If you wish to spend your money for a noble cause, the best thing is to sponsor a needy and deserving child so that he completes his education and leads a good life. For this, you will have to learn how to set up a scholarship fund so that you can select the right candidate through proper channel. There are different types of scholarship funds and so, you will have to decide whether you want to set up a memorial scholarship fund, alumni scholarship fund or some other one. Once the reason and type is clear you need to find the name for your fund so that students come to know about it and apply as well.
Memorial scholarships are set up to give tribute to any honorable and memorable personality who is no more in this world. However, a scholarship fund can be easily set up by any individual or by an organization. It might seem to you as a very daunting task at first glance, but if you proceed cautiously you will be able to set up with not much difficulty. You need to have a right combination of money and planning. Once you have decided the name, you need to decide the money you are going to offer to the students.
When going through the process of finding how to set up a scholarship fund, you should also decide whether the money will be funded by you or you are going to depend on donations. Go through the legal issues also and make sure your scholarship fund is established and operated within the boundaries of your region or state laws. Fix the eligibility criteria so that students who fulfill the criteria can apply for the scholarship program.
Set conditions and amount that you will prefer going to students each year. Also mention, whether the scholarship is renewable or not and under what conditions. Last but not the least you should also mention whether your scholarship fund is a one time gift for students or you are going to give award money every year. Follow the tips for how to set up a scholarship fund and proceed.