Scholarship program marks 25 years of service to Arizona higher education
USA Funds to double Arizona scholarship funding
PHOENIX — USA Funds®, Arizona's student-loan guarantor, has announced a significant increase in its scholarship support for Arizona residents. The announcement was made at a March 2 event at the Phoenix Art Museum to mark USA Funds' 25 years of service to Arizona higher education.
USA Funds will establish a special program, USA Funds Arizona Silver Anniversary ScholarshipsTM, and commit $500,000 for new scholarships to Arizona residents for the 2006–2007 academic year. The commitment more than doubles the $221,000 in new scholarships that USA Funds awarded to Arizona residents in 2004 under the organization's national scholarship program, USA Funds Access to Education Scholarships®.
"Through this enhancement of our scholarship support, USA Funds hopes to help more Arizona students reap the benefits of higher education," said William R. Neale, chairman of USA Funds board of trustees. "Consistent with our nonprofit mission, we are making this commitment in recognition of the special relationship that USA Funds has had during the past 25 years with the state of Arizona."
The increase in scholarship funding also addresses the recommendations of a new research report, "Investing in Arizona's Future," which was underwritten by USA Funds on behalf of the Arizona Commission for Postsecondary Education. The report calls for increased participation of all sectors of the state, including business, philanthropy, government, Native American tribes, as well as individual donors, to expand financial aid to help lower-income students pursue higher education.
"The investment in financial aid produces significant benefits that accrue to students, their families, local communities and the state as a whole," said Carl C. Dalstrom, USA Funds president and CEO. "We invite other organizations and individuals in Arizona to join us to ensure that no student is denied a college education solely due to an inability to pay."
USA Funds Arizona Silver Anniversary Scholarships will be available to students from households with annual incomes of $35,000 or less. Full-time undergraduate, graduate and professional students may apply to receive $1,500 awards. Half-time undergraduates will be eligible for $750 scholarships.
The scholarships may be renewed annually, provided that the student meets academic qualifications, until the recipient completes his or her degree or certificate or accumulates $6,000 in scholarship awards. Based on the renewal awards, USA Funds is committing an estimated $1.5 million to the scholarship program.
Detailed information about USA Funds Arizona Silver Anniversary Scholarships will be distributed this fall to financial-aid professionals at all Arizona colleges, universities, and career schools, as well as to high-school counselors throughout the state.