COLUMBIA, SC (July 20, 2023) — The cost of higher education and career readiness for more than 2,600 North and South Carolinians has been reduced by at least $6.63 million by credit union scholarships for the 2023-24 academic year.
No less than 31 programs managed by the Carolinas Credit Union Foundation, SECU Foundation, and individual credit unions consider applicants’ financial need, academic excellence, leadership qualities, and commitment to communities. As cooperative financial institutions, credit unions act in the best interests of their members and communities, including the pursuit of education.
“Not-for-profit credit unions see the burden that college expenses place on members and their families and want to provide a solution that improves the situation,” notes Carolinas Foundation President Lauren Whaley, CUDE. Their motivation has been especially evident over the past two years, as the Foundation now manages nearly twice as many credit union scholarship programs as in 2021.
It has been a banner year for the Foundation’s scholarship management program. From more than 1,000 online applications, the Foundation and 22 credit unions awarded 283 scholarships totaling $584,000—all the highest totals on record.
Among its own $50,000 awarded this year to credit union members across the Carolinas are four new $5,000 scholarships aligned with the Foundation’s focus on social responsibility. Two Foundation Opportunity Scholarships recognize students breaking barriers of access, such as first-generation college students, women planning to study typically male-dominated fields, or those serving and supporting underserved populations. Another pair of Foundation Social Responsibility Scholarships help those planning to pursue degrees promoting social good or welfare, including teaching, social work, or nonprofit studies.
The majority of financial support through North Carolina credit unions is via the SECU Foundation. Funded by the members of State Employees’ Credit Union (SECU), scholarships are available to students in every county across North Carolina, including adults seeking certifications and other preparatory programs. This year, the SECU Foundation has awarded 1,740 Bridge to Career Scholarships through 58 community colleges, plus 551 People Helping People Scholarships: 435 for four-year universities and 116 two-year scholarships for community colleges.
“These scholarships demonstrate our strong commitment to helping students achieve greater success as they follow their dream of pursuing a higher education and rewarding career,” says SECU Foundation Executive Director Jama Campbell. All told, the SECU Foundation has invested more than $81 million in student pursuits since it began funding scholarships in 2005.
Others like Georgetown Kraft Credit Union, South Carolina Federal Credit Union, Spero Financial Federal Credit Union, and Carolina Trust Federal Credit Union have presented annual awards for traditional and technical college students. Those four have awarded $71,000 in aid to 28 students this year, and Carolina Trust—whose own program began nearly two decades ago—introduced its new partnership with the Carolinas Foundation for two more $5,000 scholarships.
Whaley welcomes that growth and anticipates more as credit unions look to support learning as part of financial well-being.
“Credit unions were created to help everyday people solve financial challenges in their lives,” she notes. “Whether through our own scholarships available to all credit union members in the Carolinas, through a program we manage, or through their own, we celebrate and encourage every opportunity to support the financial needs of our communities.”
The Carolinas Credit Union League is the not-for-profit association of credit unions throughout North and South Carolina. Established in 2014 with a commitment to the cooperative spirit, the Carolinas Credit Union League is credit unions’ primary advocate and much more, promoting their success through risk and compliance resources, professional development, product and service enhancements, and back-office support.
Brandon Pugh
VP, Public Relations & Communications
Carolinas Credit Union League
800.822.8859, ext. 410
bpugh@carolinasleague.org
Courtney Jackson
Director, Integrated Communications
cjackson@carolinasleague.org
800-822-8859, ext 076
