Scholarship Discussion

1. Types of Scholarships
   
   
1. One-time scholarships - Funds handled through University Advancement and Financial Aid, normally Banner FOAP not established.
   
   
2. Annual Scholarships - Funds handled through the department or financial aid. Money is received each year to fund one or more scholarships awarded to
   Banner FOAP established and maintained.
   
   
3. Endowed Scholarship - Funds handled through the department or financial aid. Funding comes from Endowment accounts held by Ferris Foundation. Banner
   FOAP established and maintained.
   
   
2. Determining the Award Amount & How Much You Can Award
   
   Each year, endowed scholarships are awarded earnings that can be spent. The
   awarded earnings is added to any existing balances to determine total funds that can be awarded.  As the year progresses, departments must review the scholarship
   account to determine if the endownment earnings transfer has been made (transfer amount included in the current balance) and if any outstanding awards have been made.

   Endowment letters are sent to the Dean each spring indicating endowment award amounts available for transfer after the start of the fiscal year (7/1/XX).

3. Resources for Help

Contact:  Teresa Allen
Email Address: allent16@ferris.edu
Phone Number:  (231) 591-2156

Last modified: 11/08/2007