Many people are not aware that there often is funding from your place of employement for college advancement for yourself. Some companies also will have tuition reimbursement opportunities for children of employees as well. For existing employees, companies often prefer to advance people within who are familiar with the services, products and work environment. Go to the human resources department to find out what is available. You may be able to move up into supervisory or management position with more schooling and if you have a good track record with the company this can be to your advantage. One additional benefit for the company is that it can be a tax break for them as well as nice publicity in a press release.
There may be certain terms you'd need to fulfill upon completion of your education in terms of future work with the organization.
One advantage to helping existing employees further their education by giving a company scholarship is that they will not have to train a new employee from scratch. This can be very time consuming and often requires the use of a worker's time to familiarize a new person with the company's routines. Hiring from within saves a company on this additional training expense.
If your child is the one looking for a scholarship, check to see if your company has a tuition reimbursement program for them or offers scholarships for children of employees. Both Boeing and Walden Security are two companies that have a program for children of employees to help with college fees.