US banks have set up scholarship schemes for the next 20 years to help students with postgraduate studies in the fields of technology, finance, healthcare and entrepreneurship, as part of the National Science Foundation’s (NSF) $200 billion Global Scholarship.
“The scholarships are for students who want to take up a postgraduate program and they are designed to help them get a start on their career and are not an investment,” said the US bank, Wells Fargo.
The NSF’s Global Scholarship programme, which is administered by the US Department of Energy, aims to help US citizens and permanent residents with postgraduation education, and to encourage them to pursue a career in technology, business and other areas.
It provides financial aid to US citizens who have completed at least a bachelor’s degree in engineering, medicine or science in the US, and has also enabled the US government to grant postgraduate scholarships to American citizens with disabilities.US students are eligible to apply for scholarships from January 2021 and can apply online at the NSF website.
The National Science Board of Canada, which oversees the NSFF, said the NSFs Global Scholarship program has a high chance of helping students achieve their goal of pursuing postgraduate degrees.
The fund’s aim is to provide scholarships for a range of students, from all levels of education, who want a chance to become engineers, physicians, scientists, technicians, and scientists-in-training.
The program is administered through the Department of Education’s Advanced Post-Graduation Education Program (APEGP) and has been a major driver of the growth of postgraduate education in the United States, the NSB said.
“We are very pleased that this is part of our efforts to make postgraduate education more accessible to the students who deserve it,” said NSF CEO Peter Meehan.
“It is the first time that we are offering a scholarship for a postgraduating student in the U.S. and one of the first to be announced in the world.
It’s a really positive step for our country.”
Wells Fargo, the second largest US bank by assets, is also offering a similar programme to students from the US and Canadian universities, with students from those countries eligible to receive a $250,000 grant.
“As a leading global institution, Wells has long been a leader in supporting postgraduate students with their postgraduate study, which we are proud to extend to all our US customers,” Wells Fargo said in a statement.
“Our Global Scholarship Program will provide students with the resources and opportunity to complete their degree in an accredited university in the region they choose.
It will be an excellent way to help our employees pursue their postgraduated studies in Canada and the US.”
The program will open in 2021, but Wells Fargo has previously said it could be extended in 2024.US banks are set to launch a new scholarship scheme for 2023, the Federal Reserve Bank of New York said in March.
“This new program will be aimed at students who have not completed their undergraduate degree and are pursuing a post-graduate degree, or who are considering taking up a career outside the US,” the Federal Bureau of Prisons said in its release.
“These are students who may not have access to postgraduate funding through their institutions and who have financial challenges or other barriers that prevent them from completing their degree,” it added.
The Federal Reserve’s Global Postgraduate Scholarship Program is expected to be completed by 2020.