Scholarship Terms

Scholarship Terms for NEW recipients

Once you receive the bill for your upcoming year from your school, you must fill out a Request for Payment follow-up form in the portal. This follow-up form requires you to accept your scholarship by signing the Scholarship Agreement and to upload the bill for the upcoming school year. You must complete and submit this form to receive your scholarship. Please allow two weeks for payment processing.
Once you have submitted the completed Request for Payment follow-up form, the 101: Fund will send your scholarship payment directly to your college/university. Please note: You must submit your Request for Payment follow-up form by September 1.
The 101: Fund sends scholarship payments directly to your school at the address you provide.
Your scholarship is to be used for tuition and fees required for enrollment or attendance at the educational institution where you matriculate; if all unmet need with respect to your tuition and fees has been exhausted, then the funds (the entire amount or the remaining amount, as applicable) may be applied to your other costs of attendance, including, but not limited to, room and board, books and supplies, educational technology, and study abroad or summer programs/classes. In certain situations, scholarship funds may be considered taxable income for the recipient. The Internal Revenue Service provides information about scholarships on their website at https://www.irs.gov/taxtopics/tc421. For questions about how this scholarship might impact you, please consult with a tax professional.
Scholarships may not be deferred.

You may apply for additional funds in subsequent years as a returning student.
Returning students must still prove financial need, submit the required documentation, and demonstrate a cumulative 2.0 grade point average (GPA).

Scholarship Terms for RETURNING students

To access your scholarship you must fill out a Request for Payment followup form, which will be available on July 1 in the portal. Please complete this form and upload the bill for your upcoming school year and allow two weeks for us to process payments. You must submit your Request for Payment form by September 1.

The 101: Fund helps fill the gap that financial aid and other sources do not cover. The 101: Fund reserves the right to adjust your scholarship if your financial aid package increases, thus reducing or eliminating your financial need.
Your scholarship is to be used for tuition and fees required for enrollment or attendance at the educational institution where you matriculate; if all unmet need with respect to your tuition and fees has been exhausted, then the funds (the entire amount or the remaining amount, as applicable) may be applied to your other costs of attendance, including, but not limited to, room and board, books and supplies, educational technology, and study abroad or summer programs/classes. In certain situations, scholarship funds are considered taxable income for the recipient. The Internal Revenue Service provides information about scholarships on their website at https://www.irs.gov/taxtopics/tc421. For questions about how this scholarship might impact you, please consult with a tax professional.

Returning students must continue to prove financial need, submit the required documentation, and demonstrate a cumulative 2.0 grade point average (GPA) each year in order to receive 101: Fund scholarships.

Important information for ALL recipients on Scholarship Displacement

Some schools practice scholarship displacement, i.e. they may reduce your financial aid package if you receive other outside (non-institutional) scholarships. An example of scholarship displacement might be when the 101: Fund sends a scholarship of $4,000 to a school for a certain student, but the school then reduces that student’s financial aid package by an amount up to $4,000, leaving the student with unmet need. The 101: Fund is trying to discourage schools from practicing scholarship displacement by including specific language in the letter that accompanies our payments, but if you think your bill shows scholarship displacement, please contact us ASAP at apply@101fund.org.

Additional information for Mercer County Community College (MCCC) Students

Schedule and take course placement tests before the fall
Recipients may be assigned a 101: Fund mentor
Recipients are strongly encouraged to meet with a MCCC Success Advisor
The 101: Fund may pay for summer school upon request, but using your scholarship for summer courses will typically spend down your scholarship more quickly.

Questions? Contact apply@101fund.org