New York Life Family Scholars Program
 

Program Guidelines

 

ELIGIBILITY

Applicants to the New York Life Family Scholars Program administered by Scholarship Management Services must be:

  • Dependent children* of agents actively under contract or full-time U.S.-based employees of New York Life Insurance Company or a domestic subsidiary of New York Life. Employees must be with the Company or subsidiary for at least three years as of the application deadline. Agents must be under contract with the Company for three years or more as of the application deadline.
     
       AND

  • High school seniors who plan to enroll or students who are already enrolled in full-time undergraduate study at an accredited two- or four-year college, university or vocational/technical school no later than the fall term following announcement of the awards. 
     
    Students who plan to enroll in schools for religious preparation and training or who are college undergraduate New York Life National Merit recipients are not eligible.
     

  • *“Dependent children” are defined as natural and legally adopted children or stepchildren who qualify as federal tax exemptions to the employee or agent. (Any unusual circumstances regarding dependency status of the child should be submitted in writing to Scholarship Management Services for consideration.)

APPLICATION

Students who wish to compete for a scholarship must complete the application and mail it along with a current, complete transcript of grades to Scholarship Management Services postmarked no later than February 15. Grade reports are not acceptable. Online transcripts must display student name, school name, grade and credit hours earned for each course, and term in which each course was taken.

Applicants are responsible for gathering and submitting all necessary information by the postmark deadline. Applications are evaluated on the information supplied; therefore, all questions should be answered as completely as possible. All information received is considered confidential and is reviewed only by Scholarship Management Services.

CRITERIA FOR SELECTION

Scholarship recipients are selected by Scholarship Management Services based on a combination of academic record, demonstrated leadership and participation in school and community activities, honors, work experience, statement of goals and aspirations, unusual personal or family circumstances and an applicant appraisal.

SELECTION OF RECIPIENTS

Since this scholarship program uses a competitive selection process, not all applicants to the program will receive scholarships. Furthermore, IRS regulations limit the number of scholarships that can be given to no more than 25 percent of the total applicant pool. Selection of recipients is made only by Scholarship Management Services. In no instance does any officer, employee or agent of New York Life Insurance Company or the New York Life Foundation participate in the selection process. Applicants will be notified by Scholarship Management Services by the end of April whether or not they have been selected to receive an award. All applicants agree to accept the decision as final.

AWARDS

Once scholarship recipients are selected, financial data is assessed to determine the amount of each award. Awards are for undergraduate study only. Recipients who do not demonstrate financial need or whose parents choose not to supply financial information will be eligible to receive a one-time honorarium of $500. If an honorarium recipient's family financial situation changes, they are eligible to reapply in a future year as long as the financial information section is completed and need is shown. (Refer to the instructions for completing the financial data section of the application.)

Renewable scholarship awards administered by Scholarship Management Services range from $1,000 to $3,000. Awards other than one-time honoraria, may be renewed for up to three additional years or until a bachelor’s degree is earned, whichever occurs first. Renewal is contingent upon satisfactory academic performance in a full-time course of study and continuation of the New York Life Family Scholars Program by the New York Life Foundation.

PAYMENT OF SCHOLARSHIPS

Scholarship Management Services processes scholarship payments on behalf of the New York Life Foundation in two equal installments on August 15 and December 30. Checks are mailed to the recipient’s home address and are made payable to the school for the student.

OBLIGATIONS

Recipients are required to notify Scholarship Management Services of any changes in address, school enrollment, or other relevant information and to send a complete transcript when requested. Recipients have no obligation to the New York Life Foundation or New York Life Insurance Company.

REVISIONS

The New York Life Foundation reserves the right to review the conditions and procedures of this scholarship program and to make changes at any time, including termination of the program.

ADDITIONAL INFORMATION

Questions regarding the New York Life Family Scholarship administered by Scholarship Management Services should be addressed to:

  • New York Life Family Scholars Program
    Scholarship Management Services
    One Scholarship Way
    Saint Peter, MN 56082

    Telephone: 507-931-1682
    Toll-free telephone: 1-800-537-4180

Postmark Deadline: February 15, 2012

 

Back to Top