LATHRUP VILLAGE, Mich. (1/24/13)--Michigan First CU in Lathrup Village, Mich., together with Young & Free Michigan, its young adult financial education program, is expanding its scholarships to metro-Detroit students. It has given away more than $650,000 during the past nine years.
The credit union has expanded scholarship programs for 2013 to include a $10,000 grand prize in each of three categories.
"By expanding our scholarships this year, we'll be able to make an even greater impact in the lives and futures of local students," said Michael Poulos, president/ CEO of the $625 million asset credit union.
The three scholarship categories include: a high school video contest, a high school essay contest and a college video contest. Applicants can create their response with a 60-second video or a 300-word essay. For each category, this year's question is "What would you do with $50,000?"
The three winners will receive a $10,000 scholarship, and runners up will receive $5,000 and $3,000 scholarships. The top 10 applicants in each category will be selected by online voting, and a panel of judges will select the winners.
The Michigan First Foundation--a non-profit founded in 2012 by the credit union with a focus on youth and education in metro Detroit--funds the scholarships as part of $160,000 in contributions to local charitable organizations and students each year.
In addition to the more than $50,000 awarded through the three categories, the credit union will award up to 30 scholarships each worth $1,000 to entries from selected high schools in three counties.
"This credit union was founded by Detroit teachers and education is something we believe in doing our part to support," said Poulos. "We'll continue to work with local schools, educators and communities through our scholarships, student-run credit union branches and the Young & Free Michigan program. Investing in the communities where our members live and work is a critical part of who we are."