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?
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