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How do I setup a scholarship fund for one individual for many years?

Troy - 2009-02-26 00:29:53 - Financial Aid

I want to be able to setup a scholarship fund for a younger child, 5 years of age, to be able to attend a private school. The yearly costs for the student to attend is $3,200 a year, and the only parent of the child can not afford this cost. Is there a way to setup a scholarship for just this one particular individual throughout his schooling?

Best Answer:

check in your area if there's any local bank that can set up a trust fund for the kid for this purpose. it will entail an investment and payout plan until the purpose is fully achieved. make sure the contract is notarized. if there's none in your area, there's an option here in the philippines called pre-need. it's basically like an insurance plan but meant for paying tuition fees from pre-school to college. check online and ask them if any pre-need firms here can accommodate you. if there are, go with the major ones that have been around since the 70s. they're heavily regulated to protect planholders. good luck

Answers:

Ask your tax attorney or specialist. It may involve setting up a foundation or trust. Good luck.

check in your area if there's any local bank that can set up a trust fund for the kid for this purpose. it will entail an investment and payout plan until the purpose is fully achieved. make sure the contract is notarized. if there's none in your area, there's an option here in the philippines called pre-need. it's basically like an insurance plan but meant for paying tuition fees from pre-school to college. check online and ask them if any pre-need firms here can accommodate you. if there are, go with the major ones that have been around since the 70s. they're heavily regulated to protect planholders. good luck

be resourceful

If you are talking about one specific person, like bobby joe down the street, then set up a high interest savings account through your bank and put in enough money that you would be able to make $3,200 a year off of it. Good luck!