you're interested in embracing AI, adapting niche scholarships, 529s, new ways to assess financial need, or identifying high-priority populations, the tools and insights you gain can help ensure that your program is serving students in the most impactful way possible.
If you missed the session or are looking to explore these ideas further, Students First Consulting is here to provide customized support and guidance to help you implement these strategies in your program. Together, we can make sure your scholarship program maximizes both its resources and its long-term impact on students. Schedule a consultation today.
