Registration is ongoing for a scholarship that offers Iowa high school seniors a chance to receive one of 30 scholarships worth $2,000 for college while learning important financial literacy skills. In addition, each recipient’s high school will receive a corresponding $500 award.
High school seniors may register for the Iowa Financial Know-How Challenge: Senior Scholarship at www.IowaStudentLoan.org/SeniorScholarship between now and Feb. 16. Iowa Student Loan® will award $2,000 scholarships to 30 students who complete two online financial literacy tutorials and score highest on a related assessment. Registered students also receive emails highlighting financial literacy tips, such as the importance of early career and college planning and ways to reduce student loan indebtedness.
In the first weeks of the program, more than 1,200 Iowa high school seniors have registered for the scholarships, with 35 percent completing the three online components required for consideration so far.
Two tutorials — Student Loan Game Plan and the ROCI Reality Check — were developed by Iowa Student Loan to help students understand the consequences of college borrowing and discover how to maximize their return on college investment, or ROCI.
A related multiple choice assessment will check students’ understanding of the concepts in the tutorials. The 30 high school seniors who score highest on the assessment test will each receive a $2,000 scholarship that will be sent directly to their colleges in fall 2018. If topscoring students tie, those students will be asked to write and be judged on a short essay so winners can be determined.
Each scholarship recipient’s high school will also receive a corresponding $500 award to be used toward scholarship and financial literacy programs.
“Each year, we hear from participants and parents that this scholarship campaign helped them understand how they can minimize college debt,” Christine Hensley, Iowa Student Loan board chair, said. “Our hope is that they also tell others, who can then also use our online tools to reduce borrowing as well.”
“Student loan debt should never be taken on lightly,” said Steve McCullough, CEO and president of Iowa Student Loan. “This scholarship allows us to call attention to two tools that effectively educate future college students on how to borrow in a responsible manner. We want as many college-bound seniors as we can reach to be exposed to these concepts.”
The Iowa Financial Know-How Challenge: Senior Scholarship is open to legal U.S. citizens who are residents of Iowa, are seniors at an Iowa high school during the 2017–2018 school year and attend college in fall 2018. It is a no-purchase-required program, and full rules and details are available at www.IowaStudentLoan.org/SeniorScholarship.
Additional Resources Available
Iowa Student Loan offers additional tools and resources to help families plan for and pay for college at www.IowaStudentLoan.org/SmartBorrowing.
Connect with Iowa Student Loan on Facebook, or read the Student Loan Coach blog.