An initiative toward making college more affordable launched by Washington College, the Saver’s Scholarship will reward families who have saved money for their children’s education. The program will match the amount that families contribute from a 529 college savings plan or an Educational Savings Account, up to $2,500 per year for three years—starting in the student’s sophomore year—to pay for their student’s tuition.
- Qualification for the Saver’s Scholarship begins in academic year 2016-17 and the first scholarships will be awarded with students’ financial aid awards in 2017-18.
- Students must maintain continuous full-time enrollment for three consecutive years and complete the Free Application for Federal Student Aid (FAFSA) annually by Washington College’s published deadline, presently March 1.
- Payments must be made directly to the College from a 529 or ESA plan that has been established at least three years before enrollment. Plan owners must submit proof of the plan establishment date to Washington College no later than April 28.
- Washington College will include a scholarship in the student’s financial aid award starting in the sophomore year that matches the amount of qualifying payments made in the previous year, up to $2,500 per year.
- Students who qualify for the Saver’s Scholarship can still pursue other types of scholarship aid, both from WC and elsewhere.
This is a pilot program, and the College will be gauging its impact and use and reserves the right to make adjustments based on the level of participation and usage. As of July 2017, the College has committed the scholarship to eligible students through the Class of 2021.
The Class of 2022 is not eligible for the Saver’s Scholarship.