Is Your Scholarship Program "Ideal"? A Self-Assessment
The Ideal Scholarship
One of our favorite questions to ask scholarship providers is, “What are three things you wish you could change about your scholarship program?”
Recently, a new administrator shared her experiences with a program that wasn’t quite ideal. This sparked our interest in the concept of the “ideal scholarship”. What the heck does that mean? What is the ideal scholarship?
Fortunately, there’s research out there that answers that question. According to a study conducted among scholarship providers and students, ideal scholarships have nine key characteristics that make scholarships accessible, impactful, donor-honoring, and administratively sustainable.
Clear and concise communication, so that all stakeholders, including students, donors, and evaluators, have a strong understanding of the program's goals, expectations, and requirements.
Establish user-friendly forms and processes that foster trust in a students’ responses and experiences.
Maintain a broad eligibility criteria to ensure that a diverse range of students can benefit from the program.
Offer multi-year, renewable funding to provide students with financial stability and peace of mind.
Award scholarships that match or exceed the annual tuition cost at the local community college to cover a significant portion of students' educational expenses.
Cover all Cost of Attendance expenses, including tuition, fees, books, and living expenses.
Maintain continuity of funding, even if students' circumstances change, to ensure uninterrupted education.
Inform donors about the needs of today’s students and the ways in which their support can make the most difference.
Foster a culture of engaged donors who are interested in building meaningful relationships with students and understanding their unique experiences.
And we at Students First Consulting would add a #10: Since education and students are always changing, be proactive about evaluating your approach! Discard what doesn't yield results and embrace new ways of doing things.
How Does Your Program Measure Up?
By assessing your scholarship program against these criteria, you can identify areas for improvement and ensure that you're offering students the most valuable opportunities possible. Take a moment and reflect on these questions:
Are your scholarship requirements and expectations clearly communicated to all stakeholders, including students, donors, and evaluators?
Are your application forms and processes easy to navigate and understand for applicants? Do they demonstrate trust in students?
How broad is your eligibility criteria? Are you reaching a diverse range of students?
Do you offer multi-year, renewable funding to provide students with long-term financial predictability and security?
Do you have an understanding of what award amount is meaningful to students, and is that communicated to donors and reflected in your policies?
Do you allow awards to be used towards all of the costs required for attendance, including tuition, fees, books, room and board, transportation, and other expenses?
Can your program accommodate changes in students' circumstances without jeopardizing their funding?
Do your donors have a good understanding of students' needs and the evolving landscape of higher education?
Are there opportunities for your donors to meaningfully engage with students beyond simply announcing awards?
Are you practicing continuous quality improvement? Shedding what doesn’t work, keeping what does, and enhancing where you can?
If you’re like most scholarship providers we know, there’s probably room for improvement in one or more of these areas. And that’s okay! Every scholarship program is different and evolves according to its own needs and wants.
Ready to Take Action?
If you're looking to transition your scholarships towards the ideal, our new guide and workbook, 9 Characteristics of an Ideal Scholarship, can help. This valuable resource will guide you through a self-assessment process and help you develop actionable steps to improve your program.
Download our free resource today and start making a positive impact!
