Overall I want this logo to evoke a strong emotion. It should be very simple in design and work nicely when used with Letter Press printing techniques (i.e. subtle use of color, typographic layout treatments, emboss/deboss)
In doing some research, here are a few things that caught my attention:
Use of the heart shape in the name:
http://www.heart.co.uk/london/
Simplicity and color of "Love Factory" logo:
http://www.logomoose.com/blog/16-heart-warming-logos/
The concept of two half hearts making wings is very interesting (think two heart halves turned backwards). This can symbolize that donors give students wings to succeed.
I also like the simplicity of a student (i.e. scholar) holding a heart.
I don't want to stifle your creativity, so I will leave it at that.
Good luck!