About
Scholarship America is one of the nation's largest private scholarship and educational support organizations, headquartered in Minneapolis, Minnesota. Founded in 1958 by Dr. Irving Fradkin, an optometrist whose original idea was for community members to each donate one dollar to a shared scholarship fund, the organization has grown into a national operation that designs and administers scholarship programs for companies, foundations, and communities. Over its history it has distributed more than $6 billion in scholarships to more than 3.5 million students.
Mission
Scholarship America's mission is to eliminate financial barriers to educational success so that any student can pursue their dream.
What they do
- Scholarship program design and administration — managing more than 1,350 scholarship programs on behalf of corporate, foundation, and community sponsors, including employee and children-of-employee scholarship programs.
- Dollars for Scholars — a community-based network of local scholarship foundations operating across the country.
- Emergency aid — helping students facing unexpected financial crises stay on track to complete their education.
- Signature programs — including the Dream Award scholarships, the Irving Innovation Awards, and the Families of Freedom Fund, which supports higher education for dependents of victims of the September 11 attacks.
History
Scholarship America began in 1958 with Dr. Irving Fradkin's dollars-for-scholars concept in which neighbors pooled small donations to send local students to college. That grassroots model grew into the national Dollars for Scholars network and, alongside it, a large-scale scholarship management business serving major corporate sponsors. The organization reports more than 200 Fortune 500 sponsors and a 96 percent sponsor retention rate.
Scale and impact
- More than $6 billion in scholarships awarded since founding, to more than 3.5 million students.
- $315 million in scholarships awarded in the most recent year reported on its website.
- More than 1,350 scholarship programs administered.
Financials
According to Form 990 filings compiled by ProPublica Nonprofit Explorer (Scholarship America Inc, EIN 04-2296967), the organization reported total revenue of $259.9 million, total expenses of $243.3 million, and total assets of $194.4 million for the fiscal year ending December 2024. Filings are available from 2001 onward.
Governance
Scholarship America is a 501(c)(3) nonprofit governed by a board of directors, with headquarters operations in Minnesota.
