What types of students will benefit from the Bentson Scholarship Challenge?
Awards will benefit only Pell-eligible students enrolled full time in freshman-admitting, undergraduate degree–granting units throughout the University of Minnesota system. If students’ Pell eligibility changes after they receive a scholarship, their awards through the Bentson Challenge program will continue. Recipients are not required to maintain a minimum GPA but are expected to make satisfactory academic progress.
What types of gifts qualify for the Bentson Scholarship Challenge?
Eligible commitments are outright gifts and pledges for new permanently endowed undergraduate scholarships of $50,000 or more. Pledges must be paid within four years. Qualifying gifts can also be made through donor-advised funds and IRA distributions.
What types of gifts do not qualify?
Future gifts such as bequests (including realized bequests) or estate plan commitments do not qualify. Nor do additional contributions to existing endowments. Only newly established undergraduate scholarship funds of $50,000 or more qualify for the program, which offers a one-time match per endowment.
Is there an advantage to making an outright gift versus a pledge?
Yes. An outright gift will result in more support for students. A fully funded endowment will support students faster because the fund will generate an immediate payout that the college can award to students.
Will I get to name and designate the scholarship I create?
Yes. Donors may name their new endowed scholarships as they wish. Donors may also designate use of the scholarships at the undergraduate degree-granting college or systemwide campus of their choice; however, preferences for academic departments, specific fields of study, or geographical location will not be possible.
Will my scholarship also need to be named for the Bentson Scholarship Challenge?
No. The Bentson Scholarship Challenge is only the name of the program that provides additional funding. It is not intended to be the name of the scholarships that qualify for the program.
When will students start receiving Bentson Scholarship Challenge funds?
Awards will begin in the students’ first year and will be available to them throughout their four-year undergraduate experiences. Recipients who transfer between undergraduate programs in the University of Minnesota system will continue to receive their Bentson Challenge support.
More questions? Contact us:
612-624-3333 or 800-775-2187