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The Wells Fargo Student Impact Scholarship will provide $5,000 scholarships for the spring 2021 semester.
Volunteering & Giving
September 3, 2020

Helping college students affected by COVID-19

Wells Fargo is launching the Student Impact Scholarship to provide $1 million in scholarships for students and families who need financial assistance due to COVID-19.

As families prepared to send their children to college for the fall 2020 semester, almost 70% polled this spring said they were worried about paying for their education because of the COVID-19 pandemic, according to CNBC. To help students and families who unexpectedly need financial assistance because of the pandemic, the Wells Fargo Student Impact Scholarship is launching to provide $1 million in scholarships.

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Applications for the Wells Fargo Student Impact Scholarship are being accepted from Sept. 14 to Oct. 2.

“Amid the uncertainty and confusion of the current state of the world, students remain some of the key drivers of change,” said John Rasmussen, leader of Personal Lending for Wells Fargo. “They are rising to the challenges they are facing and working hard to provide much-needed support to their families and communities. Wells Fargo wants to support those who are making a difference in their community and help them continue their educational journey.”

Wells Fargo’s Student Segment Marketing team is working with APIA Scholars, the nation’s largest nonprofit provider of college scholarships to Asian and Pacific Islander Americans, to provide $5,000 scholarships to a wide range of applicants. The application period begins Sept. 14 and will run through Oct. 2.

“Amid the uncertainty and confusion of the current state of the world, students remain some of the key drivers of change.” — John Rasmussen

The scholarships, which will be distributed for the spring 2021 semester, will be awarded to students who have taken action toward uplifting and empowering their communities in 2020. Students must also:

  • Intend to enroll or continue enrollment as a degree-seeking undergraduate student at an accredited U.S. college or university in spring 2021.
  • Have been financially impacted by COVID-19 and have demonstrated financial need.
  • Be a U.S. citizen, national, or legal permanent resident of the U.S., or a Deferred Action for Childhood Arrivals (DACA) beneficiary. Citizens of the Federated States of Micronesia, the Republic of Palau, and the Republic of the Marshall Islands are also eligible to apply.
  • Have completed the 2020-2021 Free Application for Federal Student Aid, or FAFSA, if legally applicable.
The headshot of John Rasmussen shows him smiling at the camera while wearing glasses, a dark blazer and tie, and a white, collared shirt.
John Rasmussen

“We believe a post-secondary education can be an important tool in building long-term financial health of communities and individuals, and are thus committed to supporting students and families in their pursuit of higher education,” Rasmussen said. “During this time of crisis when diverse populations are being disproportionately affected, it is critical that we support the ability of students to stay on their educational path — not only for their benefit, but for that of their wider community.”

To provide students with support and tangible skills, Wells Fargo will also offer leadership training and ongoing guidance, using the Beyond College webinars on the company site CollegeSTEPS®.

“During this time of crisis when diverse populations are being disproportionately affected, it is critical that we support the ability of students to stay on their educational path — not only for their benefit, but for that of their wider community.” — John Rasmussen

Continued support

Wells Fargo has a history of providing significant scholarship support for underrepresented students. Since 2010, the company has provided more than $49.4 million to support programming and scholarships for the Hispanic Scholarship Fund, the Thurgood Marshall College Fund, and the United Negro College Fund, with more than $87.8 million provided across all higher education programs and sponsored events. Wells Fargo Talent Acquisition Strategy and Targeted Programs Team also recruits and hires interns and full-time employees and provides online training modules for students and recent graduates through its Beyond College Webinar Series.

Wells Fargo is committed to helping its Education Financial Services customers who are experiencing hardships. Customers affected by issues related to COVID-19 should speak to their client service consultant to explore payment assistance options and visit Wells Fargo’s COVID-19 information center.

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4 tips for college students from Wells Fargo’s Student Segment team

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Complete the Free Application for Federal Student Aid and let the school you’re attending know.

If you have not completed the FAFSA, you still can, even if your financial situation has changed since filing your most recent individual income tax return. Once you have signed and submitted your FAFSA form, you can only update basics such as your contact information, the number of people in your household, your marital status, and which schools you want to have access to your form.

Explore virtual opportunities for jobs, internships, and volunteer work.

Your go-to job might not be possible this year, but you may still be able to earn money for college by working virtually and leveraging your interests, skills, or hobbies. Some possible online jobs include managing social media for local businesses or nonprofits, proofreading, or taking online surveys. Remote internships and volunteer opportunities may also be available.

Know what resources are available to you.

There are financial resources potentially available to help with food, housing, health care, and other needs triggered by the pandemic. Emergency cash grants may also be available.

Take care of yourself.

Focusing on your health, with activities like regular exercise or meditation, or on areas such as money management and productivity can be excellent ways to use the potential additional free time you have.

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