Q: What are the types of scholarships donors can create?
Donors may create a non-endowed (annually funded) or endowed scholarship fund at Penn State Abington.
Q: What are annually funded scholarships?
An annually funded scholarship has an immediate impact for students as it is awarded to student recipients as soon as possible after the gift is given. These are dollars in, dollars out: The donor gives $2,500 per year, and the student receives $2,500 annually. Annually funded scholarships can be named after the donor or someone the donor wishes to honor.
Q: What is the minimum gift required to create a named annually funded scholarship?
Annually funded scholarships may be created with a minimum gift of $12,500, which may be paid over five years in equal installments of $2,500, if desired. These are dollars in, dollars out: The donor gives $2,500 per year, and the student receives $2,500 annually. At the end of the pledge period, or after all funds have been distributed to students, the scholarship is terminated. Donors may renew their scholarships after their initial pledge is complete, and they may also create scholarships larger than the $12,500 minimum.
Q: Can a donor specify a preference to award a scholarship to a student from a specific geographic area, who has a high grade point average (GPA), or who has the highest level of financial need?
Yes, donors who create a named annually funded scholarship may specify one preference such as for academic merit (i.e. GPA of 3.0 or higher); a student who lives in a particular geographic area (county or state); or who has a high level of academic need.
Q: What are endowed scholarships?
Endowed scholarships allow alumni, donors, and friends to create a lasting, permanent legacy at Penn State Abington. An endowed gift at Penn State Abington is invested in perpetuity, and a portion of the average annual investment return is spent for the purpose designated.
An endowed scholarship can be created by a donor to recognize academic achievement and/or demonstrated financial need, and a donor may include some preferences (i.e. GPA, geographic location, etc.).
Q: What is the minimum gift to create an endowed scholarship?
The minimum is $50,000, which may be paid in annual pledge payments of $10,000. Donors may apply a corporate matching gift to the pledge payment if their employer provides one.
Q: What are endowed Renaissance Scholarships?
The Renaissance Fund offers Penn State’s alumni and friends the most affordable means of establishing an endowed scholarship at the University. A Renaissance Fund Scholarship may be created with a gift of $30,000, payable in up to five years. Currently, an endowment at this level will allow the Renaissance Fund to award approximately $2,000 per year to one recipient. It is renewable each year of the recipient’s Penn State education up to a total of $8,000 in support over eight semesters, as long as the student maintains a minimum GPA of 3.0 and continues to demonstrate financial need.
Q: If a donor doesn’t have $2,500 or more to create their own scholarship fund, can they still direct their annual gift to support student scholarships?
Yes! Gifts of $5.00 or more are pooled into the Abington General Scholarship Fund and are leveraged for students with financial need documented by a completed FAFSA form.
To give by credit card to the Abington General Scholarship Fund, click the “Give Now” button at the top of our home page at abington.psu.edu.
To give by check, make it payable to “Penn State” and mail it with “Abington General Scholarship” written in the memo line:
PENN STATE UNIVERSITY, ANNUAL GIVING
329 Innovation Boulevard
State College, Pennsylvania 16803
Q: Can a corporate match be applied to a new scholarship gift?
Yes! Ask us how a corporate match can help meet this minimum, and check if employers match gifts by clicking here or visit raise.psu.edu.
Q: How is an award different than a scholarship?
Financial need may not be considered for an award. Awards are intended to recognize a student for some achievement they have accomplished during the academic year; therefore, awards are made at the end of the academic year and are not intended to offset costs of tuition - awards are NOT mini-scholarships.
Unlike scholarships, awards cannot include preferences beyond the one awarding criteria. For example, an award could be given to a student who excels in their major, but not be given to a student based on their geographic area or financial need. No preferences can be included in an award because an award is based on one required attribute.
Examples of awards at Abington include:
- Ayoub Mathematics Achievement Award at Penn State Abington
- Dr. Ross Brinkert International Travel Fund
Please note, any awards targeting Athletics need to be discussed with Development staff, as they may be subject to NCAA restrictions.