Every High School Gets A CUScholarship

RALEIGH, N.C. - (10/27/04) -- In phase two of the most ambitiouscredit union educational endowment ever, North Carolina StateEmployees CU said its newly formed SECU Foundation will provideannual scholarships to every one of the state's 330 high schools.The Foundation will provide $3 million a year in $10,000scholarships, enough to pay four years tuition at state-runcolleges and universities, according to Jim Blaine, president ofthe $12 billion credit union. "That's a free-ride for a high schoolsenior," Blaine told The Credit Union Journal. The announcement ofphase two comes a week after the credit union unveiled its plans todedicate $580,000 to fund 116 two-year scholarships at the state's58 community colleges through the new Foundation. The non-profitFoundation will be funded by the credit union's $1 a month checkingfee--a total of $6 million a year-- which members will be given theoption of voluntarily diverting to the Foundation.