FHLBank Indianapolis awards $100,000 in Money Masters financial literacy scholarships

last updated on Thursday, July 11, 2024 in Federal Home Loan Bank Indianapolis

In an effort to promote and improve financial literacy among college-bound students and rising seniors in Indiana and Michigan, so far in 2024 the Federal Home Loan Bank of Indianapolis has partnered with member financial institutions and leading community groups to award more than $100,000 in financial literacy scholarships through the Bank’s Money Masters Scholarship Program.

More than 70 students received scholarship funds through the following Bank member sponsors or local community organizations with a focus on youth (e.g., youth groups, charter schools, community youth foundations or non-profit organizations with youth programming):

• Mercantile Bank and Grand Valley State University TRIO Program, 22 scholarship students in Grand Rapids, Mich. (awarded April 30, 2024)
• Elements Financial and Center for Leadership Development, 25 scholarship students in Indianapolis. (awarded May 14, 2024)
• People Driven Credit Union and Rhonda Walker Foundation, nine scholarship students in Detroit. (awarded May 16, 2024).
• Merchants Bank and Providence Cristo Rey High School, 15 scholarship students in Indianapolis (awarded May 17, 2024).

“Core to our mission is supporting home ownership for as many people as possible in our district,” said Marchelle Costa (left), AVP, Associate Director, HR-Diversity, Equity and Inclusion at the Bank. “We assessed the barriers that prevent people from achieving that, and one of them is financial literacy. Launched in 2023, our Money Masters program looks to improve that by supporting the next generation of leaders in our members’ communities through financial literacy and best practices in money management.”

FHLBank Indianapolis will award up to $25,000 a year to each member institution/youth organization partnership for scholarship recipients for a total of up to $75,000. These awards will be made annually for a three-year period on a first-come, first-served basis. The scholarship funds are deposited into bank accounts with the designated member institutions, which award recipients can access for discretionary expenses.

“Our Money Masters program is an innovative way to get more engaged in financial literacy, as well as in the communities the Bank serves,” said Deron Streitenberger (right), EVP, Chief Business Operations Officer. “These are the same communities that our members serve, so it’s a win-win for everyone, thanks to the extraordinary support of our initial partners.”

Scholarship recipients are selected based on their academic record, completion of in-person financial education curriculum and application review by the Bank’s partner member or community group.

So far in 2024, FHLBank Indianapolis has delivered financial education to more than 400 students across Indiana and Michigan, and Bank leadership is eager to do more.

“We’re just getting started,” Costa said. “We’re hoping our members are going to sign up and continue to support the program. And that we can double those numbers in 2025.”

For more information about Money Masters or to participate, contact Marchelle Costa at mcosta@fhlbi.com.

Story by Scott Thien, Sr. Internal Communications Lead. For more information, contact the Corporate Communications department at corpcomm@fhlbi.com.