Scholarship foundation is a very good idea for any one who wants to do some philanthropic work. If you are interested in something like this, you will have the satisfaction of helping people change their life and help young people and education. The main objective of any foundation that provides scholarship is to offer financial help to the eligible candidates pay for their tuition and buy books and other educational supplies. But for this the applicant has to meet specific criteria and at the same time compete with other applicants also.
If you want to set up a foundation in this regard you should keep in mind few points so that your intention is fulfilled without much fuss and hassle. So, the first thing that you have to determine is what is the purpose of your foundation and how much money you are willing to offer. The next step will be to decide in what name would you like to give the scholarship. You have to fix the eligibility criteria. Remember, this is your foundation and you have the right to fix the criteria. You can make it available for certain age group or for students who wish to study arts or science or some specific field or for students of specific area.
You will have to create a scholarship foundation document, which is called trust document and is needed when the foundation has to be established. You will have to give details of the criteria, the money, frequency to providing the scholarship money and other related details. It is better to keep the criteria flexible because in some different circumstances, more and more students will be able to apply for the scholarship.
You must decide the amount that you will provide to the students and also whom would you prefer giving the money, to the student or the institute. It is good to set up an advisory committee to look after the policies, guidelines and selection of the recipients. Publicize your scholarship foundation so that the number of applications gets increased. In this way you can also solicit donations and that can be from organizations or individual donors as well.