This is a beautiful act of Sadaqah Jaariya (ongoing charity) for you and loved ones.

You will be supporting students who want to study and unable to afford, this will also include new Muslims. All the knowledge they learn and apply in their lives will be continous rewards for you.

The Prophet Muhammad, peace and blessings upon him said, "All of a person's action cease after his demise except three. (They are) ongoing charity, beneficial knowledge or a righteous child who prays for him." (Sahih of Imam Muslim #1631)

Mosques and Islamic organisations rely on donations, grants and the altruism of generous individuals to maintain educational, welfare and other projects.

The ongoing charity mentioned in the hadith above carried the meaning of endowments. This was initially instructed by the Prophet to Umar ibn al-Khattab who placed certain lands of Makkah as endowments to help sustain the communal enterprises mentioned previously. This practice became known as waqf and was practiced among previous generations. Many Muslims left behind a portion of their inheritance toward such waqf funds to enable learning seminaries, mosques, orphanages and many other philanthropic organisations