Scholarships are at the core of Bold.org’s mission to make education accessible to all. Whether you're renewing an existing scholarship or starting a second one, both approaches contribute meaningfully to supporting students in need. Below, we’ll explore the difference between renewing a scholarship and creating a new one, and how each plays a key role in fulfilling Bold.org's mission.
Renewing a Scholarship: Ensuring Continued Impact
Renewing a scholarship allows you to maintain a consistent level of support for students under the same guidelines and structure you've already established. By renewing, you continue the legacy of your original scholarship, ensuring that it remains available for another round of applicants without making major changes.
What Renewal Means:
Consistency: You retain the scholarship’s original name, eligibility criteria, and award amount (although you can adjust details if desired).
Sustained Support: Your renewed scholarship continues to make an impact, supporting students with each new application cycle.
Efficient: The renewal process is quick and simple, allowing you to seamlessly extend your scholarship’s reach.
When to Renew: If your scholarship continues to meet your goals and you want to support the same types of students, renewal is the perfect option. It's a great way to provide ongoing opportunities without starting from scratch.
Starting a Second Scholarship: Expanding Your Impact
If your goals have evolved, or you’d like to honor a new cause or target a different group of students, creating a second scholarship might be the best option. Starting a new scholarship allows you to diversify your giving and tailor your contributions to new needs.
What a Second Scholarship Means:
New Focus: You can create a scholarship with a different name, new eligibility criteria, or an adjusted award structure. For example, you could start a scholarship for a different academic field or to honor a new person or cause.
Broader Reach: By creating an additional scholarship, you can reach more students and address new areas of need.
Flexibility: Launching a second scholarship allows you to explore different avenues for giving, whether you want to focus on a new region, subject, or group of students.
When to Start a Second Scholarship: If you want to change the scholarship name, target a new demographic, or set different eligibility requirements, starting a second scholarship gives you the flexibility to do so. It’s an excellent way to expand your philanthropic efforts and broaden your impact.
How Both Support Bold.org’s Mission
Both renewing an existing scholarship and starting a second one are critical to Bold.org’s mission of creating life-changing educational opportunities. Scholarships provide much-needed financial aid to students, and both approaches—renewing and creating new ones—help keep that mission alive. Renewals offer stability and continued support, while second scholarships allow for growth and diversification of impact.
By choosing either option, you’re contributing to a brighter future for students and helping them overcome financial barriers to education.
What's Next?
For more details on how to renew your scholarship or start a second one, check out the following articles:
If you have any questions or need further assistance, feel free to reach out to our Donor Team at donors@bold.org. We’re here to guide you every step of the way!