Scholarship assistance is critical to many FSU students as they work toward their educational and professional goals. With 82 percent of our students receiving financial aid, the demand for student assistance exceeds the available supply of dollars - projections show this trend will continue. To ensure the opportunity to become an FSU graduate, development of scholarship programs at the University is one of our top priorities. Individuals, companies and organizations have demonstrated their understanding of the importance of helping students, our future in the workforce, by establishing scholarships.
The donor, with assistance and guidance from the University Advancement Office, determines the name of the scholarship, the criteria for the award, the award date, the period of time the award is to be effective (i.e., one semester, one academic year), whether the scholarship is renewable and the amount of the award. Criteria factors include, but are not limited to, specific college or curriculum enrollments, grade-point average, financial need, traditional or non-traditional status, and special interest areas such as debate, athletics or music activities.
Scholarships may be funded in two ways: Funding designated to support the scholarship may be provided on an annual basis or an endowment can be established. An initial tax-deductible gift of $25,000 is required to establish an endowment so that sufficient interest is generated to fund the scholarships. Additional funds may be contributed to an established endowment at any time permitting increased individual awards or additional awards. Endowment funds are merged with the general investment assets of the Ferris Foundation for investment purposes, but the identity and value of individual endowments are preserved and designated on the Foundation's books and records in perpetuity.
Awarding of Funds
The selection process may include faculty nominations, an application form, written essay, or any one of these methods in combination with financial need. A faculty committee or University staff member selects the recipients. If financial need is a determining criterion, the faculty committee or staff member recommends candidates to the Office of Scholarships and Financial Aid for final selection.