Giving students a hand with tuition not so easy for credit union - FINANCIAL-24
It’s tough to tap into 17-to-24-year-olds. That’s one of the main reasons more than half of the $1 million in bursaries Interior Savings Credit Union offers annually go unclaimed.
“They are a tricky demographic to reach,” said Corinne Johnson, the credit union’s manager of community engagement.
“When we mention the bursaries, most say they haven’t heard of them. Yet, we send out emails to all our members, hit our social media channels and advertise the bursaries for six months every year.”
In an effort to give out more money this year, and help students pay for further education, Interior Savings is amplifying the message. It sent out a news release Monday titled Over $500,000 in Bursaries for Local Students Remain Unclaimed.
“Interior Savings makes urgent call to action for students to claim their share of the Million Dollar Bursary Fund before Feb. 1,” reads the opening line of the release.
Johnson was up front with the media about her hopes for the release’s use. “If you are able to help us remind local students and parents that time is running out, I’d really appreciate it,” she said.
As Johnson mentioned, tapping into parents might be the key. After all, parents likely are the ones paying tuition, so they will be motivated to push their kids to apply for the bursary to ease the financial burden.
To snag $1,000 this year, a student between the ages of 17 and 24 has to be starting or returning to full-time studies toward a degree, diploma or trade certification program at a designated post-secondary institution with classes starting between September 2018 and August 2018.
The deadline for students to apply is May 1 at MillionDollarBursary.com.
But here’s the catch. Students must be an Interior Savings member as of Feb. 1 to be eligible to apply. They also have to be an active member of the credit union by having two transactions go through their chequing account every month. To a fault finder, this could be seen as a membership-drive tactic to lure in youth, who will hopefully become lifelong members of the credit union.
“The cost of membership is $5 and then the account is free,” said Johnson. “We’ve simply made being a member a qualifier.”
The reasoning is that youth need an Interior Savings account for the deposit of the $1,000 bursary when proof of tuition payment is sent in. The credit union is making the point this is easy money for students. It’s a $1,000 guarantee to students who apply by the deadline, are approved and pay tuition and start going to school.
This is the fourth year Interior Savings is running the Million Dollar Bursary program. Even it it is easy money, it’s never been fully subscribed.
Last year, 1,054 students applied, which would have indicated oversubscription. However, 857 were approved. Of those, 453 ultimately claimed the $1,000 bursary for a total of $453,000, or less than half of the $1 million available.
“We assume those that don’t claim the bursary after being approved ended up not going to school,” said Johnson. “Although there’s no way for us to accurately verify that.”
The credit union does put aside $1 million every year for the bursaries. Any unclaimed money goes back to members through Interior Saving’s Member Rewards program.
“They are a tricky demographic to reach,” said Corinne Johnson, the credit union’s manager of community engagement.
In an effort to give out more money this year, and help students pay for further education, Interior Savings is amplifying the message. It sent out a news release Monday titled Over $500,000 in Bursaries for Local Students Remain Unclaimed.
“Interior Savings makes urgent call to action for students to claim their share of the Million Dollar Bursary Fund before Feb. 1,” reads the opening line of the release.
Johnson was up front with the media about her hopes for the release’s use. “If you are able to help us remind local students and parents that time is running out, I’d really appreciate it,” she said.
As Johnson mentioned, tapping into parents might be the key. After all, parents likely are the ones paying tuition, so they will be motivated to push their kids to apply for the bursary to ease the financial burden.
To snag $1,000 this year, a student between the ages of 17 and 24 has to be starting or returning to full-time studies toward a degree, diploma or trade certification program at a designated post-secondary institution with classes starting between September 2018 and August 2018.
The deadline for students to apply is May 1 at MillionDollarBursary.com.
But here’s the catch. Students must be an Interior Savings member as of Feb. 1 to be eligible to apply. They also have to be an active member of the credit union by having two transactions go through their chequing account every month. To a fault finder, this could be seen as a membership-drive tactic to lure in youth, who will hopefully become lifelong members of the credit union.
“The cost of membership is $5 and then the account is free,” said Johnson. “We’ve simply made being a member a qualifier.”
The reasoning is that youth need an Interior Savings account for the deposit of the $1,000 bursary when proof of tuition payment is sent in. The credit union is making the point this is easy money for students. It’s a $1,000 guarantee to students who apply by the deadline, are approved and pay tuition and start going to school.
This is the fourth year Interior Savings is running the Million Dollar Bursary program. Even it it is easy money, it’s never been fully subscribed.
Last year, 1,054 students applied, which would have indicated oversubscription. However, 857 were approved. Of those, 453 ultimately claimed the $1,000 bursary for a total of $453,000, or less than half of the $1 million available.
“We assume those that don’t claim the bursary after being approved ended up not going to school,” said Johnson. “Although there’s no way for us to accurately verify that.”
The credit union does put aside $1 million every year for the bursaries. Any unclaimed money goes back to members through Interior Saving’s Member Rewards program.
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