LAFCU launches essay contest for debt relief grants
It’s not every day that a person is awarded money for writing an essay on how they’re working to improve their financial status, but that’s the gist of the LAFCU Pathway to Financial Transformation Essay Contest.
“Debt can prevent a person from living life to the fullest — not just in what they can or can not buy or experience, but the added stress of too much debt can negatively affect relationships and lead to health problems,” said Kelli Ellsworth Etchison, LAFCU chief marketing officer and chief diversity officer said in a news release. “This contest focuses on the importance of a ‘Pathway to Financial Transformation’ when you’ve stumbled in your journey to achieve financial stability.”
What actions have influenced your financial decisions? What progress have you made during the past year? How will this grant help you meet your financial goals?
These are a few of the questions that could be answered in a one-page essay about how you are trying to create a financial roadmap.
All entries for the contest must be received by May 6.
The LAFCU Pathway to Financial Transformation Essay Contest will award three winners up to $2,500 to each, to be applied to the winners’ outstanding debts.
“Applying for the grant is an opportunity for entrants to assess their financial situation, reflect on their accomplishments and look to the future,” Ellsworth Etchison said. “As a credit union, LAFCU has a responsibility to help make the communities we serve stronger. This program, which is part of our financial literacy program, helps us deliver on that responsibility.”
She said the grants are ideal to use on a debt that is preventing the person from obtaining needed services, such as a medical debt, or the grant can pay down or off a winner’s highest-rate loan. Any debt is eligible for the grant.
The contest also helps raise awareness of the importance of making financial plans to achieve financial stability.
Entrants must live, work, worship or attend school in Michigan, but are not required to be a member of LAFCU credit union.
Winners will be selected May 27.
Chartered in 1936, LAFCU is a nonprofit financial cooperative open for membership to anyone who lives, works, worships or attends school in Michigan and to businesses and other entities located in Michigan.