SCHOLARSHIP INFO 

 IRENE MERCADO WOMEN'S SCHOLARSHIP INFORMATION:

SCHOLARSHIP AWARDED IN 2008 WILL BE FOR $600  

Apply from January 15* - May 15th

 Life Before the Equal Credit Opportunity Act (ECOA):   Until the 1970s, some lenders engaged in credit discrimination.   Sometimes it was blatant.  Some Loan Officers denied applicants on the basis of age, gender, marital status, race, national origin, receipt of public assistance, disability, and other “reasons”—and got away with it. 

Frustration with this prejudicial system prompted many organizations—including feminist groups that supported equal rights for women and men--to open their own financial institutions.   Ours opened in March 1975.  Later that year, Congress passed the ECOA.  But they phased it in through mid-1977.  

After the law had been implemented, some applicants then experienced a “Catch-22”:  because of past rejections, their credit reports did not reflect their reliability.  They were turned down for “insufficient credit”.

When we first opened we found ways to help women avoid this problem.  If an applicant had no history with the credit bureaus, we took the time to contact doctors, dentists, furniture stores, and property managers.  We sent form letters to find out how well applicants handled their checking accounts.  We counted income from Aid to Families with Dependent Children (AFDC) and food stamps. Nowadays, for most of our loans, we check with credit bureaus.  But we still offer 3 kinds of loans, approved automatically, to help applicants establish their credit. 

    Who Is Irene Mercado?   Irene applied for her first loan from us in 1976.  She described herself as “an unemployed Welfare Mom” attending San Diego State University (SDSU)’s Master’s Program.  She requested funds for badly needed car repairs.    We were the first lender to report a loan in her name to a credit bureau.  Without repairs to her van, she’d have been unable to take her children to childcare and make it to class on time. 

            She obtained her degree and became a professor of mathematics.  She was able to support her children and put her daughter through UCLA.

            She never forgot.  In 2001, before moving outside of San Diego, Ms. Mercado stopped by our office to give us a $100 contribution.  At the suggestion of then-board member Barb Holles, that became the seed money for the scholarship fund we named after Irene.  

            Contributions to the Fund:  Several Cal Feminist members have made one-time or occasional contributions.  Others contribute every quarter without having to write a check:  they ask us to transfer from their share (savings) account a percentage of the dividends we pay to them.  Because Cal Feminist underwrites  all administrative costs, 100% of contributions are available to Scholarship winners.

How often will we award a scholarship?   Once a year.

Who may apply for the award? 

Eligible:  

• Women who are Cal Feminist members-in-good-standing.  A member-in-good-standing is the primary owner of a Cal Feminist savings account that has a balance of at least $50.  No minimum length of CFFCU membership is required before applying.  

•  Daughters, nieces, granddaughters, sisters, mothers and grandmothers of women and men who are CFFCU members-in-good standing. 

Women who apply may be residents of the any of the 50 states or of Washington, DC.

Ineligible:   members and family members of our Supervisory Committee, Board of Directors, Credit Committee, Scholarship Committee, staff, and other officers.

For what type of training will the scholarship pay?  Vocational training, 2-year colleges, 4-year colleges, graduate studies, re-entry, GED, almost anything educational a woman wants to do to improve herself.

For what can the money be used?   Examples:

            *Acceptable:   Fees, books & school supplies, tuition, permits, including parking permits..

            Not acceptable:  Credit cards, pizza, applicant, living expenses, childcare.

*Note:   the scholarship check will be made payable to the school or the school bookstore for benefit of the winner.

IRENE MERCADO SCHOLARSHIP APPLICATION INSTRUCTIONS

Timeline (modified at 1/13/08  Board meeting; changes published 1/16/08):                                                                                                             

Jan. 15* – May 15:   Mail your application to Cal Feminist FCU's  PO Box in time to arrive between those dates. 

June 1 - June 20:   Scholarship Committee reviews applications.  As part of this process, we may ask you to participate in a telephone interview.  Cal Feminist will pay long distance charges (if any).

Sometime after June 20:   Selection Committee decides and notifies winner.  Any time after we have notified the winner, funds will be made available.    Note:  Scholarship check will be payable to the school or the campus bookstore.   Checks will not be paid to winners or their credit cards, not even to reimburse them for school expenses they have previously paid or advanced. 

July:  Winner's name appears in newsletter or insert enclosed in mailing to Cal Feminist members

October:  Winner and 1 guest are invited to join us for an optional free meal--and acknowledgment--at annual informal buffet and educational event for CFFCU members and guests.

How to Apply:

 1.      Print out and complete the  Scholarship Application  form.

2.   Review  “How to Live on Less”.    

        3. Print out and fill in “Setting Goals,” and “Spending Plan.”

4. .  Using a form you make up, prepare a personal budget  for  all  of your expenses, for school as well as living.  Make it for a 12-month period.  Begin with the month before you will start or return to school.  

5. Write a  paragraph  of  up to  50* words to answer this  question:   If you are able to attain your educational goal, how will that improve your life?

* Note:   Our Selection Committee will  not  judge the paragraph on the basis of spelling, grammar, or punctuation.   If your paragraph exceeds 50 words, your application will  not  be considered.

6. Send  only  the application form, your personal budget, and the paragraph.  Send them to the credit union (see contact info at top). 

We shall consider ONLY the items we’ve requested.  NO unsolicited attachments or enclosures. 

*Please note:  we realize that this is a change from past years.  It's also different from what we published in our Winter/Spring 2008 Newsletter.  Your board  of directors made this change after that newsletter had been printed. 

(c) 2003 - 2008 Cal Feminist FCU