Altra Foundation supports financial literacy education with $10K scholarship offer

Originally posted on medcitybeat.com

Heading to college can be one of the most exciting moments in a family’s life. For the student, it’s the beginning of a new era, a transition period to adulthood and possibly a change of scenery. For the parents, it’s a bittersweet sendoff, holding onto memories of time gone by while simultaneously looking forward to the bright future ahead for their child.

But for so many families, the cost of college gets in the way of the moment. Some ‘dream’ universities are out of reach, strictly based on how much it costs to go there.

Altra Federal Credit Union has always tried to help its members break through those financial burdens, with competitive student loan options and a robust financial education program. This school year, however, Altra’s taking its commitment to the next level — offering $10,000 in scholarship money to one student who successfully completes their teen financial literacy program.

“This is a huge commitment,” says Danielle Anderson, Manager of Youth Services at Altra. “That amount of money can change the outlook for a student, and we’re very excited to be a part of that.”

HOW TO PARTICIPATE

To enter for the scholarship, an area high school student must finish Banzai! Teen, a national financial literacy program that Altra brings to area schools free of charge. (If you’re a student and want to enter, but your school doesn’t offer Banzai, do not worry — you can complete the program through Altra’s website.) Once the program is completed, a certificate will be presented with the scholarship application.

After finishing the program, fill out an application explaining what you learned in the program and how you plan to use the knowledge in the future, send it Altra’s way… and that’s it. Come May 2021, a team of judges at Altra will select one application — and that lucky student will walk away with a five-figure scholarship to put toward their college education.

That covers an entire year of in-state tuition at most public universities in Minnesota — and keep in mind, Minnesota also has reciprocity agreements with Wisconsin, North Dakota and South Dakota. Thanks to those agreements, Altra’s scholarship could turn a freshman year into a free ride just about anywhere in the Upper Midwest.

SUPPORTING FINANCIAL LITERACY

While the scholarship program is in its inaugural year, Altra’s desire to help students gain financial literacy skills has been a part of the company for decades. It’s the core tenet behind the Altra Foundation, established in 2005 with the goal of promoting financial literacy to the members of the communities that Altra does business in. Banzai is just one of three programs Altra brings to area schools free of charge to help further that mission, regardless of whether the students are Altra members or not.

Every student that goes through Altra’s programs, regardless of age or scholarship opportunities, comes away with extra knowledge about how to correctly budget their money for college and beyond — skills that will remain useful throughout their entire life.

It’s simply the latest in a long list of programs Altra’s implemented to help its members (and the broader community) live their best life.

“I love that Altra is giving back to the community in this way,” says Anderson. “We’re teaching fundamental financial skills to kids who otherwise might not get that education. The stronger those skills are when they go out on their own, the stronger the community is as a result.”

For teachers who wish to bring the Banzai program to their classroom, contact Banzai directly – by visiting altra.teachbanzai.com or calling 888-8-BANZAI.

ELIGIBILITY RULES:

• Complete the Banzai financial education modules (through your classroom/teacher or Banzai Teen) between 10/1/20 and 4/30/21
• Complete the post test with a score of 85% or higher
• Complete the Scholarship Application Online
• Be a High School Student (Grades 9-12)
• Be College-bound to a two- or four-year US College within the next 4 years
• Must have a GPA of 2.8 or higher
• Membership not required