Fund, as a scholarship (5)
I believe the answer is:
endow
'fund as a scholarship' is the definition.
(I've seen this in another clue)
This is the entire clue.
(Other definitions for endow that I've seen before include "Set up with money" , "Give funding to establish (something)" , "Provide (with financial support, qualities etc)" , "Provide money for" , "Provide funds" .)