“Current use” or “term” scholarships refer to student aid that is intended to have an immediate impact by being awarded, generally, within the next 6-18 months, in conjunction with Suffolk’s financial aid calendar. If a donor wishes to provide additional years of student support, the funding would need to be replenished.
Donors who pledge $25,000 or more, to be paid over five years (for example, $5,000 per year), may name their scholarship. Gifts may be made online. If you have questions or seek to name a scholarship, please contact Anika Kaiser Wahidi, Development Associate via email or at 617-305-1900.
Endowed scholarships provide longer-term support for an area of the University that most interests you. Donors may establish scholarships for student-athletes, students in particular majors, or those affiliated with special programs. Scholarships may also be created to recognize cherished family members or friends, favorite faculty members, a mentor, a Suffolk student organization, or other initiatives.
Endowed scholarships have an enduring impact, whether they are allocated for a specific purpose or program or to meet student financial need. Students may have their scholarship renewed for additional years, providing the added benefits of recognizing their achievements and building their confidence.
Endowed funds are invested by the University and grow over time, thus providing a permanent source of income. The University typically allows for 5% of an endowed fund to be spent annually. (This rate can vary.) For example, a $75,000 endowed scholarship may award $3,750 in its first year.
The minimum contribution for an endowed fund is $50,000, which may be donated all at once or over a period of up to five years. The first award to a student from an endowed fund is typically made in the academic year following the year the gift is made. From that time on, the benefactor will receive a yearly financial report on their endowment, as well as information about the student(s) who benefited from the scholarship.
An Advancement staff member will be happy to assist you in establishing an endowed scholarship fund. If you do not have an Advancement liaison, please contact Anika Kaiser Wahidi, Development Associate via email or at 617-305-1900, and she will put you in touch with a member of our Advancement team.
