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Do students need scholarships?
Absolutely, many Delaware Tech students require financial aid assistance from the College each year. While a large portion of this assistance comes from state and federal support, the Foundation, through its numerous scholarship accounts, provides substantial financial aid assistance to students college-wide. Scholarships can be used to help cover the costs of tuition, fees, books, etc. They may also help students with other special needs such as transportation, child care and housing. Many of these students are busy parents trying to better the lives of their family through education.
What is the cost to attend Delaware Tech?
Tuition and fees for a full time in-state student are approximately $1550/semester. Books and supplies average an additional $750/semester. Tuition for an out-of-state student is 2 1/2 times the in-state rate.
How does a student or potential student apply for the scholarships?
Students may request scholarship applications by contacting their campus Financial Aid Office. The available scholarships are listed on the Financial Aid offices web page and in a scholarship brochure.
How are scholarship recipients awarded?
Scholarship recipients are identified by a Scholarship Committee using established criteria. Criteria for awarding scholarships can include conditions such as financial need, academic achievement, or potential, community service and leadership, pursuit of a particular course of study, residence within a particular locale. The committee is skilled at "packaging" various types of financial aid that students may receive in order to help meet their differing financial needs. IRS regulations prohibit recipients from being selected by donors or identified in advance.
How much does it cost to set up an endowed named scholarship?
Gifts of $20,000 qualify to be maintained as permanent scholarship endowment funds of the Foundation which may be named according to the donor's wishes.
Can donors set the criteria for an endowed scholarship?
Donors who create scholarship endowments can specify criteria for scholarship awards. The donor and/or a person (or family) may receive recognition in annual reports and a donor tribute brochure. A printed flyer can be created at the donor's request to memorialize a named scholarship account (the flyer would be distributed to the recipients of the scholarship).
How much would be awarded to the students if it is an endowed scholarship?
All endowed scholarship monies are commingled with the assets of the Foundation's endowed accounts for maximum investment return. As an example, a 5% return on investment for an endowed scholarship with an average value of $20,000 would generate $1,000 per year, and hopefully more as the principal grows through prudent investment or additional contributions.
Can I continue to grow the scholarship endowment after the initial donation?
Once an endowed account is established, the account can receive contributions through a variety of sources including individual gifts, the Employee Giving Campaign, and the Annual Giving Campaign.
How will I know how much my scholarship donation has grown?
Separate accounting is maintained for each scholarship endowment and an annual account statement is provided by the College to the donor showing investment income, scholarship fund distributions, fees and any additional deposits that were made to the scholarship account.
Can I donate the $20,000 over time?
The $20,000 minimum can be achieved by making gifts over as many as four years. This arrangement must be formalized with a pledge agreement signed by the donor. If the minimum is not achieved within four years, any remaining balance will be transferred to the unrestricted scholarship account. Exceptions may be made for donors wishing to establish an endowment incrementally over a period of more than four years with the prior approval of the President of the Foundation. If scholarship donors wish to begin making immediate distributions to students, but have not yet contributed the minimum $20,000 required for an endowment fund, a non-endowed scholarship account can be created for up to four years to enable distributions of at least $1,000 per year to be made for students.
What if I wish to make a donation that is less than $20,000?
While the Foundation places an emphasis on endowed gifts with a minimum of $20,000 which provide sustainable income, it also accepts smaller gifts for scholarship purposes.
For scholarship gifts between $5,000 and $20,000, the donor and a person (or family) to be honored will be recognized in its annual report, donor wall, in the donor tribute brochure, etc. Donors may specify criteria for their scholarship.
A non-endowed scholarship account will be established for the designated purpose. After four years, any remaining balance will be transferred to the unrestricted scholarship endowment account per terms set forth in the Donor Agreement. Exceptions may be made when fulfillment of intended purpose necessitates a longer period with the prior approval of the Foundation President. At any time during this period donors may choose to convert their account to a permanent scholarship endowment by increasing its principal to $20,000 or above.
What if I want to make a donation of less than $5000?
Gifts less than $5,000 designated for scholarships not for a particular purpose or account will be deposited into the non-endowed general scholarship fund. You can also donate any amount to an existing fund account.
Can I designate which Delaware Tech Campus receives the scholarship?
Yes! Scholarships can be campus-specific.
What do I receive?
You receive gratification for helping students pursue their educational goals. Your donation is tax deductible. Communication about your scholarships recipient.