U.S. Bank Scholarship: Transformative Wins for Students in Financial Education Sweepstakes

Samuel Sievers was on the verge of boarding his usual bus route to the University of San Diego for his classes when an email notification popped up on his phone, informing him that he had been selected as the recipient of a $20,000 scholarship from U.S. Bank. 

Reflecting on the moment, Sievers remarked, “It was quite astonishing. The realization didn’t fully sink in until I arrived at school and had a moment to contemplate it.” 

Currently in his sophomore year, Sievers is pursuing a double major in trombone performance and mathematics. The scholarship disbursement directly supports the student's educational expenses at their respective institution. Sievers intends to allocate a portion of the funds towards purchasing a professional-grade trombone, a significant milestone for him as he's previously relied on borrowing instruments from his schools. 

“This marks my first venture into owning my own trombone, a necessity given my musical pursuits,” Sievers, whose repertoire spans classical, mariachi, and jazz genres, explained. "Until now, I've always been dependent on school-provided instruments." 

The $20,000 scholarship awarded to Sievers was part of a larger initiative by the U.S. Bank Student Scholarship Program, which distributed a total of $45,000 across five recipients in 2023. The program, operating as a sweepstakes, enables students to participate by completing financial education modules within the bank's mobile app. 

Sievers disclosed that he diligently completed several hundred modules, each requiring less than five minutes, to become eligible for the scholarship. Entrants who finish 50 modules are considered for a scholarship, while those who complete a minimum of 200 modules qualify for the grand prize. 

Beyond the prospect of winning scholarships, participants also stand to earn gift cards as incentives for completing modules. Sievers himself amassed over $125 worth of gift cards through his efforts. 

Reflecting on his experience with the modules, Sievers remarked, “The modules provided valuable insights. While I had some prior knowledge from high school financial education, I gained new understanding, particularly in areas like cryptocurrencies and real estate investment.” 

Another recipient, Jaiden Elliott, a high school student from San Antonio, received a $2,000 scholarship. Although undecided about his college choice, Elliott intends to pursue a major in mechanical engineering, influenced by his parents' professions and his affinity for mathematics and science.

Elliott stumbled upon the scholarship sweepstakes while researching online scholarship opportunities and found the financial literacy aspect appealing. 

“I believe it's crucial for individuals, especially adolescents like myself, to grasp financial literacy as it holds significant benefits for the future,” Elliott emphasized. “I completed around 40 or 50 modules and gained valuable knowledge.” 

The U.S. Bank Student Scholarship Program has been supporting students for over a decade, promoting financial education and assisting aspiring scholars in pursuing their academic endeavors. 

“Financial literacy is a critical competency at this stage in life when students are trying to gain financial independence,” said Katharine Stofer, who administers the scholarship program.

“In 2023, we partnered with a gamified financial literacy app to meet students where they are at and provide them a learning mechanism that they enjoy,” she said. “It's quite amazing what an incentive like a scholarship can do when trying to get students to learn things like financial education.”