N.M. CU ed. foundation awards $130K in scholarships
April 22, 2015
ALBUQUERQUE, N.M. (4/23/15)--The New Mexico Credit Union Education Foundation has granted 130 students in New Mexico $1,000 scholarships for the 2015-16 school year, totaling $130,000, the Credit Union Association of New Mexico (CUANM) announced.
"We want to see higher graduation rates and see more education for people that live here in New Mexico," Paul Stull, CUANM president/CEO, told Albuquerque Business First (April 21). "We also get quite a few people that apply that are the first people in their families to attend college."
The funding for the scholarship program is provided through special state legislation that allows credit unions to use abandoned funds for educational purposes.
Accounts are typically deemed abandoned after years without contact from the account holder and prolonged account inactivity. Stull told Albuquerque Business that the original owners of the accounts can still reclaim the funds if needed.
The education foundation has granted 1,552 scholarships totaling nearly $2 million since its inception in 1992.