Wealth Management

Irving L. and Elizabeth M. Monroe Scholarship Trust
First American Bank, Trustee

Annually, First American Bank, and the Superintendent of the Roswell Independent School District or the committee or individual he may appoint, may select one male and one female graduating student from a Roswell High School to receive the Irving L. and Elizabeth M. Monroe Scholarship. The scholarship may be for one or more semesters, if the student meets the qualifications for renewal of the scholarship each semester. The awarding of this scholarship to any one individual will not exceed the term of four consecutive years.

The intent of the Monroe Scholarship is to assist students with the extreme financial need, average or above academic achievement, who are highly motivated to attend college with the expectation of earning a degree and who would be denied that opportunity without financial assistance.

The Monroe Scholarship will not annually exceed the current in-state tuition plus room and board at the University of New Mexico, New Mexico State University and Eastern New Mexico at Portales, plus a book allowance not to exceed $300.00 per semester. The student may attend another four year college or university in New Mexico, however, the amount paid will not exceed the highest cost of tuition, room and board of any of the above named schools. At the discretion of the Trustee, the Monroe Scholarship may be adjusted each semester based on other scholarships, financial aide and/or grants received by the student. All fees will be paid directly to the New Mexico School of choice.

Continuation of the Monroe Scholarship each semester will require continued proof of financial need, proof of continued academic achievement, and proof of full-time enrollment.

Requirements of graduating High School Student

Qualifications:

  • Financial need which would prevent the student from attending college;
  • High School grade point average (GPA) of 2.75;
  • No public or school record of drug or alcohol abuse or other behavior problems resulting in arrest, or suspension from school; statements from the student's counselor confirming the student's good standing.

Documentation required:

  • Official high school transcript evidencing cumulative 2.75 GPA;
  • Financial statement of parents and one year tax returns;
  • Full disclosure of other financial aide, scholarships and/or grants, etc. awarded to the student;
  • Official acceptance in a school where a four year degree can be earned.

Restrictions:

  • Funds will not be disbursed directly to the student, but will be paid directly to the school and/or bookstore and all refunds will be paid to the Monroe Scholarship Trust and not to the student;
  • Should enrollment be reduced to less than full-time status (12 to 18 hrs) prior to final payment of tuition, fees will not be paid and the Trustee will consider the scholarship to be forfeited. The student will not be eligible for re-application.

Requirements for continuation of the Scholarship beyond first semester

Qualifications:

  • Continued financial need;
  • Enrollment as a full-time student (12 to 18 hrs);
  • 2.50 GPA for previous semester;
  • No public or school record of drug or alcohol abuse, or other behavior problems resulting in arrest, or suspension from school.

Documentation:

  • Annually: Financial statement and tax return of parents and/or student;
  • Each Semester: Full disclosure of continued financial aide, scholarships and/or grants; submit official transcript; submit pre-registration as full-time student (12-18 hrs) for following semester.

Restrictions:

  • Funds will not be disbursed directly to the student, but will be paid directly to the school and/or bookstore and any and all refunds will be paid to the Monroe Scholarship Trust and not to the student.
  • Should enrollment be reduced to less than full-time (12 to 18 hrs) prior to final payment of tuition, fees will not be paid and the Trustee will consider the scholarship to be forfeited. The student will not be eligible for re-application.

Any break in attendance at an accredited college will result in forfeiture of the scholarship and re-application will not be allowed.

It was the express wish of the Monroe's that students receiving this scholarship would make every effort to repay the trust so that other young people might benefit as they did from this scholarship.

Contact Wealth Management for more information.

 

Personal Business Retirement

Investment Products:

* NOT A DEPOSIT * NOT FDIC INSURED * NO BANK GUARANTEE *
* NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY *
* MAY LOSE VALUE *


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