Who You Gonna Call to Help Pay for College?

ROCK ISLAND, Ill., Aug. 2, 2016 -- The new, all-female cast of the 2016 Ghostbuster movie may not be afraid of ghosts, but if they are like thousands of college students throughout the U.S. they are terrified of something else – mushrooming student loan debt.

According to a recent article in the Wall Street Journal the graduating class of 2016 racked up an average of $37,172 in student loan debt when they received their diplomas. The problem is considered even more alarming for women due to the persistent gender pay gap that shows women earn 79 cents for every dollar earned by men.

Help with college tuition may be closer than one may think. Royal Neighbors of America, one of the largest women-led life insurers in the U.S., suggests that students and their families turn to the organizations and companies they already do business with to look for scholarship opportunities.

For instance, Royal Neighbors members are eligible for the following scholarships*:

Making a Difference Leader Scholarship
One – four-year, renewable grant worth up to $20,000 ($5,000 each year) is awarded annually to the most outstanding female high school senior from the pool of qualified Making a Difference applicants.

Making a Difference Scholarship
Ten – four-year, renewable grants worth up to $8,000 ($2,000 each year) are awarded annually to help members who are graduating high school seniors earn a degree at an accredited college or university directly following graduation.

New Horizons Leader Scholarship
One – four-year, renewable scholarship worth up to $20,000 ($5,000 each year) is awarded annually to the most outstanding female from the pool of qualified New Horizons applicants.

New Horizons Scholarship
Ten – one-time grants up to $5,000 each year are awarded annually to help members age 18 and older who have previously graduated from high school pursue a degree at an accredited college or university. This can also be used toward an advanced degree such as a Masters, Ph.D., law school, or medical school.

Life Enrichment Scholarship
Five – non-renewable grants of up to $500 are awarded annually to members age 18 and older who have previously graduated from high school and who have a desire to continue their education through short-term courses to provide training for semi-professional occupations in business and industry or programs to provide skilled training.

Since its creation in 1961, the Royal Neighbors of America Scholarship Program has awarded over $5 million to its members to assist with the costs of continuing education. Details about the program are located at http://www.royalneighbors.org/Membership-benefits/Scholarship. Additional sites with useful information regarding scholarships include:FastWeb.com and CollegeBoard.com.

About Royal Neighbors

Royal Neighbors of America, one of the nation's largest women-led life insurers, empowers women to meet the needs of their families with annuities and life insurance products such as whole life, simplified issue, and universal life. Royal Neighbors is licensed in 43 states and the District of Columbia and not all products are available in all states. Royal Neighbors was founded in 1895 and is headquartered in Rock Island, IL, with a branch office in Mesa, AZ. For more information, visit www.royalneighbors.org or call (800) 627-4762.

Member benefits are provided at the discretion of Royal Neighbors of America and are not available in all states. They are not part of any insurance or annuity contract and are not guaranteed.
*In order to be eligible the person applying for the scholarship must be a member of Royal Neighbors.

1 Josh Mitchell, Student Debt Is About to Set Another Record, But the Picture Isn't All Bad, Wall Street Journal, May 2, 2016, online article, http://blogs.wsj.com/economics/2016/05/02/student-debt-is-about-to-set-another-record-but-the-picture-isnt-all-bad/. PDF on file.

2 Pay Equity & Discrimination, Institute for Women's Policy Research, 2015, http://www.iwpr.org/initiatives/pay-equity-and-discrimination online article. PDF on file.
Cutline: This young scholar and his baby sister will be eligible for Royal Neighbors scholarships in a few more years.
Form: W2016-6; Rev. 7-2016

A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=40975

CONTACT: Sally Marks
         Phone: (480) 970-2521
         Email: [email protected]