We have made some changes to our scholarship program this year in response to feedback from our shareholders. Please take a moment to review some of the most frequently asked questions about the updated scholarship policy. Download a PDF of the Olgoonik Foundation Scholarship FAQs here.
What’s changed with the application?
Changes to the scholarship policy (effective November 1, 2018) include the following:
- New deadlines to apply for scholarship funding
- Changes in the way scholarships are paid out
- Requirements to submit a Budget Forecast from school/ financial aid officer
- Requirement to sign Olgoonik Foundation Scholarship Agreement each semester
- Changes in scholarship probation and revocation policy
Am I eligible for the Olgoonik Foundation Scholarship?
Students must meet the following requirements to be considered for funding.
- Must be an Olgoonik Corporation shareholder or descendant of a shareholder*
- Must be at least 17 years of age at time of application
- Must be a U.S. Citizen
- Must be enrolled in a college or university and working towards an associate’s degree, bachelor’s degree, master’s degree, or doctorate
- Must show passing grades – a 2.0 or equivalent – in an academic program for the last term attended
- Must maintain eligibility and renew scholarship awards each terms
*Shareholder Descendants: Descendants must provide documentation (birth certificate, adoption decree, etc.) tracing ancestry back to an original 1971 shareholder of Olgoonik Corporation.
What are the deadlines to apply?
If your school goes by SEMESTERS, your deadlines are:
- August 1st – Fall Semester
- December 1st – Spring Semester
- May 1st – Summer Semester
If your school goes by QUARTERS, your deadlines are:
- August 1st – Fall Quarter
- December 1st – Winter Quarter
- March 1st – Spring Quarter
- May 1st – Summer Quarter
If your school goes by different terms than semesters or quarters, please contact Shareholder Services.
How much can I receive in funding?
Undergraduate students (those working towards their Associate or Bachelor’s degrees) are eligible to receive:
- Up to $250 per credit hour each SEMESTER – or – $187.50 per credit hour each QUARTER, depending on what your school goes by
Graduate students (those working towards their Master’s or Doctorate degrees) are eligible to receive:
- Up to $444.44 per credit hour
For all students, funding is capped at $9,000 per year and $24,000 per lifetime.
What can the scholarship fund?
Olgoonik Foundation scholarship funding may only be used to cover eligible costs for attending school. Eligible costs include:
- Room & board
- Supplies/equipment required by the school
Olgoonik Foundation cannot fund personal expenses, laptops/computers/tablets, or travel expenses to attend school.
How do I apply for the Olgoonik Foundation Scholarship?
New applicants or students applying after a 2-year gap in funding must submit the following:
- Olgoonik Foundation Scholarship Application
- Olgoonik Family Tree/Adoptive Family Tree form
- Degree Career Plan
- Class Schedule
- Latest official high school, college/university, or trade school transcripts
- Three (3) letters of recommendation
- Short essay (1 – 2 pages) describing future plans and how you plan on using your education
- Budget Forecast
- Agreement for Scholarship
Shareholder Descendants: Descendants must provide documentation (birth certificate, adoption decree, etc.) tracing ancestry back to an original 1971 shareholder of Olgoonik Corporation.
I’ve applied for the scholarship in the past. Do I need to submit a new application each term?
If you are a renewal applicant applying for successive funding, you do not need to submit a complete application each semester. For example, if you applied for funding in Fall 2018 and are reapplying for Spring 2019, you do not need to submit a new application form.
Renewal applicants must complete the following each term:
- Notify Olgoonik of your intent to continue schooling for the upcoming term (generally, an email will suffice)
- Confirm your information (address, phone, and school information) has not changed from your original application
- Submit final grades and unofficial transcripts from the previous semester
- Submit an updated Budget Forecast signed by your financial aid officer
- Sign an updated Agreement for Scholarship form with Olgoonik
Students reapplying after a 2-year or longer gap in funding must submit a new application with new letters of recommendation.
What happens if I don’t do well in my classes?
Students are required to maintain a 2.0 GPA each semester to retain eligibility for scholarship funding. However, we know school can be difficult and unforeseen circumstances happen that can affect grades.
Under the new scholarship policy, students will have a one-semester grace period if their grades fall below a 2.0 for that term. Students will have one semester (funded by OF) to return to good academic standing.
If a student is unable to return to good academic standing after the one-semester grace period, scholarship funding will be suspended and the student will be placed on probation for one semester until their GPA returns to a 2.0 or higher.
After one semester on probation, if a student is unable bring their grades back to a 2.0 GPA or higher, the scholarship will be revoked for one academic year. After one academic year, students may reapply for the scholarship as a new applicant with new letters of recommendation to be considered for future scholarships.
I’ve paid out of pocket for classes. Can I be reimbursed for my expenses?
Unfortunately, we are unable to reimburse students for out-of-pocket expenses.
Students should keep an eye on their student accounts to ensure their scholarship is applied by the financial aid office. If a scholarship hasn’t been applied by the payment deadline, but you have received notification from Olgoonik that your scholarship has been sent, please contact your financial aid office directly.
Because colleges and universities receive a large number of scholarships each semester, processing can be delayed. We advise students not to pay out of pocket unless they are certain they will not be eligible for funding that term.
How are scholarships paid each term?
Scholarships are paid directly to the school listed in the student’s scholarship application. Scholarships will not be paid directly to students.
Scholarship awards will be paid in full at the beginning of each semester.
When will I hear back about my application?
Generally, students will be notified within one month of submitting a completed scholarship application or renewal application.
All scholarship applications and renewal applications must be submitted by the deadline before the classes start. Because of variations between schools on when grades and transcripts are available, students will have one (1) week from when final grades are posted to submit them to Olgoonik. Generally, this is one week from the end of the term.
All other required documents must be submitted by the deadline.
Who do I contact with questions for my scholarship?
For more information or for any questions, please contact ShareholderServices@olgoonik.com or call (907) 562-8728 (Anchorage) or (907) 763-2613 (Wainwright) and ask to speak with a member of the Shareholder Services team.