By Sam Coren
Think you have a head for finance? Put your knowledge to the test and earn scholarship money for college! The Charles Schwab Foundation is teaming up with the U.S. Department of the Treasury and U.S. Department of Education to launch the 2011 National Financial Capability Challenge. Win up to $1,000 in scholarship money for scoring in the top-10 percent of a a 40-question voluntary online test that measures the financial savvy of high-school-age students across the U.S.
The test-taking window for the Challenge, which was created and is administered by the , begins March 7 and continues through April 8. Teachers can sign up their students at the Department of the Treasury’s website: www.challenge.treas.gov. Students enrolled in any subject from any U.S. high school, home school or after-school program can participate.
Charles Schwab Foundation will award scholarships of $1,000 each to 20 students selected by lottery from among the top 10 percent highest-scoring students nationally. In addition, five $1,000 scholarships will go to students who score in the top 10 percent among all participating students who attend low-income public schools. The 25 schools or organizations that provided the winning students with their financial education will additionally receive a $1,000 grant each from Charles Schwab Foundation in recognition of the important role educators play in advancing financial literacy. Winners will be announced in the late spring.
Educators can download the Dept. of the Treasury’s Educator Toolkit, and teachers and parents are also encouraged to visit schwabmoneywise.com for details about the scholarship awards and additional tips, tools and resources for teaching the ABCs of personal finance.
“The Challenge gives us an opportunity to raise awareness of financial education as the underpinning of lifelong financial health and well-being,” said Carrie Schwab-Pomerantz, president of Charles Schwab Foundation and member of the President’s Advisory Council on Financial Capability. “It’s a privilege for us to be able to reward not just the students who excel on the Challenge, but also the schools that do an exceptional job in preparing them for it.”
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