Kent Peters
Wednesday, November 2, 2016

Here in the Mennonite Voluntary Service offices, we spend a lot of time thinking about what keeps more young adults from applying to our program. Unsurprisingly, student loans are consistently at the top of the list. Look, we even just posted an article talking about ways to deal with this barrier while in MVS:

Balancing student loan debt and service

To further address this barrier, MVS has created a student loan scholarship fund, and has been awarding scholarships to MVS participants for the past two years. In this post, we would like to give you a look into how this process works and how we decided to distribute the funds to our MVSers.

In the 2014–2015 MVS year, a grant was received from the Fidelia E. Plett Foundation to kick off our self-funded scholarships. With some leftover resources from another MVS project added to the pot, there was $7,500 given out to 13 MVSers.

We kicked it up a notch for the 2015–2016 year with another grant, a new line item in the MVS operating budget, and some extremely generous giving from the MVS unit surpluses.


Saving some for future years, it was decided that $25,000–$30,000 could be split between the 23 applicants. First year MVSers received a $500 base award. For year two, it doubled to $1,000. The remaining balance was then split based on the amount of debt held by each applicant.

If you're the type of person who likes reading about formulas, here's how we decided to divide the extra funds: We started by totaling the amount of debt held by all of the MVSers, and finding what percentage of the total each MVSer held. Then we multiplied the percentage by the remaining funds that were left after we had distributed all of the base awards. We ended up with this:

MVS scholarship = base award + ([individual debt total debt] * remaining funds).

So if the total debt owed by MVSers is $450,000, the remaining funds are $16,000, and you have a first-year MVSer who owes $35,000, this will be the scholarship amount: $500 + ([$35,000/$450,000] * $16,000) = $1,745.

If the MVSer only owes $8,000, it plays out like this: $500 + ([$8,000/$450,000] * $16,000) = $785.

In the end, $29,900 was designated for 2015-2016 MVS scholarships, with an average award ranging from $1,200 for first-year MVSers to $1,500 for second-year.


(The dots above the line represent second-year MVSers, who receive a larger base award.)

These awards are being deposited into accounts as the MVS year comes to a close, as one of the requirements for receiving an award is successfully completing the MVS term. A successful year is considered finishing at least 50 weeks, or with the approval of the unit's local leadership for other circumstances.

The only additional scholarship requirement is submitting an application, which includes showing the amount of debt the MVSer holds.

We anticipate being able to offer similar scholarship awards for the 2016-2017 MVS year, although, of course, there are many factors such as fluctuations with incoming funds and the number of MVSers who apply for the scholarship. The MVS operating budget for this project is being more than tripled this year to provide some additional, consistent funding as well.

Our goal for this scholarship is to help pay off any interest that accumulates on loans during the year, and to hopefully provide some cushion for MVSers transitioning back into making monthly loan payments following their MVS term.

As always, if you need help figuring out what to do with your loans while in service, contact MVS staff. We can provide you with resources to help you think about your options.

 

 

 Related

 

 

SOOP VolunteersThank youhttps://www.mennonitemission.net/info/3377/SOOP VolunteersSOOP VolunteersGP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476
Balancing student loan debt and serviceInfohttps://www.mennonitemission.net/info/3151/Balancing student loan debt and serviceBalancing student loan debt and serviceGP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476Elkhart, Indiana
MVS awards 29 grand in student loan scholarships Financial faithhttps://www.mennonitemission.net/info/3433/MVS awards 29 grand in student loan scholarshipsMVS awards 29 grand in student loan scholarships GP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476Newton, Kansas
A taste from inside the SOOP bowlInfohttps://www.mennonitemission.net/info/3145/A taste from inside the SOOP bowlA taste from inside the SOOP bowlGP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476Elkhart, Indiana
Learning to followInfohttps://www.mennonitemission.net/info/3277/Learning to followLearning to followGP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476
The power of communityInfohttps://www.mennonitemission.net/info/3399/The power of communityThe power of communityGP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476
SOOP Fun FactsInfohttps://www.mennonitemission.net/info/3375/SOOP Fun FactsSOOP Fun FactsGP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476Elkhart, Indiana
It's not too late! Apply for MVS today!Infohttps://www.mennonitemission.net/info/3267/It's not too late! Apply for MVS todayIt's not too late! Apply for MVS today!GP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476Elkhart, Indiana
Apply by April 1 for Youth Venture international tripsInfohttps://www.mennonitemission.net/info/3139/Apply by April 1 for Youth Venture international tripsApply by April 1 for Youth Venture international tripsGP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476India, Congo, Lithuania and Indonesia
Spring and Summer SOOPLet's go campinghttps://www.mennonitemission.net/info/3385/Spring and Summer SOOPSpring and Summer SOOPGP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476Lincoln City, Oregon
Can you say 'SOOP' in Spanish?Infohttps://www.mennonitemission.net/info/3173/Can you say SOOP in SpanishCan you say 'SOOP' in Spanish?GP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476Latin America
Apply now before the MVS early bird deadlineInfohttps://www.mennonitemission.net/info/3141/Apply now before the MVS early bird deadlineApply now before the MVS early bird deadlineGP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476Newton, Kansas
Try out Service Adventure for the weekendInfohttps://www.mennonitemission.net/info/3403/Try out Service Adventure for the weekendTry out Service Adventure for the weekendGP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476Newton, Kansas
mvs testInfohttps://www.mennonitemission.net/info/3538/mvs-test10mvs testGP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476
Frequently asked questions about Journey InternationalInfohttps://www.mennonitemission.net/info/3217/Frequently asked questions about Journey InternationalFrequently asked questions about Journey InternationalGP0|#0cab7f8d-f1c4-4bb0-8086-4788fee8b155;L0|#00cab7f8d-f1c4-4bb0-8086-4788fee8b155|Info;GTSet|#544fcc8d-5de2-49c8-9d51-afee09323476

 

 

https://www.mennonitemission.net/info/3433/MVS awards 29 grand in student loan scholarships

 

 

SOOP Volunteershttps://www.mennonitemission.net/info/3377/SOOP VolunteersSOOP Volunteers
Balancing student loan debt and servicehttps://www.mennonitemission.net/info/3151/Balancing student loan debt and serviceBalancing student loan debt and service
MVS awards 29 grand in student loan scholarships https://www.mennonitemission.net/info/3433/MVS awards 29 grand in student loan scholarshipsMVS awards 29 grand in student loan scholarships
A taste from inside the SOOP bowlhttps://www.mennonitemission.net/info/3145/A taste from inside the SOOP bowlA taste from inside the SOOP bowl
Learning to followhttps://www.mennonitemission.net/info/3277/Learning to followLearning to follow
The power of communityhttps://www.mennonitemission.net/info/3399/The power of communityThe power of community



 

 

Mary’s callhttps://www.mennonitemission.net/blog/4814/Marys-callMary’s callAdvent Devotional
Celebrating Thanksgiving with honestyhttps://www.mennonitemission.net/blog/4812/Thanksgiving-with-honestyCelebrating Thanksgiving with honestyThanksgiving Day
For Indigenous Mennonite woman, Thanksgiving is reminder of losshttps://www.mennonitemission.net/blog/4817/For-Indigenous-Mennonite-woman-Thanksgiving-is-reminder-of-lossFor Indigenous Mennonite woman, Thanksgiving is reminder of lossNative American perspective
Native Cinema Showcase 2022https://www.mennonitemission.net/news/4815/Native-Cinema-Showcase-2022Native Cinema Showcase 2022Native American Cinema
Creating sacred space for peacebuilders of faithhttps://www.mennonitemission.net/news/4806/Creating-sacred-space-for-peacebuilders-of-faithCreating sacred space for peacebuilders of faithMISSION MONTH
A windmill becomes a windfallhttps://www.mennonitemission.net/news/4816/A-windmill-becomes-a-windfallA windmill becomes a windfallCreative Giving