The New York Life Foundation's

NEW YORK LIFE FAMILY SCHOLARSHIP

THE PROGRAM
The New York Life Foundation established the New York Life Family Scholars Program to assist the children of employees and agents who plan to continue education in 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 the second independently administered by National Merit Scholarship Corp.

This brochure/application provides information on the New York Life Family Scholarship 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. In the event that a student is selected for both awards, National Merit and New York Life Family Scholarship, the higher of the two will be granted.

Scholarship America is a national nonprofit educational support and student aid service organization that seeks to involve and assist the private sector in expanding educational opportunities and encouraging educational achievement. Awards are granted without regard to race, color, creed, religion, gender, disability or national origin.

ELIGIBILITY
Applicants to the New York Life Family Scholarship administered by Scholarship America must be:
Dependent children* of agents actively under contract or full-time U.S.-based employees of New York Life Insurance Company, New York Life International or New York Life Investment Management (including MacKay Shields, New York Life Benefit Services, Madison Capital Funding and McMorgan & Company). Employees and agents under contract must be with the Company or subsidiary for at least three years as of the application deadline date,
AND
High school seniors who plan to enroll in a full-time undergraduate course of 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 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 America for consideration.)

APPLICATION
Students who wish to compete for a scholarship must complete the attached application and mail it along with a current, complete transcript of grades to Scholarship America postmarked no later than February 15. Grade reports are not acceptable.

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 America.

CRITERIA FOR SELECTION
Scholarship recipients are selected by Scholarship America using a system of merit points 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 is a competitive process, not all applicants to the program will be selected as recipients. Furthermore, IRS regulations limit the number of scholarships that can be given to no more than 25% 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 of recipients of scholarship awards. Applicants will be notified by Scholarship America by the end of April whether or not they have been selected to receive an award. All applicants agree to accept the decision of Scholarship America as final.

AWARDS
Once scholarship recipients are selected, financial data is assessed to determine the amount of each award. Recipients who do not demonstrate financial need or whose parents chose not to supply financial information, will be eligible to receive a one- time honorarium of $500. (Refer to the instructions for completing the financial data section of the application.) Scholarship awards administered by Scholarship America range from $500 to $3,000 and are for undergraduate study only. Awards other than one-time honorariums, 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 Scholarship by the New York Life Foundation.

PAYMENT OF SCHOLARSHIPS
Scholarship America 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 supply Scholarship America with complete transcripts when requested and to notify Scholarship America of any changes of address, school enrollment or other relevant information. 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 America should be addressed to:

New York Life Family Scholarship
Scholarship America
One Scholarship Way, P.O. Box 297
Saint Peter, MN 56082

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

 

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 member of the company sponsoring the scholarship program 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., include 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 includes dependent college students living away from home
  9. Marital Status is the current status of the person from whom the financial information is submitted.
  10. Total Number of Family Members Attending College includes all family members attending a two- or four-year college, university, or vocational-technical school at least half-time. Be sure to include the applicant in this number.

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

The application form will be available in December, 2008.

 

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