|Student Loan Debt Statistics
|Average student loan debt
|Percent of students who borrow yearly to help cover costs
|Average number of college students who borrow annually
|Approximate number of student loan borrowers with outstanding loans
|Total amount of outstanding student loan debt in the US
(Source: Staticbrain.com - July 16, 2013 data.)
With reports of 60% of students borrowing to fund their tuition and other secondary education expenses—and worse 14% of those loans in default—North Carolina Credit Unions and your Carolinas Credit Union Foundation are again teaming up to do our part to make sure that some of those expenses are covered for free by scholarship. Our combined scholarships have provided $177,395 in assistance to students attending universities, community colleges, and trade schools throughout the United States this year.
Scholarship programs might appear to be burdensome for Credit Unions to manage, which is why the Foundation is more than happy to administer the programs with application distribution and decision making help from the Credit Unions. “Today we have several Credit Unions and a couple of Chapters awarding scholarships. If there are Credit Unions out there in North and South Carolina with a heart to help their student members in this way then we stand ready to get your program started,” says CCUF President/CEO John P. McGrail. Most awards are given in increments of $1,000 and the students must apply each year. The CCUF employs a Scholarship Committee that decides annually on the information needed and essay question to be asked on the application. “The Credit Union has the application available to their members and then collects them, judges them, and selects winners,” adds McGrail, “then they can send other applicants directly to the CCUF for us to award general winners as well. This year we awarded $22,500 directly from the Foundation.”
Credit Unions interested in learning more about starting a scholarship program should contact McGrail at email@example.com or call at 704-305-7587.