It’s easy to establish a student scholarship at NWC. Simply contact the advancement office to discuss your interests and goals and how your passions can connect with students’ needs.
You can fund a scholarship in one of two ways, depending on your resources and preferences:
An endowed scholarship can be established through an outright gift or through your will or estate plan. Funds are permanently invested, and the income from those investments is used to provide an annual scholarship for the selected recipients. An endowed scholarship will remain in perpetuity because only income earned on the principal sum is awarded. The distribution rate is determined annually. If there are earnings in excess of the amount awarded, they are added to the principal, thus assuring growth of the fund even in years in which no additional contributions are made.
Minimum gift amount: $25,000
Special arrangements can be made to build the endowed scholarship fund over time and award it once the $25,000 minimum level is met. Prior to achieving that minimum amount, all earnings are added to the principal.
Annually funded scholarships are similar to endowed scholarships, except they are awarded on the basis of an annual gift from the scholarship donor.
Minimum gift amount: $1,000
Donors choosing this option need to commit to funding their scholarship for five years.
Some donors elect to follow an intermediate route when funding a scholarship. If you choose this option, you would make regular contributions to the endowment for your scholarship while annually funding an award of $1,000. This allows us to begin awarding your scholarship before it is fully endowed—so students can benefit immediately from your generosity.
Scholarships are awarded to students on the basis of demonstrated financial need and/or merit in a specific field of study or co-curricular pursuit. If you wish, you can establish your scholarship in honor or memory of a loved one, friend or former professor—or in your own name. Just make sure to leave sufficient latitude in your scholarship’s criteria to ensure there will be eligible recipients each year.
Students are selected for scholarships based on the criteria you establish as the donor. The director of financial aid oversees the awarding of all college scholarships with input from faculty and administrators in the area in which the scholarship is designated. Fully funded endowed scholarships and annually funded scholarships are listed in Northwestern’s scholarship booklet.
Students are encouraged to write a note of introduction and appreciation to their scholarship donors. As a donor, you will be invited to attend Northwestern’s annual Scholarship Luncheon in the fall to meet your scholarship recipient.