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The New York Life Family Scholars Program
Deadline to apply: January 31, 2020 11:59 pm CT

The New York Life Foundation established the New York Life Family Scholars Program to assist the children of employees and agents who plan to attend college or vocational/technical school programs. Renewable scholarships are offered for full-time study at an accredited institution of the student’s choice.

The New York Life Family Scholars Program offers two separate scholarship opportunities: one independently administered by Scholarship America® and another independently administered by National Merit Scholarship Corporation.

This application provides information on the New York Life Family Scholars Program independently administered by Scholarship America. For information on the National Merit Scholarship, visit your high school counseling office and obtain a copy of the PSAT/NMSQT student bulletin.  Students may apply for both National Merit and Scholarship America awards, but will only be granted one award.  No student who has been awarded the National Merit Scholarship will be eligible for the New York Life Family Scholars Program from Scholarship America in the future.

This program is administered by Scholarship America®, the nation’s largest designer and manager of scholarship, tuition assistance and other education support programs for corporations, foundations, associations, and individuals. Awards are granted without regard to race, color, creed, religion, sexual orientation, gender, disability, or national origin.

Applicants to the New York Life Family Scholars Program 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 for the entire upcoming academic year.

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 living in the employee’s household or primarily supported by the employee or agent. (Any unusual circumstances regarding dependency status of the child should be submitted in writing to Scholarship America for consideration.)

Scholarship recipients are selected on the basis 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
  • an outside appraisal

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 America. 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.

Awards

Once scholarship recipients are selected based on the criteria above, financial data is assessed to determine the amount of each award. Recipients who do not demonstrate financial need or whose parents choose not to supply financial information will be considered for a one-time honorarium of $500 only. 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.) Awards are for undergraduate study only

Renewable scholarship awards administered by Scholarship America range from $2,000 to $4,000. 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.

Notification

Applicants will be notified by Scholarship America in May whether or not they have been selected to receive an award. All applicants agree to accept the decision as final.

Payment of Scholarships

Scholarship America processes scholarship payments on behalf of the New York Life Foundation. Awards are paid in one installment in mid-August. Checks are mailed to the recipient’s home address and are made payable to the school for the student.

Privacy Policy

Participation in the New York Life Foundation Scholarship Program program is voluntary. By submitting the New York Life Foundation Scholarship Program application, you are agreeing to share your financial and personal identifiable information with Scholarship America, a third party, which administers this program on behalf of the New York Life Foundation.

The scholarship application is confidential and will not be shared with New York Life Foundation – except when needed for servicing purposes (e.g., confirmation of employment, to assist with eligibility, communication, etc.), or as required by law. Personally identifiable information (e.g. employee name, employee id, employee email, dependent child’s home address, email address, date of birth, etc.) will not be shared with another third-party except for servicing the scholarship (e.g. scholarship recipient checks or status of the scholarship recipient at their university, etc.).

The scholarship application becomes the property of Scholarship America. Non-recipient applications are maintained for one year and then destroyed. Scholarship recipient applications are maintained for the award period plus one additional year, and then destroyed.

Instructions for Completing the Financial Data Section of the Application

The Financial Data section of the application should be completed by the parent/guardian who is the employee or agent. Information should be from a completed tax return or based on estimated information to be filed with the IRS.

  1. State of Residence is the state where the parents reside and pay state income tax.
  2. Adjusted Gross Income can be found on IRS Form 1040 and is gross income reduced by specific adjustments allowed by law.
  3. Total Federal Tax Paid includes the total amount of federal income tax to be paid as reported on IRS Form 1040. This is not the amount withheld from employee’s paychecks. (The amount withheld should be adjusted by any refund or additional taxes due.) Do not report state income tax.
  4. Total Income of parent(s) should be reported individually. Provide information for both natural parents, when possible. If the student resides with only one parent, financial information must be received from the employee or agent and from the parent who claims the child as a dependent for tax purposes. If a parent has remarried, the spouse’s information is required if the spouse is a legal guardian of the student, or claims the student as a dependent, or the student is included in the spouse’s benefit plan. If necessary, two Financial Data sections may be submitted by the student. A copy of the Financial Data section may be made in order for one to be completed by each parent.
  5. Untaxed Income and Benefits include any other income or benefits not included in the adjusted gross income figure. Do not include untaxed contributions to retirement plans.
  6. Medical and Dental Expenses include only those expenses not paid by insurance. Do not include premium payments.
  7. Total Cash, Checking, Savings, Cash Value of Stocks, etc., includes liquid assets that can be used for educational expenses. Do not include IRA, 401k, or other retirement plan funds.
  8. Total number of family members living in the household and primarily supported by the reported income may include:
    • the applicant
    • the applicant’s parents
    • other children living in the household
    • dependent college students living away from home
    • other people who live in the household and receive more than half of their support from the reported income
  9. Marital Status is the current status of the person from whom the financial information is submitted.
  10. Of the total number of family members on line 8, number of students attending college includes family members attending a two- or four-year college, university, or vocational-technical school at least half-time. Include the applicant in this number. Do not include parents.

NOTE: Any exceptions to providing financial information as instructed above must be submitted to Scholarship America in writing.

 

Application Information

Interested students must complete the application and mail it along with a current, complete transcript of grades to Scholarship America postmarked no later than January 31, 2020. Grade reports are not acceptable. Transcripts must display student name, school name, grade and credit hours earned for each course, and term in which each course was taken.

Applicants will receive acknowledgment of receipt of their application. If an acknowledgment is not received within three weeks, applicants may call Scholarship America to verify that their application has been received.

Applicants are responsible for gathering and submitting all necessary information. Applications are evaluated on the information supplied; therefore, answer all questions as completely as possible. Incomplete applications will not be evaluated.

All information received is considered confidential and is reviewed only by Scholarship America.

Application Instructions

Open the Printable Application Form (This will open in a new window)

Use the PDF fill-in-the-blank feature to complete the form:

  1. Save a copy of the form to your personal data storage device
  2. Type in your responses using the Tab key to move between fields
  3. You may save the file while in progress and return to complete or revise it later
  4. When finished, print the completed form

Applicants must print the page(s) of the application containing the Applicant Appraisal and Transcript Information sections (if part of the application) and submit to the appropriate individuals for completion (if applicable). These sections cannot be completed electronically.

Mail the completed application form (including the completed Appraisal and Transcript sections if part of the application, and any other required documents) to Scholarship America by the program’s application postmark deadline: January 31, 2020. The mailing address is on the application form.

NOTE: You will need Adobe iconADOBE Reader 6.0 or greater to open, use and print this PDF fill-in-the-blank form. If you do not have this free software installed on your computer, click on the ADOBE icon. Follow the directions to install ADOBE Reader (free download), then return to this page to proceed.

Questions? Contact us:

Phone: 507-931-1682 and ask for the New York Life Family Scholars Program

Questions regarding the scholarship program should be addressed to:

New York Life Family Scholars Program
Scholarship America
One Scholarship Way
Saint Peter, MN 56082