Scholarship Management Services
Administration for Scholarship Programs
Scholarships are big business these days. And because they have the power to attract customers, stimulate business and bulk up a company or organization’s community presence, they are fast becoming a necessary component for business and industry. But the scholarship process, from beginning to end is also a big business.
The process must be handled both online and off and because most programs are very visible and competitive, thousands of applications must be sorted and either qualified or disqualified. While your local business may offer a scholarship, it may not have the manpower to manage the program. Enter a scholarship management service.
Function of a Scholarship Management Service
Large-scale scholarship management services (SMS) provide everything but the kitchen sink to "scholarship sponsors," such as businesses, colleges and universities, and professional and philanthropic organizations. Their databases are designed and built to integrate both hardcopy and online processes, as well as manage the financial end of scholarships. Also, talk about an arena in which there could be questionable practices and accusations of bias. A SMS is positioned to shoulder the complete burden of a scholarship.
Scholarship America
Scholarship America markets itself as "the nation’s leading scholarship program administrator." The not for profit organization is certainly one of the most visible with almost a 50-year history of helping students locate money, inspiring local communities to keep scholarship dollars close to home through their Dollars for Scholars program, and professional management of scholarships from both large and small sponsors. Annual fiscal reports are available online and serve to underscore SA’s expertise as a leader in their industry.
Besides management services SA programs include:
- Families of Freedom 2 established in partnership with AXA financial solicits donations and provides scholarship funds to students affected by the 9/11 Disaster.
- Collegiate Partners program enlists nearly 500 colleges and universities in its affiliates pool to match scholarship funds, especially necessary for the Dollars for Scholars program.
- Dollars for Scholars program corrals over a 1,000 "grassroots" organizations nationwide all focused on fundraising. The goal is to raise money for local scholarships.
ACT
ACT is an internationally recognized program management non-profit that functions within both educational and professional sectors. ACT has its hands in the works for programs that belong to "elementary and secondary schools, colleges, professional associations, businesses, and government agencies." For post-secondary institutions, ACT offers recruiting and retention services. However, as far as scholarship management services go, its Recognition Program Services (RPS) handles such specialized processes. In combination with scholarships RPS also effectively administers tuition reimbursement programs. High-level scholarship clients managed by ACT/RPS include, Dell, Goldwater Scholarships, Hispanic Scholarship Fund, and KFC Scholarships.
Oregon Student Assistance Commission
Oregon Student Assistance Commission (OSAC) sells their administrative services to "over 200 privately funded" scholarship sponsors who otherwise would not be able to handle their own programs. Yes, OSAC manages its own state programs, but also the programs of "private donors." OSAC scholarships are used for resident students. OSAC may be asked to provide marketing and advertising, funds management, criteria and application design, selection processes and funds payments, as well as disclosure of annual financial reports. In return OSAC charges up to 10% of the scholarship award for its services.
Adjunct programs of OSAC include its Get College Funds website, a database of OSAC scholarships, and ASPIRE, a searchable database of volunteer and mentor organizations that train students to "envision a future of possibilities beyond high school."
