With an unrestricted scholarship, whether endowed or annually funded, you still have the choice of what to name the scholarship. Unrestricted means the scholarship can be given where it is most needed.
Who Chooses the Recipient?
Dedicated faculty and staff members who spend time with students decide who will receive an unrestricted scholarship. These selection committee members hear students’ stories and learn about special needs in students’ lives. They have the chance to recognize special talents and strong character traits, and they see opportunities to attract unique students to UIS, students who will elevate the entire student population.
Our faculty and staff will almost always be able to find students who need and deserve help as they pursue their dream of a college education. An unrestricted scholarship allows them to provide that help—making it especially powerful.
A Special Emphasis of Access Illinois
Unrestricted scholarships are so powerful and so needed for undergraduate students with financial need that U of I President Michael Hogan has offered a special matching program for unrestricted scholarship gifts.
This exciting new matching program could double the impact of your gift.
When you give an endowed scholarship, you give UIS a self-renewing resource that the University holds in perpetuity (forever). Instead of being spent, endowed gifts are invested, and the earnings from these investments help fund the scholarship.
Only part of your endowment’s average annual investment return will go to fund the scholarship. The remainder gets channeled back into the scholarship fund so that the fund—this is wonderful!—actually grows over time.
Your endowment will be a source of permanent financial support for UIS above and beyond the income generated by student tuition and fees. As our endowment grows, so does our strength and stability. And, best of all, your named scholarship will endure.
You Name the Fund and Choose the Criteria
You can give the fund your own name, or you can honor a loved one, a professor you particularly admired, or someone who has meant a great deal in your life. You choose.
You can choose the criteria by which that student will be chosen. (You do not, however, select the actual student who receives your scholarship).
During the Access Illinois scholarship initiative, if you choose unrestricted scholarship support for undergraduate students, your gift could qualify for the university’s special matching program.
Establishing the Scholarship
Our gift officers will lead you through the process of establishing a scholarship, explaining levels of endowment, and the different ways you can give, as well as answer questions and work with the University of Illinois Foundation to create a fund agreement for you. Call the UIS Development Office at 217.206.6058, or vist the Development website.
For a gift of at least $2500, you can create a current-use, or annually funded, named scholarship. During the next three years—the length of the Access Illinois Initiative—your gift of at least $2500 will be matched dollar for dollar if it meets the matching program requirements.
The fund is called current use because the money is given right away—within the next year—to a student who meets the scholarship’s criteria. You can choose to give once, or every year afterwards.
Benefits of a Current-Use Scholarship
- You get to name the scholarship.
- You get to choose the criteria for the scholarship.
- You get to choose how long the scholarship will be given. If you want it to continue, you will have to give another gift each year.
Frequently Asked Questions
How to Create Your Own Scholarship
You have special reasons for giving a scholarship, so you deserve special and personal attention as you plan your gift. Please contact the Office of Development by phone at 217.206.6058 or by email at firstname.lastname@example.org to set up an appointment. You can also contact the University of Illinois Foundation by phone at 217-333-0810 or by email at email@example.com. We are here to help you create access for a deserving UIS student.