Scholarships

East River Federal Credit Union is a not-for-profit, financial cooperative that exists 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 2 - $1000.00 Scholarships and 2 - $500 Scholarships.

Download Scholarship Application

(Open with Adobe Acrobat for fillable form)

Educational Scholarship

AWARDS:

  • 2 - $1000.00 Scholarships and 2 - $500 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.
  • Scholarship applicant must be a current member (for at least one year), in good standing, of East River Federal Credit Union.

REQUIREMENTS:

  • Completed scholarship application
  • Essay
  • Activity and involvement
  • Two letters of reference
  • College acceptance letter or proof of enrollment
  • Transcript
  • A recent photo
  • Application package submitted no later than March 3, 2017. 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:

  • Content: All items should be typed, organized and neatly presented. Application must include all requested information and be free of grammatical errors.
  • Merit: Community service/volunteerism involvement, academic achievement and reference letters will be considered.
  • Creativity: Originality of the essay will be considered.

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.