Iowa Student Loan® has launched a new scholarship for Iowa high school seniors that gives them a chance to win $1,500 for college while learning important financial literacy skills.
High school seniors have until Jan. 31 to register for the Iowa Financial Know-How Challenge: Senior Scholarship at www.studentloan.org. Iowa Student Loan will award $1,500 scholarships to 20 students who complete two online financial literacy tutorials and score highest on a financial literacy assessment test. As part of the scholarship process, registered students also receive weekly emails highlighting financial literacy tips, such as the importance of early career and college planning and ways to reduce student loan indebtedness.
"We know firsthand the pressures many students and families are facing to finance a higher education. College costs continue to rise, but the amount of available grants and scholarships do not," said Steve McCullough, president and CEO of Iowa Student Loan. "Our goal for this program is to provide Iowa students a scholarship for which all can qualify, while educating them on how to minimize their borrowing and reach the financial potential of a college degree."
After registering for the scholarship at www.studentloan.org, students receive emailed instructions for completing Student Loan Game Plansm and the ROCI Reality Check, two online tutorials Iowa Student Loan developed to help students understand the consequences of college borrowing and discover how to maximize their return on college investment, or ROCI. Scholarship contenders will then take an online financial literacy assessment test created by Ednalysis, an Iowa educational research company.
The 20 high school seniors who score highest on the Ednalysis assessment test will receive a $1,500 scholarship sent directly to their colleges in fall 2014. If students are tied, they will be asked to write a short essay that will be judged to determine a winner.
The Iowa Financial Know-How Challenge: Senior Scholarship is open to legal U.S. citizens who are permanent residents of Iowa; are seniors at an Iowa high school during the 2013 – 2014 school year; and attend college in fall 2014. It is a no-purchase-required program, and full rules and details are available at www.studentloan.org.