Local Credit Union Awarding $50,000 in Scholarships

Island Federal Credit Union, based in Hauppauge, will award $2,500 in college scholarships to 20 high school graduates in the class of 2013 this year, totaling $50,000.

The credit union will be accepting application entries through May 24.

The Scholarship Program aims to help meet rising college costs and ease the burden on Long Island families, representatives of the credit union said in a press release.

Island Federal President and 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,” he 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 the prior year, which was the smallest year-to-year increase since 2000, according to Bloomberg News.

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.

Scholarship applications are available online at islandfcu.com or at the Hauppauge headquarters (120 Motor Parkway, Hauppauge).