College Scholarship Agreement

Below is a draft of a College Scholarship Program for parents of high school seniors to write up an agreement regarding how they will fund their child’s post-secondary. Adjust it as needed. Soften it in some areas, beef it up in others. Perhaps parents only want to pay for two years of school or the child already has a tattoo. The basic parts of the scholarship are here: how to qualify, what is covered, and how to maintain the scholarship. When you edit this to create your own scholarship for your child, you determine what works best for your circumstances. The ultimate goal is to have something set up ahead of time, to minimize any misunderstanding down the road.

Introduction
This College Scholarship Program was conceived to help get the recipients off to a good start in life. The shift in the American economy away from agricultural and manufacturing related careers has put an even higher importance on a college education. Due to the quickly rising cost of higher education, the Board of Directors (‘your name here’, hereafter referred to as “the Board”) created the College Scholarship program (hereafter referred to as “the Scholarship”) to pay college expenses.

Who Can Qualify?
Certain qualifications are required to receive the Scholarship. The Board wants only Students serious about a successful college experience to apply for the Scholarship. In addition the Board feels that supporting Students that are not adequately prepared for college is not a good use of resources. With that in mind there are several requirements applicants must complete prior to receiving the Scholarship.

High School Diploma
High School Cumulative GPA of 3.5 or better. (On the 4.0 scale)
Complete these High school requirements:
High School Sports (2 seasons)
Music (2 years)
AP classes (2)
Foreign language (2 years)
Math (4years) (AP Calculus grade 12)
Science (4 years) (Chemistry (CP), Physics (CP), Biology (preferably CP))
English (4 years) (Honors English grades 9-11)
Social Studies (4 years)

What is covered by the Scholarship?
This Scholarship will cover the cost of tuition, books, fees, room and board, for eight semesters at one of the fine public institutions for higher education in the state of “insert your state’s name here”. Scholarship recipients that choose to attend an out of state or private school will be responsible for all additional costs. The benchmark for determining these costs will be the “insert University name here”. Each Student will be responsible for “spending” money. The Board will reimburse covered expenses following the completion of each semester. This means freshman Students must cover their first semester expenses in full. Reimbursement for spring semester costs will be paid at the start of the fall semester. This Scholarship can be used at almost any four-year college or university towards a BA or BS degree. The Board must approve all school choices.

Scholarship Terms and Conditions
Students that are awarded the Scholarship must meet some basic requirements in order to continue to receive the Scholarship benefits:
College GPA of 3.0 or better per semester (on the 4.0 scale)
Show continued progress towards a degree.
Stay in school. (NO time off to find yourself)
Stay single (un-married)
Stay child-free (NO pregnancies)
Stay out of jail (NO arrests, NO convictions)
Stay unmarked and unaltered (NO tattoos, NO additional piercing)

A few notes concerning these requirements. About the “Stay in school” requirement, after graduating from high school, the Student will have 4 calendar years to use the Scholarship benefits. The “College GPA” requirement is on a per semester basis, costs will be reimbursed for each semester with a qualifying GPA. Failing to meet any of the other requirements will result in forfeiture of the Scholarship and are under the sole discretion of the Board.
Graduation Bonus Account

To motivate Students to work hard in high school and be properly prepared for college the Board will create a Graduation Bonus Account for each Scholarship recipient. All amounts paid on behalf of the Student from other scholarship sources will reduce the benefits paid by the Scholarship. An amount equal to any outside scholarship payments will be paid into the Graduation Bonus account. After college graduation this money will be available to the Student for a variety of uses. For example: to pay off a Student loan, to use for continued post graduate education, to fund certain investments after you start your career. (house, retirement accounts etc.) This money can’t be used for: traveling, vacations, weddings, cars, or debts not related to your education.

Disclaimer:
The terms and conditions to qualify for and receive this Scholarship are under the sole direction of the Board of Directors and are subject to change without notice. All decisions by the Board are final and cannot be appealed.

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