LANSING, Mich. — LAFCU has launched an essay contest that will award up to $7,500 in grants for those working to build a better financial life for themselves.
According to the credit union, the LAFCU Pathway to Financial Transformation Essay Contest provides up to $2,500 to each of three entrants. The funds will be applied to the winners’ outstanding debts.
“Debt can prevent a person from living life to the fullest — not just in what they can or cannot buy or experience, but the added stress of too much debt can negatively affect relationships and lead to health problems,” said Kelli Ellsworth Etchison, LAFCU chief marketing officer and chief diversity officer. “This contest focuses on the importance of a ‘Pathway to Financial Transformation’ when you’ve stumbled in your journey to achieve financial stability.”
The $949-million LAFCU said winners will be selected based on their one-page essay about how they are trying to create a financial roadmap. Entrants are also being asked what actions have influenced their financial decisions, what progress they’ve made during the past year, and how the grant could help meet their financial goals.
Opportunity to ‘Reflect’
“Applying for the grant is an opportunity for entrants to assess their financial situation, reflect on their accomplishments and look to the future,” Ellsworth Etchison said. “As a credit union, LAFCU has a responsibility to help make the communities we serve stronger. This program, which is part of our financial literacy program, helps us deliver on that responsibility.”
According to Ellsworth Etchison, grants are ideal to use on a debt that is preventing the person from obtaining needed services, such as a medical debt, or the grant can pay down or off a winner’s highest-rate loan. Any debt is eligible for the grant.
Entrants do not have to be a LAFCU member to win.
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