Give the Gift of Education and Leave Your Legacy or That of a Loved One for Future Generations
Why a Legacy Fund
Imagine creating a lasting educational legacy that helps Muslim students pursue their big dreams. A Legacy Fund allows you to perpetually contribute to their education as a form of Sadaqah. You or your organization can direct this fund towards students in specific fields or from certain demographics. Annually, ACC will provide you with reports detailing the fund’s impact and the students it has supported.
What is a Legacy Fund
Our Legacy Fund is dedicated to providing interest-free loans to deserving students. Unlike traditional scholarships, these loans empower students to pursue higher education without the burden of accumulating interest. By supporting the Legacy Fund, you contribute to breaking down financial barriers and fostering self-reliance among aspiring scholars. By donating to the legacy fund, you are not only providing financial support but also promoting a sustainable model that helps students achieve their academic goals while maintaining their financial independence.
A Practical Example
What ACC Can Offer?
We will screen applicants according to our current guidelines, interview them, and, most importantly, manage their loans. We will provide the family with annual reports on the recipients we choose. As the funds are repaid, they will be returned to your family’s specific fund to be re-used by future students. You will witness the fund grow and benefit multiple students from generation to generation, adding to your family’s legacy.
The schematic will show how the funds are used in a loan-based model vs. a scholarship model. In this example, we will start at $50,000 of donations given by your family. In the scholarship model, we can safely state that once the $50,000 is given out as scholarships, we have reached our maximum benefit as no more money is left. Your family will have to raise funds each year to sustain this model.
- Since ACC’s contract is four years in length, that means the $50,000 given in 2016 will be returned entirely by 2020
- Therefore, on average, $12,500 will be returned each year from the 2016 recipients until 2020.
- So, in 2017, we will have $12,500 of loan repayment from the 2016 recipients.
- If your family could raise another $25,000, then we would have a total of $25,000 + $12,500 which totals $37,500 available for loans.
- So, for the 2018 recipients, we will have the combined total of the loan repayment from the 2016 and 2017 recipients plus whatever is raised from your family.
- The same will apply for 2019 and 2020 as per the schematic. The key point is that there will be a point in which the model becomes self-sustaining so that no more donations are needed, and your family can focus on other more significant and vital issues.
As you can see, over four years, the amount loaned continues to grow. As more loans are returned, more loans can be given, thus helping more students than a scholarship model. The critical point is that this self-perpetuating cycle can be sustained without further donations.