Island Federal Credit Union Doubles Size of College Scholarship Fund

In 2013, Total of $50,000 Will Be Awarded

LONG ISLAND, NYIsland Federal Credit Union will award college scholarships of $2,500 to 20 Class of 2013 high school graduates and will be accepting entries through May 24.

The Island Federal Credit Union Scholarship Program aims to help meet rising college costs and ease the burden on Long Island families.

Island Federal President/CEO Bret W. Sears said the scholarships serve a vital role, and reflect the credit union’s commitment to Long Island families who aspire to everything from homeownership to getting a solid college education.

“We are proud to announce this year that Island FCU has doubled the scholarship program to $50,000. We are hoping the increase will help make the transition to college easier and help students pursue their educational and personal goals,” Sears said.

Hikes in college costs have outpaced the overall inflation rate for the last several decades. In 2012 alone, the price of a single year’s college enrollment rose almost 5 percent above that of 2011—and this represents the smallest year-to-year increase since 2000.

Since 1992, Island Federal Credit Union has given away more than 230 scholarships totaling $290,000 to help fill the gap between college costs and what families can afford.

The winners of the Island FCU Scholarships are chosen through a random drawing. Applicants must certify that they’ve been accepted to college and open an Island Federal account that has the added benefit of one of the largest free ATM networks in the country and a full array of electronic banking options. There is absolutely no cost or obligation on the student’s part.

Scholarship applications are available online at or at Island’s branch locations:  Bellmore, Hauppauge (headquarters), Hicksville, Sayville, and Selden.

About Island Federal Credit Union
For more than 55 years, Island Federal Credit Union has offered Long Islanders better value and service in everyday and long-range banking, enabling them to achieve their dreams. Island’s services include free checking and a network of nearly 30,000 surcharge-free ATMs and over 5,000 shared service center branches. In addition to the existing five branches, a Riverhead branch opens by the end of May 2013 and a Massapequa branch by fall 2013. Island consistently receives the highest rating—five stars—from Bauer Financial, an independent organization that rates the fiscal soundness of financial institutions.

Credit union membership is open to anyone who lives, works, worships or attends school in Nassau or Suffolk counties, except for in the townships of East Hampton, Southampton and Shelter Island. For more information about Island, visit or call (631) 851-1100.

More News