Pay-It-Forward Scholarship Fund
A Scholarship for tertiary education with condition that the recipients pledge to payback a certain percentage of future earnings (maybe 10 to 20%) back to the fund so it will self sustain and grow perpetually.
All applications will be done online. Recipients will also be required to post progress online at least monthly. All accounts will be also posted online to ensure transparency.
Unlike other scholarships which can run out of fund unless replenished, this one can grow and grow as the years pass, and more and more scholarship can be given out with no high reserve required. It may even be more “profitable” than actual for profit business.
Many scholarship foundations only use its interest or earning to give out grants so it severely limits the numbers of people they can help. But PSF can give out much higher percentage of its fund as it can be treated as investment with positive return.
The scholarship will more likely to attract selfless applicants who are willing to share and help others. And it is a much better alternative than an educational loan which will keep them indebted for many years and has the highest default rate of any loans.
The Fund will also attract other givers as the money they give will keep on gifting.
Some of the scholars will become millionaires or even billionaires so the fund can grow exponentially.
Is somebody out there going to do something about this?