Giving to Scholarships at Wisconsin Lutheran College
- Have you ever thought that you might like to honor a family member or mentor by funding a scholarship at WLC?
- Do you have the desire to help a student financially so that he/she might attend WLC?
- As a student, did you receive financial aid and feel compelled to "pay it forward?"
The Bilitz family recently established an annual scholarship. Check out the video to hear their story!
Here are some things to consider in making a decision . . .
Benefits of creating an Annual or Endowed Scholarship
- Donors will have the satisfaction of knowing that they are supporting students at WLC as they prepare to be the next Christian leaders for their churches, families, communities, and workplaces. Each year, 98% of WLC's student body receives some form of financial aid.
- Donors receive a thank you letter and will be invited to the annual scholarship event to meet their scholarship recipient(s).
- It is the expressed hope of WLC that the scholarship recipients will realize the gift they have been given through their scholarship to the extent that they will, when they are able, contribute to WLC scholarships as alumni.
- Donors will be recognized in the WLC Annual Report.
- Donors will qualify to be a member of WLC's Servant Leader Society.
Creating a Named Scholarship
- When scholarships are created, donors can name a scholarship to honor or memorialize family members, friends, professors, or mentors from all walks of life.
- The donors can reflect their passions and interests by indicating what type of student receives their scholarship. The scholarship can be designated for a specific type of student, e.g. a nursing major, education major, etc., although many donors allow the financial aid director to distribute the money as needed. It's the donor's choice!
- Donors will have the choice as to whether they wish to fund an annual or endowed scholarship.
- Other contributing family members or friends need to specifically designate any gifts to that scholarship. Matching gifts also are directed to the scholarship.
- A Memorandum of Understanding will be placed on file to ensure the terms of the donor's scholarship are being carried out.
What's the difference between Annual Scholarships and Endowed Scholarships?
Annual Named Scholarships:
Donors can create an annual named scholarship at WLC by making a yearly gift totaling $1,000 or more for that purpose. This scholarship will continue to be awarded as long as the donors contribute to the scholarship at the $1,000 level annually.
Endowed Named Scholarships:
- An endowed scholarship can be started at any time with a minimum of $1,000, although the amount required to fully endow it is $25,000. The scholarship monies will first be distributed to a student one year from the date when the scholarship reaches $25,000.
- An endowed scholarship is permanent and will fund a scholarship annually, forever.
- When the scholarship totals $25,000, the donor will become a permanent member of our Ella Post Legacy Society because the scholarship qualifies as an endowed or continuing gift. The donor also may qualify for the planned giving society if the donor arranges to augment the scholarship by way of his/her estate plan (trust or portion thereof, percentage of will, life insurance policy, etc.).
- The principal is preserved. Four percent of the earnings are used for student financial aid. Any income above the four percent is reinvested into the endowment fund for the scholarship. The endowed scholarship will grow over time by way of reinvestment, additional contributions, and funding through estate plans. As the scholarship grows, so does the financial support for students.
The cost of a college education continues to rise. With the current challenging economic times, students need scholarship support now more than ever. Your generosity will make a world of difference to the next generation of Christian leaders who wish to attend WLC. We are hoping these students can count on you!
If you have any questions about establishing a scholarship, contact a member of the development staff.