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CCUL Headlines: Affiliates

Taking a bite out of student debt: CCUF works with CUs on scholarship program

Wednesday, August 21, 2013  
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With reports of 60% of students borrowing to fund their tuition and other secondary education expenses—and worse 14% of those loans in default—North Carolina credit unions and the Carolinas Credit Union Foundation are teaming up to do their part to reduce some of those expenses by offering scholarships.

 

This year, combined scholarships have provided $177,395 in assistance to students attending universities, community colleges, and trade schools throughout the United States.

Scholarship programs can be burdensome for some credit unions to manage, which is why CCUF is more than willing to aide in the process, from application distribution to helping in determining scholarship recipients.

"Today we have several credit unions and a couple of chapters awarding scholarships. If there are credit unions out there in North and South Carolina with a heart to help their student members in this way then we stand ready to get your program started,” says CCUF President/CEO John P. McGrail.

Most awards are given in increments of $1,000 and the students must apply each year. CCUF employs a scholarship committee that decides annually on the information needed and essay question to be asked on the application.

"The credit union makes the application available to their members and then collects them, judges them, and selects winners,” adds McGrail. "Then they can send other applicants directly to the CCUF for us to award general winners as well. This year we awarded $22,500 directly from the Foundation.”

Credit unions interested in learning more about starting a scholarship program should contact John McGrail at john@carolinasfoundation.org or call at 704-305-7587.

The Carolinas Credit Union Foundation is the cooperative charitable organization representing the credit unions of North Carolina and South Carolina, their members, and their communities. Our Vision is to "enrich the lives of children in the Carolinas.”