If you’re looking to start a scholarship fund, the first thing you need to do is figure out what type of scholarship fund you want. There are three types of funds: a general fund, an endowed fund and a restricted fund. The type of scholarship you want will depend on how much money you want to raise and the type of student or need that you want to support.
A general scholarship is the most popular because it can be used for any type of student or need. The only requirement for this scholarship is that it can’t be based on race, religion, gender or sexual orientation.
An endowed scholarship has a specific purpose, such as supporting minority students in STEM fields or children with disabilities. A restricted scholarship is only available to students who meet certain criteria like being from a particular city or graduating from a specific high school ..
When deciding which type of fund to create, think about what your goals are for the future and how much money you can afford now
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