Ullico Foundation

Program Overview

What is the Ullico Foundation Scholarship?

The Ullico Foundation was created by and is initially supported through the generosity of Ullico Inc., the labor-supported parent of several insurance and investment services affiliates, including The Union Labor Life Insurance Company, a life insurance company that has championed and assisted American workers for almost a century. Ullico has a long history of supporting charitable causes and community improvement. As part of its overall diversity, equity and inclusion efforts, Ullico formed the Ullico Foundation in 2020 to help address the financial challenges faced by students from underrepresented, disadvantaged and minority communities who seek a quality higher education, particularly students pursuing studies in insurance- and investment-related programs, where minority scholars are especially uncommon. The Foundation has launched a nationwide scholarship program to provide educational opportunities to students from underrepresented backgrounds and increase the pool of students pursuing courses of study in such essential fields as actuarial/mathematical sciences, insurance, business, finance, labor relations or labor history.

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Frequently Asked Questions

Who is eligible to apply?

Applicants must:

Be a high school senior graduating in the 2021-22 academic year, or current college undergraduate, or graduate student. bank
Have a minimum 2.5 GPA.
Enroll full-time at an accredited four-year college/university or graduate program and demonstrate a financial need.
Be pursuing studies in insurance, actuarial/mathematical, business, finance, labor relations or labor history.
Be from an underrepresented, economically disadvantaged, or minority community in the United States.

When is the application deadline?

March 31, 2022 at 11:59 pm Pacific Time

What is the timeline for the program?

Application Opens: January 31, 2022
Application Deadline: March 31, 2022
Notification of Selection Results: May 26, 2022
Funds Disbursed: August 1, 2022

Is this award renewable?

The award is not renewable, but you may re-apply each year as long as you meet the eligibility requirements.

Who administers this program?

To ensure complete impartiality in the selection of recipients and to maintain a high level of professionalism and security, the program is administered by International Scholarship and Tuition Services, Inc. (ISTS), an independent company that specializes in managing sponsored educational assistance programs. The Ullico Foundation should not be contacted concerning the status of the application. For any specific scholarship questions, please contact ISTS.

Are scholarships taxable?

Tax laws vary by country. In the United States, scholarship funds used exclusively for the payment of tuition and textbooks are normally not taxable. The scholarship recipient is responsible for taxes, if any, that may be assessed against his or her scholarship award. We recommend consulting your tax adviser for more guidance. You may also consult IRS Publication 970 for additional information.

Award Details

What are the selection criteria?

An independent selection committee will evaluate the complete applications and select recipients considering:

Academic achievements and records
Community involvement
Underrepresented community background
Volunteerism
Financial need
Essay content

Decisions of the selection committee are final and are not subject to appeal. No application feedback will be given.

What are the details of the award?

An independent selection committee will evaluate the complete applications and select recipients considering:

Awards in the amount of $5,000 will be granted annually and are not renewable.
Students may reapply each year as long as they continue to meet the eligibility criteria.
Scholarships will be applied to tuition, fees, books, and supplies required for course work at accredited institutions in the United States. These institutions include four-year colleges and universities. Students may transfer from one institution to another and retain the award.
Scholarships may not be applied to room and board and cannot be used to purchase a laptop if not required for all students attending the institution or course.

What are my responsibilities if I am chosen as a recipient?

You must enroll as a full-time undergraduate or graduate student in the fall of the year in which the scholarships are awarded. You must continue the entire academic year without interruption unless approved by the scholarship sponsor. You are responsible for delivering your scholarship check(s) to the proper office at your institution with its attached instructions.

How and when are funds issued?

Your funds will be issued via check in early August. Your check will be made payable to the institution you have identified to ISTS you will attend. The check will be mailed to your home address so that you may deliver it to the correct office at your institution.