Determine the amount and number of scholarships you want to provide. Consider the amount you can afford as well as the cost of higher education. Decide whether you want to provide smaller awards to several students or one large award to a single student.
Establish the criteria for your scholarship. If you wish to donate money to poor students, include criteria based on financial need, such as a limit on the parents' income or provisions for students whose families are welfare recipients.
Also, because you want to target students with good grades, include a requirement for a minimum grade point average or other indicators of good academic performance.
Determine the application process for the scholarship. Create an application for the scholarship or simply draft a short description of the scholarship and the criteria. Include documentation you will require, such as transcripts, proof of income, college acceptance letters, letters of recommendation and personal statements.
Also include information about the selection criteria. For example, you might specify that the scholarship will go to the student with the greatest economic need or the highest grade point average coupled with need. Finally, indicate where students should send applications and the application deadline.
Determine the selection process for the scholarship. Consider whether you want to have the sole power to determine the winner or whether you want to establish a scholarship committee.
If you elect to have a committee, contact the people you would like to form the committee to make sure each is willing and available to participate.
Contact local schools to find out who provides students with scholarship information. If you wish to offer the scholarship to students at a specific school, contact that school and ask about how to distribute your scholarship information to students.
After you have collected the necessary information and received the proper clearances, provide copies of the description and/or application materials to the school for distribution to students.