BURNSVILLE, Minn. – Firefly Credit Union awarded three students $1,000 scholarships as part of the credit union’s second annual Great Savings Challenge.
The challenge was open to seniors at both Burnsville and Rosemount High School. Scholarship recipients from Burnsville High School are Tucker Shepley and Rachel Torralba; Elizabeth Pascuzzi is the recipient of Rosemount’s scholarship. The Great Savings Challenge tasked students with creating a budget, estimating college expenses and implementing a plan to save money during the school year. The winners received matching funds for the money they saved – up to $1,000. Students were then asked to submit an essay reflecting on what they learned in the process; the challenges they faced; and how they saved their money.
“There are a lot of things that go into managing your personal finance,” wrote Burnsville scholarship winner Torralba. She noted that this includes accounting for taxes taken out of pay, looking for accounts that gain interest, and keeping track of expenses. “For someone who has [many] bills and daily expenses, it can become a very long process to try and budget everything.”
According to data analysis by financial aid experts at Edvisors, the class of 2015 graduated with an average student loan debt of $35,000. Students were encouraged to participate in the Great Savings Challenge to get a head start on paying for college and avoid being a part of this statistic, the CU stated. All of the students who joined the Great Savings Challenge saved more than $1,000 during the savings period.
“Each student who submitted an application to the Great Savings Challenge showed diligence and dedication to their personal financial well-being,” said Bill Raker, president/CEO of Firefly. “We were encouraged to see their interest in saving, and hope they continue to show this same care for their finances in the future.”