All perfect praise be to Allah. Blessings and peace be upon Prophet Mohammad.
Waqf is a blessed channel of charity for which Almighty Allah Has Dedicated an abundant and a constant reward. In a narration, the Hanafite and the Hanbalite jurists allowed using money as a Waqf to be spent in different channels of charity.
Al-Mardawi reported in his book [Al-Insaaf, vol.7/pp.11]: “Imam Ahmad allowed using money as a Waqf. “ And for further details in this regard, kindly refer to [Rd-Al-Muhtar vol.6/pp.434].
However, it isn`t allowed to use Zakaat money as a Waqf because Zakaat must be put into the possession of the poor. In addition, it isn`t permissible to delay the payment of Zakaat beyond its due time.
Accordingly, it is permissible to use non-Zakaat money as a Waqf dedicated for educational purposes; whereas, using Zakaat money for such an end is impermissible . And Allah The Almighty Knows Best.