- 1). Choose whether you would like to establish a grant or a scholarship. Scholarships are typically awarded to those who demonstrate advanced academic achievement. On the other hand, grants are given to those who are in need of financial assistance, but they may not necessarily display academic merit.
- 2). Decide on the criteria that must be met in order to be given the grant or scholarship. Example criteria for a grant might be a certain net income as well as enrollment in a fashion-related major. For a scholarship, you might require a certain grade point average within the fashion program. Scholarships or grants could be awarded for tuition assistance, as part of an internship working with a fashion designer, or could be given as part of a study abroad program to study design in one of the fashion capitals of the world such as Milan, to name a few examples.
- 3). Set up a plan for the funds. You will need to determine how often the funds will be distributed as well as how much will be distributed. For example, the funds could be distributed at the beginning of one or each semester or distribution could correspond with notable projects within the fashion-related major.
- 4). Name your grant or scholarship. You can set either up in someone's honor by using their name or you can use a title that also explains the purpose by including something about fashion or fashion design in the name.
- 5). Determine who will distribute the funds. You can have the grant or scholarship be given through whichever department handles fashion-related majors within the school or university and a committee can be established to select to whom the funds will be awarded.
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