Annual vs. Perpetual Scholarships
When individuals or organizations establish named scholarships with AFSA there are a few decisions that need to be made. Donations of lesser amounts that cease when the funds are depleted are called Annual Scholarships, and the minimum amount to establish such an award is $1,000. Donations of $20,000 or greater are called Perpetual Scholarships since this award is bestowed in perpetuity. This is possible because the principal is not touched, and the scholarship amount bestowed is the approximate interest generated annually.
Further, the donor – in some instances – has the option of establishing a scholarship under AFSA’s Merit Awards or Financial Aid Scholarship Programs. Merit Awards reward Foreign Service high school seniors (stateside or abroad) for their academic and art accomplishments and there is no need-based component to this prize. The Financial Aid Scholarships are need-based and intended for undergraduate college study for children of Foreign Service employees.
Finally, when an individual after whom a scholarship is named has died, the word “Memorial” is added to the scholarship name.
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