SL Scholarship Possibilities

One of the latest (and in my opinion one of the best) announcements from LL was that they will be offering a fellowship to an art student who wishes to contribute to SL in some artistic way. This got me and apparently many others thinking, who else could benefit from something like this? A scholarship for college could be used in so many ways. From personal experience, it is very difficult to balance classes and a personal life. Throw in a hobby and a job and its darn near impossible to get anything done. I also know that I am not alone in using SL as a testing grounds for my ideas and theories, in hopes that they could shed some light on how my future career will go. (I am an International Business major, but business is not the only field that comes to mind here.) What I am considering is starting a scholarship fund for SL. This would go to the student to help pay for tuition, books, living expenses, whatever it could be used for and as much as can be given. (I have no delusions of a full ride scholarship! )

I propose to you these questions:

1) What should the qualifications for this be? Good grades, school involvement, financial need? Obviously this person should be a citizen of SL, but is that a pre or post requirement? Any particular field of study?

2) How can the donations to such a fund be controlled so that residents trust it enough to donate? I would think that funds would be withdrawn only once (twice?) per year.

3) What potential problems can you foresee with this fund and what solutions can you propose to help hedge them?

4) Any other input.