Despite the challenges from IRS regulation changes, we have already sent first semester checks to more than 70% of the schools – two weeks earlier than last year.
If your school has not received scholarship funds yet, they are being processed now.
As we’ve covered in past newsletters, all incumbents will be funded first at 50% of their tuition up to $10,000. Students who were newly funded last year with our 2018-2019 one-time scholarships — what we term “new incumbents” — will be the next to be funded as soon as school verifications are completed.
We have received more than 1150 new applications than we received last year. Just as in years past, we will distribute one-time scholarship funds to last year’s “new incumbents,” followed by this year’s new applicants once we know the exact amount of remaining monies to distribute.
Keep in mind, even though we had pledges of $17 million last year, we are still limited by our $12 million cap. The SC House of Representatives has expanded the cap to $20 million in a bill they passed last session. The Senate will take up that bill when they return to Columbia in January.