Dollars for Scholars - a Division of Scholarship America

FAQ's:

1. How are scholarship winners chosen?

   Some students are awarded college scholarships while other students are facing the rising costs of college tuition on their own. Dollars for Scholars applicants are asked to go through a very thorough application process. The information provided is intended to shed light on each student’s personal situation as it relates to affording the high cost of college tuition. This process takes into account the student’s federal and collegiate funding so as to maximize multiple scholarships without jeopardizing the chance for being awarded any assistance.

   Scholarship recipients submit applications to the guidance department which are converted into points by the Director of Guidance and Counselors. Grades, SAT scores, activities, work and other factors are worth points governed by our national organization. Each student is then given an identification number which is known only to the Guidance Director. The Selection Committee is made up of Dollars for Scholars Board of Directors and Sponsors of Memorial Trust Funds. No member of the selection committee is related in any way to the candidates and no member is aware of the identity of the applicant; as they are identified only by number and type of institution (e.g. 4 year, 2 year etc.). The student’s financial information is provided to us by Scholarship America in a similar fashion to the Federal Financial Aid process. All applicants and their parents sign a form, legally attesting to the truthfulness of their statements. Selection is mainly based upon need but merit plays a role in the process.

2. Do I need to have straight A’s to get a scholarship?

   No, Although grades and SAT scores are taken into consideration, there must first be a demonstrated need for the money.

3. How do I make a donation off line?

   Did we miss you? If you were not called, were out of town during the Dinner Dance, or do not know how to golf, and you would still like to make a contribution, please feel free to click on the “Donate Now” section of this site where you can enter your credit card information through our secure e-commerce site. If you would prefer to donate offline, please click here for our offline donation form.

   Your contribution is greatly appreciated!

4. How can I become a member?

   If you are a past recipient, a parent of a recipient, or are part of the Salem Community, please join us in our continuing effort to provide scholarship assistance to students. Each year the task gets more difficult and we need help to secure funds, manage events, or simply provide assistance. You can play any role you wish: large or small, but please consider joining us. We cannot do it alone!

   For more information on how you can participate you may contact any member of the Board and they will gladly assist you. Or you can leave your name and number with the SHS Guidance Department at (603) 893-7069 and someone will contact you.

5. How to establish a memorial fund?

   You may perpetuate the name of a loved one by selecting one of our three various Memorial Fund Programs:

   Permanent Fund Memorial Scholarships - $3,000 minimum
   Annual Memorial Scholarship Program - $500 minimum
   Dollars for Scholars Memorial Honor Roll - No minimum

   If you are interested in establishing a Memorial Scholarship Fund, or making a one time donation in memory of a loved one, please contact the Secretary of the Trust Funds at memorialtrustfunds@dollarsforscholars.org.

   If however, you wish to start a fund at the time of bereavement, it is not necessary to contact Salem Dollars for Scholars immediately. At the request of the next of kin, the funeral director will include, in the obituary notice, “Donations may be made to Salem Dollars for Scholars in one of two ways: Mailing a check to P.O. Box 297, Salem NH 03079 or by travelling via the internet to our website at www.DollarsForScholars.org” This statement will quickly notify family and friends of your wishes. When ready, (usually after a few weeks), the family may contact Dollars for Scholars directly. The family’s wish as to the type of memorial desired can be determined at that time.

6. How much money is investing in your trust funds?

   

7. What are the differences between the three different scholarship funds?

   Permanent Memorial Funds- If you would like to perpetuate the memory of a loved one in a way that would provide a scholarship award each year to a local student, consider creating a Permanent Memorial Trust Fund. Donations totaling $3,000 are required to establish a permanent memorial fund. The donated money will be invested in an endowment program by Salem Dollars for Scholars, and will be used to provide a scholarship each year on behalf of the fund bearing the name(s) of the loved one(s).

   The endowment program works on a simple concept. The original money gift is invested, along with all of the other funds in an interest-bearing account. Each year the interest generated by the investment is awarded as a scholarship. The original amount or “principal” remains in the interest-bearing account to generate more interest, which in turn will be awarded the following year. Funds must total $3,000 before they generate a yearly scholarship.

   Annual Memorial Funds- A one time donation of $500.00 (minimum) to give a one time scholarship dedication

   Honor Roll Funds- Donations received as “one time” gifts. Your donation will be permanently listed on the honor roll scholarship.

8. Why establish a Memorial Fund?

   
   Funds may be established in memory of a loved one who has passed away.
   Funds may be established to recognize the commitment of your business, club or organization to education.
   Corporate Fund scholarships may be established through our Business and Professional fundraising drive.
   Funds may recognize retirements or major events.
   The main reason for establishing a fund is to help students fulfill their educational needs.

9. What if my Fund does not equal $3,000?

   Funds that are started and do not reach the $3,000 goal may be allowed to grow over a few years. All of these smaller funds are combined to award the “Dollars for Scholars Honor Roll Scholarship” until they reach the required amount. Once they reach the required amount they are then established as a Permanent Fund Scholarship.

10. How do funds grow?

    A fund grows when additional principal monies are contributed directly to the Fund. Many individuals, clubs, organizations and businesses earmark their annual appeal contributions towards a specific fund. Some fund sponsors conduct fund raising activities on their own throughout the year and some businesses will match their employees’ contributions (so don’t forget to ask your employer how this can be made possible).

11. Can I simply contribute to someone’s Memorial Fund or the Dollars for Scholars General Fund?

    If, at this time you have no interest in establishing your own fund, check out the list in the “Memorials” section of this website. You will see the names of all those individuals in which a donation was made in honor or memory of. You may also attend our annual Memorial Dinner Dance and earmark the proceeds (after expenses) of your ticket cost to the fund of your choice.

12. It seems like Dollars for Scholars has so much money, why should I donate?

    The hard work and generosity of the many people from the Salem community has allowed the scholarship foundation to grow and become financially stable. Each year we strive to give out all of the interest from the funds that were established the past year dating back to January 1969. This strategy has built a program that will exist forever. There are two factors that are constantly changing: The cost of college education and the number of students attending college.

    The cost of a college education is rising at a staggering rate. The cost of public education (such as UNH) exceeds $20,000 a year while private institutions (such as Boston College) can reach over $ 50,000 per year. Over the years the number of high school students pursuing post secondary education has grown. At one time only 30% of a graduating class went on to post secondary schooling. Today, students need more specialized training to compete in the global marketplace which has caused the number of high school students pursing a college education to rise to over 80%. We want to be able to help as many students as possible and we need your help to continue to grow and meet those challenges during these enduring economic times.

13. I don’t understand why one student receives more than another?

    Our applicants are asked to complete a very thorough application process which outlines each applicant’s personal situation. Various colleges may offer students outstanding scholarship opportunities while others students are facing the rising costs of college on their own. Dollars for Scholars tries to help as many students reach their goal as possible. Dollars for Scholars identifies the need of each student after reviewing his/her financial situation. The decision is based upon the information provided by the applicants.

14. How much money do you distribute each year?

    On average Dollars for Scholars gives approximately $50,000 annually to 40-60 students.

15. How much money has been awarded since 1969?

    The beneficiaries of contributions are sons, daughters, grandchildren and neighbors. Look around the community and you will see our recipients as doctors, lawyers, bank presidents, teachers, community leaders and business people. Salem Dollars for Scholars has awarded over $1,000,000 in scholarships to over 1400 students from the Salem Community.

    If you would like more information please contact awardselections@salemdollarsforscholars.org.