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From the 1820s onwards, wealthy individuals, enterprises, and religious congregations across the United States provided funding for scholarship and student loan funds entrusted to colleges and universities. These funds often relied on an endowment to produce the funds necessary to support students in need of financial support. Furthermore, while most donors entrusted a university of their choice with their scholarship fund, there were also some scholarship funds such as the La Verne Noyes Scholarship Endowment Fund and the General Board of Education (GEB) that were created outside of the university. Prior to 1945, such funds were extremely rare, but they did exist. The La Verne Noyes Scholarship Endowment Fund, created as a trust in Chicago in 1919, was one of the earliest examples.
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