The grief that comes along with the loss of a loved one is not easy to shake off. It’s difficult to accept the reality that they’re not with us anymore. This is the reason why a lot of people create a scholarship memorial to celebrate their life. It’s a way for them to cope with the loss and help them move on with their lives.
Memorializing your loved one’s legacy is one way of remembering and cherishing the impact they have done not just in your life, but to others as well.
One way to do so is through educational scholarship programs. Education is something that cannot be bought and it may serve as a meaningful way to carry a legacy from generation to the next.
How to Create a Scholarship Memorial
One common misconception of scholarships is that only big companies and other educational institutions are eligible to make one. With proper funding and thorough planning, you can establish a scholarship memorial for your parents.
So, how do you make a scholarship memorial? Here’s a breakdown of the steps in planning a scholarship program:
Figure out how to fund your scholarship
Let’s face it, one of the most important aspect to consider when creating a scholarship memorial is its cost. You can use the money your loved one has left behind. But if that’s not the case, then you can work with non-profit organizations or banks where people, corporations, or communities may be able to send monetary donations.
To be able to make the best financial decisions for your scholarship program, it’s always best to consult with a tax lawyer. It also serves as a way to prevent any legal problems that may arise in the future.
Determine the category for your scholarship
When you’re planning to create a scholarship memorial, it’s also important to decide what it’s for. For starters, think about the legacy of your parents or loved ones. What talents or skills did they have? Were they dedicated to helping the less fortunate? How did they impact other people’s lives? Questions like these make it easier for you to determine the purpose of your scholarship.
Pick a name
Another thing that you should consider is the name you want to give to your scholarship. Do you have a specific name in mind? Or are you thinking of including the names of your deceased parents in the memorial? Either way, it’s better to keep the name concise. This way, people will be able to know the purpose of the scholarship just by looking at the name.
Specify your scholarship details
Specifying your scholarship terms means that you have to indicate the amount you’re willing to spend for each candidate. Coverage is also another thing you need to specify. Is it going to be a full-coverage scholarship or will the scholarship only cover the tuition fee? You could also choose to leave the amount open which allows some flexibility.
Establish qualifications
When you promote a scholarship memorial, expect to have a lot of people signing up to apply. Having a list of qualifications at hand can help you choose the best applicant who deserves the scholarship the most.
Usually, the selection will depend on the purpose of your scholarship. For instance, your scholarship may focus on helping fund the education of financially incapable individuals or they may base their grants on people who are inclined to sports. Make sure that the qualifications you require would fit the purpose of the memorial that you’re trying to establish.
Consider a scholarship administrator
A scholarship administrator can help you evaluate the candidates and help you in the overall selection process. If you have a board of members in your program, you can ask them to create a plan that would help simplify the process. You could also ask the school’s administration office for help if you’re working with their school in your scholarship grant.
If you’re out of options, then you can always consider hiring a third-party administrator to help you handle the process. However, this means that you may need to pay additional fee and it may cutback in the amount the grantee will receive.
Create an application process
Decide whether you want to accomplish an online application process or paper application, or both. You should also set a deadline for the last application. This helps you have enough time to review and evaluate every application. Spring seems to work best for most people but it depends on you and your board member’s decision.
You should also take the chance to emphasize the qualifications that the applicants need to meet.
Advertise your scholarship
Once you’ve put it all into place, you’re now ready to advertise your scholarship memorial. You can inform and ask the administration of a high school, university, or college to promote your program. You could also advertise it to your friends, community groups, as well as activity centers.
Keep track of the scholarship memorial
Always make sure that you keep yourself updated on the status of the scholarship program to ensure that it will serve its purpose and continue upholding the legacy of your parents. Doing this would also guarantee that if some kind of issue arises, it will be addressed immediately. One way of doing this is by asking your administrator to have an annual report of the financial health of your scholarship program.
Scholarships are of big help to students – especially those who are having financial difficulties. At the same time, it’s also quite a meaningful and honorable way to keep your loved ones’ memory alive. Granting scholarships to those who need it the most is a way for your loved ones – even if they’ve already passed – to create a lasting impact on the lives of the many.
If you want to know more about scholarship memorials, don’t hesitate to give us a call at (623) 295-9890 or email us at cam@aparadiseforparents.com to know more about the services we offer. You can also fill out an online form located on our homepage. We’d be happy to talk to you about planning for your elderly loved one’s affairs. We can even help you find local experts to help you with pressing concerns.
