endowed and current use scholarships
What is a scholarship?
Scholarships are funds established by Individuals, families, businesses, or groups of donors to provide aid to students in the Diocese of Joliet. The Catholic Education Foundation manages over 30 scholarship funds created by donors. Scholarships may be named in someone’s honor or memory - a friend, a teacher or loved one. The Catholic Education Foundation offers two kinds of scholarship funds: endowed scholarships and current use (unendowed).
Endowed Scholarships
An endowment is a permanent fund, often named for the donor(s) or other individuals. Endowed scholarships exist in perpetuity and often grow in size. An endowed scholarship is created with a minimum gift of $25,000. Endowed scholarships may be used for general use scholarships or for special restricted purpose. Endowed scholarship award amounts are determined by the Catholic Education Foundation scholarship committee policy.
Donations can be added to the endowment at any time to grow the principal, thereby increasing the award amount.
Current Use (Unendowed) Scholarships
Current use scholarships require a minimum donation of $5,000 and can be spent in the same it is established. The scholarship allocation is dependent on the donor’s interest and level of donation. This type of donation may not earn interest. Additional gifts can be added to the fund. This scholarship is terminated when the fund balance has been fully spent and additional gifts are not received.
How are scholarships awarded?
Families apply online for scholarships through a third-party financial grant management company. Scholarship applications are reviewed, and the Catholic Education Foundation distributes awards to the students’ schools. Distributions from endowed scholarships are made according to the specified requirements of each fund. For example, an endowed scholarship might be restricted to an eighth-grade student enrolled at St. Joseph’s school in Downers Grove.
The McShane Family Scholarship Fund is a current use scholarship fund restricted to Latino students attending St. Mary School, Plano.