FAQ for creating scholarships at VCU
The most transformative scholarships are those that meet our students exactly where they are. By establishing an endowed scholarship with broad awarding criteria—such as financial need or academic merit—you provide VCU with the vital flexibility to support a wide range of talented students. Endowed scholarship funds are our most powerful tool for recruiting top scholars and ensuring that a student’s financial circumstances never stand in the way of their potential.
An endowed scholarship is one in which the principal funding is invested, and scholarship awards are made through interest and dividends. Because the principal is never spent, an endowment fund provides scholarship assistance in perpetuity. Endowed scholarships are often named after the donor or to honor or memorialize parents, professors or other important people in the donor’s life.
Minimum gift levels for endowed scholarships are set by the VCU Board of Visitors; however, many schools and units require higher minimums to meet specific programmatic goals.
What criteria can a donor specify when creating a scholarship at VCU?
Scholarship criteria are guided by VCU’s policy on accepting and awarding scholarship and fellowship funds. In alignment with VCU’s mission, and to increase access to education and training, all VCU scholarship opportunities are intended to meet current and evolving student needs. As such, prohibited or overly restrictive criteria that limit the pool of potential recipients and are contrary to the university’s intent are not accepted. In compliance with state and federal law and VCU’s nondiscrimination policy, all scholarships will be awarded without regard to applicants’ protected characteristics.
Can I have input into the selection of scholarship recipients?
Scholarship donors who establish named funds may specify limited award criteria for selecting recipients in the gift agreement, but may not have any active or direct role in selecting the recipients of their named funds. University representatives from the appropriate academic department or division use those criteria when choosing student recipients. Per university policy, review committee members are university employees who have completed student record privacy training. A review committee cannot include any individual who has donated to that particular scholarship.
Can I meet my scholarship recipients?
VCU strives to create opportunities for donors and scholarship recipients to meet. Many donors feel profound personal satisfaction when they meet the students whose education they made possible, and students are often eager to thank and meet their benefactor.
How does receiving a scholarship award affect the recipient’s eligibility for other financial aid?
Total financial aid awards received through scholarships, grants, work-study and/or loans cannot exceed the cost of attendance at VCU for the financial aid award year. Receiving a scholarship could cause a reduction in other financial aid already received. If possible, loans would be reduced. Sometimes, however, it’s necessary to reduce work-study grants (with the exception of the federal Pell Grant) and/or scholarships. This practice is in accordance with federal regulations and institutional policy. If a student’s financial aid must be reduced because of receipt of a scholarship, they will receive notification from the Office of Financial Aid.
Can VCU accept a gift or award with the intent to achieve diversity within the student body?
Scholarships intended to achieve institutional diversity must be neutral regarding all protected classes; criteria may not be crafted to function as a proxy for protected characteristics.
Can I limit an award to individuals from certain countries or base the award on citizenship or legal residence?
Criteria based on national origin or ethnicity are prohibited. A donor may specify criteria that requires a demonstrated interest or research in the culture of a certain country. Donors may also specify that recipients be U.S. citizens or permanent legal residents.
Why can athletic scholarships be designated by gender?
Athletic scholarships, within certain parameters, are an exception in accordance with federal Title IX, which requires that female and male student-athletes receive athletics scholarship dollars proportional to their participation.