Scholarship programs are the most common way of awarding money to students for educational purposes. Scholarship programs range in size from small, local awards that generally have between 1-10 winners and offer between $50-$1,000 per year to large, national programs that can offer several hundred awards between $1,000 – $10,000 each.
Many businesses and offer scholarships to employees and associations often have programs for members and their children. Gift-giving organizations believe scholarship programs are a great way to support their communities and specifically local students and schools. Some programs focus on diversity, and try to meet the needs of underprivileged applicants. College financial aid offices manage the scholarship programs for their respective schools, mostly comprised of endowed scholarships.
Companies offer scholarships to employees and their children to strengthen community relations, for corporate recruitment and to build marketing and brand awareness. Scholarship management companies like ISTS increase the objectivity and enhance the credibility of the application and selection processes.
For most organizations, however, the burden of the administrative workload associated with a scholarship program is a challenge. ISTS offers full-service scholarship program management and creates peace of mind for scholarship providers that choose to use our services. Some organizations opt to hire expensive temporary staff to offset the additional workload before learning about the option to outsource. ISTS can save these organizations an average of $140 A DAY!