2024 Island Federal
Scholarship Program

2024 Island Federal
Scholarship Program

Awarding $50,000 in College Scholarships Every Year!

For more than six decades, Island Federal Credit Union has helped local families achieve their dreams. Recognizing that affording a college education is a priority for most parents, we’re proud to offer the Island Federal Scholarship Program. Since 1992, Island has awarded more than 362 scholarships totaling $850,000 to local high school graduates. 

Island Federal will award a total of $50,000 in Scholarships to eleven (11) 2024 high school seniors

  • 3- $10,000 Scholarships
  • 8- $2,500 Scholarships

All students who are graduating high school in 2024 and are pursuing advanced, full-time study after graduation are encouraged to apply for an Island Federal Scholarship.

Step 1: Eligibility

The best part about the Island Federal Scholarship program is that there is no essay to write or transcript required. Simply meet the following requirements at your time of submission, and you are entered:

  • Be a current high school senior who will be continuing their education next year
  • Have a Island Federal Member with a Cash Back Checking Account & Debit Mastercard1

Step 2: Open A Free Account and Apply Online Today!

Not yet a Member of Island Federal Credit Union?  No sweat!  Opening your free Cash Back Checking Account is quick, easy, and can be done 100% online.

  • Grab your Driver’s License, Learner’s Permit, or other government issued ID card
  • Use promo code “SCHOLARSHIP” when completing the application to be automatically entered

Prefer to apply in person?  Head to to your local Island Federal branch and complete an application.


Already a Member? Great!

If you’re already an Island Federal Member with a Cash Back Checking Account, you can apply by emailing us a completed application or by bringing it to your local branch.


The deadline to submit your completed entry form is Friday, April 19, 2024. Random drawing will be held on Friday, April 26, 2024.

OFFICIAL RULES: To be eligible, student must be a high school senior (class of 2024) and plan on attending a full-time course of undergraduate study as a freshman at a university, college, community college or recognized vocational school. One entry per person. If selected, student is required to provide proof of acceptance into the school they will be attending. On Friday, April 26, 2024, eleven (11) names will be randomly drawn. Of those eleven, the first three (3) names randomly drawn will each win a $10,000 Award. $10,000 Scholarship recipients will be awarded $2,500 per year for four years and proof of attendance each year will be mandatory before award is given. The remaining eight (8) names selected will each win a $2,500 Scholarship. All winners will be notified via mail, email or phone using the contact information provided at the time of entry, and a list of recipients will be published in the Island Quarterly newsletter, on the Island website, as well as displayed in our branch offices. Acceptance of the Scholarship shall constitute winner’s consent for ISLAND FEDERAL to use winner’s name and photograph for advertising and promotional purposes without further compensation. Senior picture required from winners. 1 A debit card and checking account is required, however there is NO minimum balance needed to open or maintain the account. The account must be established in the student’s name before or at the time the entry form is submitted. Go to islandfcu.com/scholarship for more information. Island Federal Credit Union Officials, Employees, Volunteers and their immediate family members are not eligible to enter. Membership eligibility applies.
College Students

College Loans

Island makes paying for college easier and more affordable so you can achieve your dreams.

Student Choice College Loan Solutions

  • Offers an extremely competitive variable rate Line of Credit that can be used to bridge the gap between traditional financial aid and the Cost of Attendance (COA) as an undergraduate student attending a 4-year degree program at an eligible public or private not-for-profit school.
  • Provides an up-to-date informative resource with tips on paying for college and managing finances.
  • Enjoy a great low rate and flexible repayment options.
  • Apply one time and the funds are available for the entire four year undergraduate term.
  • Fills the gap between the amount of other aid and the cost of schooling.
  • Funds are paid directly to the school, so there’s less hassle for you.

Who can apply?

This program is open to all undergraduate students currently attending a four-year degree program at an eligible public or private not-for-profit school.

How do I apply?

Access our Student Choice Resource Center to learn more.

*APR=Annual Percentage Rate. Rates effective 04/21/2024 and are subject to change without notice. All offers are subject to credit approval; applicants may be offered credit at higher rates and terms. Loan rates featured are the lowest for the product advertised. Variable Rate. Lines of credit available up to $75,000.00. Available to undergraduate students enrolled in a degree-granting program and meeting the school’s minimum Satisfactory Academic Progress (SAP) criteria at an eligible school. Rate is based on the Prime rate plus a margin; margin is disclosed at account opening. Maximum Rate is 15%. Current Prime rate 8.50%. Disclaimer: Island Federal makes every effort to ensure that the information posted is current and accurate; however, we make no warranties of any kind, expressed or implied. Membership eligibility applies.