The current state of the economy has made it increasingly difficult for students with poor or average credit to borrow money for college. With many student loan companies announcing plans to cease or greatly scale back lending, and other companies drastically increasing credit requirements, student borrowers may feel like they have nowhere to turn. College scholarships, such as this week's Scholarship of the Week, can help bridge this gap, however. The SpendonLife Credit Challenged Scholarship offers awards of up to $5,000 to students struggling to pay for school after being denied student loans based on credit.
Prize: Up to 10 scholarship awards in amounts ranging from $500 to $5,000
Eligibility: High school students and college students ages 17-25 who will be enrolled in an undergraduate or graduate degree program in the 2009-2010 academic year or who are currently enrolled in college. Applicants must be legal residents of the U.S. and must have been rejected for a private student loan based on credit.
Deadline: June 15, 2009
Required Material: A completed scholarship application and an essay of 500 words or less answering the question, "How has the slowed economy personally affected you, either financially or emotionally?"
Further details about the application process can be found by conducting a free college scholarship search on Scholarships.com. Once the search is completed, students eligible for this scholarship award will find it in their search results.