USA Education, Inc./USA Funds Scholarship Program Awards Nearly $2.2 Million in Scholarships to 1,475 Students

INDIANAPOLIS — USA Funds^®, the nation's largest student loan guarantor, and USA Education, Inc.^SM, the nation's leading provider of education funding, will jointly award 1,000 scholarships of $1,500 each to deserving college-bound students nationwide. (See a list of scholarship recipients.) The USA Education, Inc./USA Funds Scholarship Program, formerly the USA Group Scholarship Program, seeks to assist students in financial need-particularly those who are either members of ethnic minority groups or are physically disabled-as they finance their higher education.

"These scholarships will help students surmount financial barriers to higher education," said Carl Dalstrom, president and CEO, USA Funds. "USA Funds is proud to support this program as part of its mission to enhance access to education."

Scholarship recipients were chosen from more than 6,000 applications from qualified students planning to enroll or currently enrolled in a full-time undergraduate or graduate program at an accredited two- or four-year college, university or vocational/technical school. If student recipients maintain a minimum grade-point average of 2.5, the scholarships may be renewed annually for up to three years or until the student receives a degree or certificate, whichever comes first.

"We are pleased to partner with USA Funds to provide deserving students with increased access to education," said June McCormack, executive vice president of guarantor services and sales marketing, USA Education Inc. "This program is an extension of our commitment to helping America's students realize their higher education goals."

Last year, the program awarded more than 700 renewable scholarships nationwide-475 of which were funded again this year-helping students meet the cost of higher education. Beginning in 2002-2003, USA Funds will triple its funding to create the new USA Funds Scholarship Program, which will award up to $3 million in new, need-based scholarships to help more low-income students attend college.

Citizens' Scholarship Foundation of America (CSFA), an independent, professional manager of private scholarship programs, administers the program.