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Scholarships
 East River Federal Credit Union is a not-for-profit, financial cooperative
that exits solely to serve the financial needs of its members. It is
owned and democratically controlled by its members. Credit unions serve
a common bond, and place helping people before all other goals. Credit
unions are built around a philosophy of volunteerism, and feel strongly
that these efforts are paramount to maintaining a community’s quality
of life.
Through our strong desire to promote community involvement through volunteerism,
community service, and leadership and to increase educational opportunities,
East River Federal Credit Union has established 4 - $500 Educational
Scholarship Awards.
Click on the link to apply
AWARDS:
- 4 - $500.00 Scholarships
The four scholarships will be awarded to:
- 1 – Madison High School graduating senior
- 3 – Graduating seniors or currently enrolled full-time college,
university, or vocational students.
ELIGIBILITY:
- The scholarships are to be awarded to students who are members (for
at least one year) in good standing of East River Federal Credit Union.
QUALIFICATIONS:
- The scholarships are open to high school seniors or currently enrolled
full-time college, university, or vocational students, who are applying
for or have been accepted for admission to an accredited college, university,
or vocational school.
- Applicant must have a minimum overall grade point average of 2.0
or above.
REQUIREMENTS:
- Completed scholarship application
- Essay
- Leadership/Volunteerism/Extracurricular Activities (2 scholarships)
- Two letters of reference
- College acceptance letter or proof of enrollment
- A recent photo
- Application package submitted no later than March 1 of each
calendar year. The application package should be addressed to:
East River Federal Credit Union
Attn: Scholarship Selection Committee
PO Box 31
Madison, SD 57042
SCHOLARSHIP COMMITTEE:
- The Scholarship Committee will consist of at least three people and
shall be selected by the Board of Directors of East River Federal Credit
Union.
- The Scholarship Committee will be responsible for selecting the student
that is the recipient of each scholarship.
- The Scholarship Committee will be responsible for notifying the appropriate
credit union staff of their final selections.
- The decisions of the Scholarship Committee are considered to be
final and the winners for each year will be notified by the beginning
of May of each calendar year.
ADMINISTRATION:
- The Credit Union shall maintain records, administer, and provide
all necessary staffing for the above mentioned scholarships (except
for the Scholarship Committee). The Credit Union will provide the Board
of Directors with a written report, detailing all awards.
DISBURSEMENTS OF SCHOLARSHIP FUNDS:
- The awards will be paid directly to the educational institution in
which the student recipient is enrolled.
- The disbursement of the scholarship awards shall be made in the form
of a check prepared in the name of the recipient.
- Formal award letters will be mailed to the educational institutions
of the selected recipients.
- The awards will be paid at the beginning of the academic year.
- The awards are to provide financial assistance to the recipient
in the recipient’s pursuit of an undergraduate degree at an accredited
college, university, or vocational school. The money is to be used
for the student’s tuition, fees, books, supplies, and equipment.
ANNOUNCEMENT:
- Scholarship winners will be notified by mail and/or telephone by
the appropriate staff.
- Scholarship winner’s names and photographs will be used in
newsletters, the credit union website, and other promotional materials.
SELECTION CRITERIA:
- Individual Scholarship Essays
- Content – clear demonstration to commitment to volunteerism,
community service, and leadership.
- Creativity
- Leadership/Volunteerism/Extracurricular Activities/Community Service
- Merit – qualities demonstrated through volunteer experiences.
- Letters of Reference
MODIFICATION OR ELIMINATION OF PROGRAM:
- The Credit Union reserves the right to modify or eliminate the scholarship
program at any time without notice. Notwithstanding the foregoing,
any award due and payable under the program prior to such modification
or elimination shall continue to be payable according to the program’s
terms in effect at the time the Credit Union made the scholarship.
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