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Virginia Credit Union Scholarship

Each year, Virginia Credit Union recognizes outstanding student members of all ages through its scholarship program for members who are working toward their first undergraduate degree.

Virginia Credit Union (VACU) will award scholarships for an amount up to $2,500 to 30 students enrolled in an accredited college or university for the 2017-2018 academic year.* The scholarship may not exceed the cost of education billed by the school. Scholarship funds will be paid directly to the school.

Before beginning your scholarship application, please read the information below. 

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Eligibility Requirements

  1. Applicant must be a primary member of Virginia Credit Union (not just any credit union in Virginia) and must have joined VACU by December 1, 2016. Student must be the primary owner of a VACU account, not just a joint owner, and accounts must be in good standing. If you are unsure of your Virginia Credit Union membership status, please call (804) 323-6800 or (800) 285-6609 to verify it.
  2. Applicant must be a graduating high school senior or equivalent, or a college student (rising freshman, sophomore, junior, or senior) at an accredited college or university. The applicant may be in an undergraduate program or in an associate’s degree program at a community college. Graduate students are not eligible.
  3. Applicant must have a minimum 3.00 cumulative grade point average.
  4. Applicant must take at least nine (9) credit hours per semester for the 2017-2018 academic year.
  5. VACU employees, directors, committee members, other volunteers and their families are not eligible. Previous scholarship recipients are not eligible.

Please see our Frequently Asked Questions for additional information.

Submission Information

Virginia Credit Union Scholarship applicants are required to submit the following:

  1. A completed scholarship application.
    The application should be submitted using our online form. The application includes an essay on the following topic: “Virginia Credit Union believes that financial education is an important factor in enhancing our members’ financial well-being. How have you learned to manage your money and credit responsibly, and what role has Virginia Credit Union played?” Please note any hardships or challenges you have faced, or will face, that make this scholarship particularly important to you. Essays must contain between 300 and 500 words. Do not use your name in the essay. Essays will be judged on how well the topic is addressed, as well as grammar and spelling.
  2. An official high school or college transcript for the most recently completed semester.
    The total cumulative GPA must be included on the transcript; VACU will not calculate your grade point average. The transcript must be received by VACU directly from the school in a sealed, stamped envelope. Send transcripts to: VACU Scholarship Administrator, Virginia Credit Union, P.O. Box 90010, Richmond, VA 23225-9010.

Deadline

It is the applicant’s responsibility to see that the application is submitted and the transcript is received by Virginia Credit Union by 5:00 p.m. (ET) on Wednesday, March 1, 2017. Scholarship applications will not be considered unless all required information is received by the deadline. Faxes will not be accepted.

Selection Criteria

Applicants must have a minimum cumulative grade point average (GPA) of 3.00 to be considered. Applicants will be evaluated on four equally weighted categories:

  • Community service and volunteer work
  • Hours devoted to work to help with the cost of education
  • Extra-curricular activities
  • Essay

Awarding of Scholarships

Decisions are made by a Virginia Credit Union Scholarship Selection Committee. All decisions are final. Decisions will be made by June 2017. All applicants will be notified by mail. 

Questions

If you have any questions, please contact the VACU Scholarship Administrator at (804) 323-6000 or (800) 285-5051, or email memsvc@vacu.org.

*VACU pays prorated amounts (not to exceed $1,250 each semester) in the fall and spring to the college or university after an applicant’s acceptance by that institution. The second payment shall be forfeited if studies are discontinued or do not meet VACU’s minimum requirement of nine (9) hours per semester.