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Military Heroes Fund

Black Veteran Student Loan Repayment Scholarship

What We Support

The PenFed Foundation will award $5,000 to 20 selected applicants by issuing monthly payment of $500, until $5,000 has been awarded or the total student loan remaining balance has been reached.

What You’ll Need

  • A DD214 verifying veteran status and the nature of their discharge.
  • A copy of most recent student loan statement that shows monthly payment and overall account balance of at least $17,500.
  • A copy of final college transcript confirming that they attended and/or graduated from the higher education institution with a degree.
  • A statement detailing why the applicant pursued this degree, what they have done with the degree since graduation, what their career and personal goals are for the future, and how the grant will assist them in furthering their career and personal goals. Or, if applicant did not receive degree, a statement detailing why they weren’t able to complete their degree, what their career and personal goals are for the future, and how the grant will assist them in furthering their career and personal goals. Statement should incclude how you have made a positive contribution to your local community
  • One letters of recommendation from a community member demonstrating good character (e.g., an employer, professor, or community leader)
  • W-2/most recent pay stub

Eligibility Requirements

To be eligible for this program you must:

  • Applicants must identify as African American or Black.
  • Eligible applicants are veterans who were honorably discharged or discharged under honorable conditions.
  • Applicants must have incurred student loan debt in pursuing an associate, bachelor, or graduate degree from an accredited academic institution.
  • Gross annual income of the applicant must be no more than 80% of area median income where the applicant lives, adjusted for household size. Click here to determine the income limit based on the household size for the state and county in which you reside.

How to Apply

Click the button below using Google Chrome, Firefox or Safari to create a login and access the application.

The application portal will open August 2.

Additional Information

PLEASE MAKE SURE YOU HAVE SUBMITTEED ALL REQUIRED INFORMATION AND DOCUMENTATION.  INCOMPLETE APPLICATIONS WILL BE AUTOMATICALLY DENIED.

Due to the high volume of application inquiries, the quickest and easiest way to reach us for questions is by emailing vaheroes@penfed.org.