Penn Student Federal Credit Union has opened applications for its annual $1,000 scholarship

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The Penn Student Federal Credit Union has ATMs located around campus, including one in Huntsman Hall.

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The Penn Federal Student Credit Fund opened apps for its second annual Financial Wellness Scholarship with an award based on a $1,000 grant.

The scholarship — which ends March 31 — is open to all Penn undergraduates who are receiving financial aid or have outstanding student loans. Applicants must answer three short essay questions related to financial literacy and well-being, which will be reviewed by a committee of SFCU Board members who will select two recipients.

The scholarship is part of SFCU Cares, an initiative designed to improve Penn’s financial well-being. SFCU first introduced the scholarship last year in response to the COVID-19 pandemic, and more than 40 students applied.

Andrew Wang, a college junior and SFCU’s chief investment officer, said students have faced a wide variety of financial hardships amid the pandemic.

“Many students have had to house and feed themselves. Work-study jobs have been eliminated. These unexpected shocks and financial challenges make things difficult for people,” Wang said.

SFCU Marketing Director and sophomore at the College, Anna Komisarof, said its launch was a huge success.

“We have seen the impact this scholarship can have on an individual and wanted to continue to champion improved financial literacy within Penn,” Komisarof said.

To make it more accessible to students in need, SFCU is offering the 2022 scholarship to members of the Penn community beyond those who have an account with them. Wang added that SFCU seeks students who have demonstrated financial literacy and a lifelong commitment to financial well-being.

SFCU — the first and only student-run credit union in the Ivy League – runs several other programs, including a partnership with the personal finance app Zogo and one free credit creation initiative.

By completing different modules, students can earn incentives on Zogo such as credits to use for gift cards and checking account bonuses. This partnership is available to all students who have an account with SFCU. Wang added that the credit creation initiative allows students to create risk-free credits.

“SFCU is designed to help students, whether it’s opening an account or seeking employment with us,” Wang said.

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