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$2.3 Million in scholarships will help low income and minority students meet college costs

The Sallie Mae Fund's 2006/2007 Academic Year Scholarship Applications Now Available

RESTON, Va., Jan. 16, 2006—Nearly 1,000 low income and minority students will be closer to achieving their college dreams this year, thanks to $2.3 million in scholarships from The Sallie Mae Fund. The charitable organization sponsored by Sallie Mae announced today that applications for all of its scholarship programs are now available at www.salliemaefund.org.

Statistics show that high school graduation, college enrollment, and degree completion are influenced by socioeconomic status and ethnicity. Numerous studies have revealed that more than one-third of Caucasians have at least a bachelor's degree, but only 18 percent of African Americans and 10 percent of Hispanics have attained degrees. A child from a family in the top income quartile is also five times more likely to earn a bachelor's degree by age 24 than a child from the bottom income quartile.

"Underserved students will become an increasingly larger part of the college demographic in the years ahead," said J. Fernando Barrueta, president of the Hispanic College Fund. "Students who have reached their federal assistance caps are now relying more on private scholarship sources which literally mean the difference between staying in school or deferring their dreams indefinitely."

The Sallie Mae Fund's scholarships are designed to mitigate the current access gap by helping to increase access to higher education for low income and minority students.

  • "First in My Family" Scholarship Program: The Sallie Mae Fund developed the First in My Family program in partnership with the Hispanic College Fund in 2001. Hispanic-American students who are the first in their family to attend college are eligible for scholarships ranging from $500 to $5,000. Application deadline: April 15.
  • "Unmet Need" Scholarship Program: In its third year, the Unmet Need Scholarship Program is the largest scholarship program within Project Access. Open to families with a combined income of less than $30,000, Unmet Need scholarships provide a "last-dollar" resource when no other funds are available. Scholarships range from $1,000 to $3,800. Application deadline: May 31.
  • "American Dream" Scholarship Program: The American Dream program was developed in partnership with the United Negro College Fund, and offers scholarships ranging from $500 to $5,000 to African-American students with demonstrated financial need. Application deadline: April 15.
  • "Writers of Passage" Scholarship Program: In partnership with the National Association for Equal Opportunity in Higher Education, this program involves an essay competition that awards winning students from a Historically Black College or University, or a predominantly black college, with a $5,000 college scholarship. Universities of winning students will receive a $20,000 grant from The Sallie Mae Fund. Application deadline: March 3.
  • The Sallie Mae 911 Education Fund: Created in response to the Sept. 11, 2001 terrorist attacks, this fund provides scholarship dollars of up to $2,500 to children of those who were killed or permanently disabled in the attacks. The fund also provides grants, which enable spouses of those who were killed or deemed permanently disabled in the attacks to pay off their Sallie Mae education loans. Application deadline: Open.

In addition, The Sallie Mae Fund awards $500 to $1,000 scholarships to future college students at each of its nationwide "Paying for College" workshops. In 2005, nearly 30,000 people attended some 231 workshops across the United States as part of The Sallie Mae Fund's Paying for College tour. Approximately $103,000 in scholarships was awarded to future college students who attended the workshops.

To be eligible for The Sallie Mae Fund scholarship programs, students must be accepted and enrolled at a Title IV eligible, accredited postsecondary two- or four-year college or university, vocational, or technical school in the United States or Puerto Rico, and meet program-specific eligibility requirements.

The Sallie Mae Fund, a charitable organization sponsored by Sallie Mae, achieves its mission—to increase access to a post–secondary education for America's students—by supporting programs and initiatives that help open doors to higher education, prepare families for their investment, and bridge the gap when no one else can. For more information visit www.salliemaefund.org.