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Creation of endowed scholarships occurs when a donor gifts money to Southeast to create a scholarship fund. These donors may be alumni, businesses, community members, faculty/staff or other individuals who want our students to succeed academically and financially.
Beginning freshmen will be considered for these awards as part of the regular financial aid process; awarding for fall begin the previous December and continues until the fall semester begins. Continuing Southeast students will automatically be considered and notified beginning in May. While not required, completion of the FAFSA is recommended since some endowed scholarships require demonstrated financial need, as indicated by the FAFSA.
Although a separate application is not required for Endowed and Sponsored Scholarships, admitted students may receive a notification that they meet the requirements for certain awards that require additional information.
Restricted scholarships are funds which are awarded each year by the Foundation to deserving students. Funding for the scholarship can be one-time or annual. Restricted scholarships provide the opportunity for donors to name the scholarship in their honor, in memory of a loved one, or a business or organization. Donors are also allowed to establish the criteria for awarding the scholarship.
Endowed scholarships are long-term, perpetual funds that generate annual income, a portion of which is awarded each year by the Foundation to deserving students. The minimum principal required to endow a scholarship is $10,000, which may be paid through one gift, over time or by bequest. At the time the scholarship is fully endowed, a pre-established portion of the income will be used to make the annual scholarship awards.
The Foundation’s current policy allows five percent of the principal balance to be awarded each year. Additional earnings on the endowment are added to the principal to allow the fund to continue to grow. Contributions from any source may be added to scholarship endowments at any time.
Benefits of establishing an endowed scholarship include: