How to Establish a Scholarship
ICC Educational Foundation scholarships give people a chance to reach their goal of a higher education, a successful career, a new life! To many students, these scholarships mean everything.
Due to the generosity of individuals, businesses and organizations, the ICC Educational Foundation offers over 900 scholarships totaling more than $1,000,000 to ICC students each year. Although many scholarships are based on financial need, others are based on academic excellence, specific areas of student interests and ethnic or family background. Scholarships can help pay for tuition, books and related expenses.
When you support a scholarship at ICC, you can feel confident you are investing in our community's future, as more than 75% of our students remain in Central Illinois to live and work.
Details of Establishing a Scholarship
A member of the ICC Educational Foundation staff will work personally with you to establish your scholarship and determine the scholarship's criteria. To discuss your desire to establish a scholarship, please call Stephanie L. Holmes at (309) 694-8420 or e-mail your questions to [email protected]. There are four easy steps we will guide you through to establish your new scholarship.
Four easy steps...
Determine the level of support you wish to provide
Annual scholarships begin at $1000 and are funded on a year-by year basis by the donor(s). The Foundation asks donors to make a five-year commitment when establishing a new annual scholarship.
Endowed scholarships support themselves in perpetuity. The initial gift is invested, and the scholarship awards are determined each year by the Foundation's Endowment Spending Policy. The minimum investment for an endowed scholarship is $20,000 which will provide an annual award of $1000.
Other scholarships may be awarded for one or two years from a specific donation.
Determine the focus of your scholarship
The Foundation will assist you in developing the scholarship criteria. Criteria might include a specific major, hometown, academic standing or financial need.
Course of Study: Will the scholarship focus on students in a specific major?
Academic Standing: What is the minimum Grade Point Average (GPA) a student must have to be eligible for the scholarship?
Enrollment Status: Will the scholarship be for students who attend college full-time, part-time, or either full or part-time?
Financial Considerations: Will financial need be a consideration in determining the scholarship recipient?
Tuition, Books and Supplies, Academic Related Expenses: What type of expenses can a student use his/her scholarship for?
The scholarship can be named in honor or memory of an individual or organization.