FAQ

FAQ

Q1.  What is the Mission of the Scholarship Committee?
A1.  Recognizing the power of education, the responsibility to explore new possibilities, and the commitment to further both knowledge and understanding, the Scholarship Committees of the Funding Life Corporation is committed to managing the financial resources provided by our programs to promote the academic and professional aspirations of our applicants and the community.

Q2.  What does the Scholarship Committee do?
A2. The Scholarship Committee supports the advancement of higher education of our applicants and the community by:

  • Managing and making decisions about the financial resources provided by the Funding Life Corporation for the scholarship funds in consultation with the Board of Trustees which maintains the scholarship funds
  • Providing scholarships for partial payment of college tuition and fees
  • Partnering with other charitable groups and external organizations to  advance the understanding, preparation, and opportunities for  higher education
  • Posting and sharing other student internship, scholarship and career opportunities

Q3.  How are scholarship funds acquired?
A3.  Scholarship funds come from three sources:

  • Crowdsourced contributions
  • Gifts to the Scholarship Fund
  • Endowed scholarships or one-time scholarships created by individuals, families or groups in honor or in memory of a person, cause or event.

Q4.  What are the membership requirements to serve on the Scholarship Committee?
A4.  Members of the Scholarship Committee are elected by the general body of the Funding Life Corporation. All candidates must follow the nomination process pursuant to the Constitution and Bylaws.  Nomination to this committee can be made by any foundation member.  Individuals may also nominate themselves and they will be considered by the Funding Life Corporation Selection Committee.

Q5.  Who is eligible for a scholarship?
A5.  Requirements for specific scholarships vary from fund to fund. In some cases requirements can be quite narrow and in others quite broad. It is important to read the description of each requirement set quite carefully. If you have any questions, please contact Scholarship.Life or Funding.Life for clarification.

Q6.  What is the financial value of the scholarship?
A6.  Scholarships for awardees are currently $5,000. This amount may vary from year to year based on investment returns, donations, gifts, newly endowed scholarships, and one-time offerings/gifts.

Q7.  Can you receive a scholarship each year you are in college?
A7.  No. Scholarships are one-time awards that must be used to defray the costs of tuition and fees. While the intention is to provide the award for the first year of school.

Q8.  When are scholarships awarded?
A8.  Eligible applicants may apply for scholarships by the announced deadline, which has recently been March 15th. Applications will be reviewed for eligibility, content and completeness. Awards will be made in June.