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It's a new twist on college fund-raising.

Wisconsin's Beloit College is telling this year's scholarship recipients they'll be expected as alumni to donate to the college as much as they're given. The aim: a revolving scholarship fund for future students. Beloit's call has already had an impact on corporate and alumni giving. Alumni donors are up 50 percent over last year. One unexpected offshoot: About a dozen scholarship winners from past years have asked how much they owe, with inflation figured in. Beloit's new ''moral obligation'' scholarships are designed to help maintain its admission program for those able to do the academic work but not able to foot the bills.

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Says one school official, ''Our hope is that it will in effect set in motion a self-endowed scholarship program.''

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