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Bank of Marshall Islands
Scholarship Fund (BOMISF)

 

Purpose of Scholarship
The Bank of Marshall Islands Scholarship Fund (BOMISF) shall be established and approved by the BOMI’s Scholarship Committee.  The purpose of this scholarship fund is to provide financial assistance to pay for the tuition of public elementary and high school students with outstanding academic performance who are eligible and qualified to attend private schools in the country. The scholarship will target children and youth who come from low income families and who are currently attending public schools.  Part of the scholarship funding shall also be offered to the College of the Marshall Islands to supplement its Endowment Fund and also to the RMI Scholarship Board to supplement scholarship funds offered to incumbent and new recipients majoring in business studies (economics, business administration, banking, accounting, financial management etc) at tertiary institutions.

Number and Size of Awards
The size of the BOMISF will begin at $35,000 as an annual allocation.  This fund may increase every year based on the demand in the community and requires the approval of the BOMI Board for additional funds. This scholarship fund will be used and allocated as follow within a year:

$5,000 or more will be granted to the College of the Marshall Islands to supplement its
Endowment Fund;
$10,000 or more will be granted to the RMI Scholarship Board to supplement scholarship funds awarded to incumbent or new recipients or provide full award to incumbent or new recipients;
$20,000 or more will be granted to pay for school tuition for ten (10 or more) public school students from elementary and high schools all over the country interested in attending the top three private schools on Ebeye and Majuro.  Applications are accepted from all students in public schools all over the RMI.  There will be scholarship awards each year and the size of each award will depend on the private school that is chosen as tuitions and other associated costs vary.  Students will be awarded once they have met the eligibility requirements in this policy considering he or she has passed the entrance exam to that private school.

Allowed Use of Funds
The following is our policy on how the $10,000 (or more) award for RMI Scholarship and the
$20,000 (or more) award for public school students should be used:

RMI Scholarship Fund

The BOMI Scholarship Committee, shall approve and grant $10,000 or more for the RMI Scholarship Board to use as supplemental financial assistance for RMI Scholarship recipients.

The aim of this scholarship fund is to assist in promoting private sector development through education, with a long term vision of ensuring that there is sufficient funds


available to train and educate Marshallese in the academic fields of banking, business administration, financial management, economics who will become local entrepreneurs and active participants in RMI economic development;

The $10,000 or more BOMI Business Scholarship fund shall only be awarded to new or incumbent scholarship recipients majoring in business administration, banking, accounting, economics, and financial management.

 

The RMI Scholarship Board shall provide a report to the BOMI Scholarship Committee to assess the use of the fund during the year to ensure that it was used for the purposes stated in this policy.

 

The BOMI Scholarship Committee shall also require academic performance reports from the Scholarship Board of the student recipients.  The continuity of the annual $10,000 or more scholarship grant depends on proper and timely submission of the reports stated in this policy to the BOMI Scholarship Committee;

 

Reports should be submitted at the end of every semester;

Scholarship for Public School Students

The BOMISF will be used for the purpose of paying tuition and other associated costs related to food, text books, transportation, etc.

The BOMI Scholarship Committee shall commit $20,000 or more each year into a Scholarship Account.  The board shall oversee this fund with accrued interests on fund reinvested and used for the expansion of this program including accumulated funds from the annual $20,000 transfer.

Scholarship for Current Private School Students

The BOMISF shall also provide funding to current private school students on Ebeye and
Majuro who are attending the top three private schools on each atoll.

The amount of funds offered will depend on the demand in each community.  This scholarship  funding  intends  to  help  talented  and  gifted  students  who  are  currently enrolled but struggling financially to pay for tuition due to the income status of their families.

The students should come from low income families as defined in this policy.


Eligibility

Students are eligible for this scholarship if they fulfill the following criteria:

Scholarship for Public School Students

Has passed an entrance exam (qualifying exam) at the private school intended to attend. For Majuro, preference is given to Baptist Academy, COOP, and Assumption School. For Ebeye, preference is given to GEM Private School, Jabro Private School, and Father Hacker School.
Has an excellent reference letter from a former teacher and Principal.
Is well supported by the family to pursue and achieve education, strong family support. Outstanding attendance record;

The selection process will be rigorous and overseen by the BOMI Scholarship Committee.  Only the students who fulfill the following criteria shall be selected for the scholarship each year:

The students with the highest GPA (at least 3.5 or higher) or an equivalent rating system; The students with the highest entrance exam score;
Outstanding attendance record;

Scholarship for Current Private School Students

Has a recommendation letter from the Principal and teacher on students low income status and also GPA- attached with report card;
GPA should be at least 3.0
Recommendation letter should state that the student is in good academic standing and student has the ability to progress into higher grades or subsequent quarters during the year;
Outstanding attendance record;

Criteria for Low Income Family

Aggregate household income (all salaries and income) not to exceed $10,000;
Or  aggregate  household  income  more  than  $10,000  considering  that there  are  more occupants or dependents in household to support;
Any other reasons to justify that the student’s family is economically disadvantaged.

Application Process

Scholarship for Public School Students

The application shall be collected from a BOMI designated BOMISF officer who will be in charge of administering the BOMISF.  All applications shall be filled out and returned before the end of July of that year with the following additional documents:


Birth Certificate
Letter of References from Teacher and Principal (public school) Academic grades (Report Card, ending year)
Entrance Exam Results from Private School (intend to attend)
Completed Application Form with the signature of the student and parents

Scholarship for Current Private School Students

The following documents shall be submitted by the parents of currently enrolled private school students anytime during the school year or before the beginning of a school year:

Has a recommendation letter from the Principal and teacher on students low income status and also GPA- attached with report card;
Report Card with attendance record;

 

Selection of Private School for Students
Private  schools  will  be  selected  on  the  basis  of  their  ratings  provided  by  the  Ministry  of Education or other reliable sources such as WASC or other rating agencies.  Only the top three schools will be selected as the receiving schools and will be advertised every year by BOMI to solicit applications from new students at public schools.  Private schools may vary each year depending on their ratings.

Review and Selection
The selection will be done after a review of potential applicants by the BOMI Scholarship Committee,  the  Scholarship  Committee  will  notify  parents  of  applicants  two  weeks  after receiving the application form and attached documents.

Quarterly Monitoring and Continuance of Scholarship Funding
The designated BOMISF Officer will be responsible for coordinating and receiving quarterly academic progress reports from the Private School principals and teachers to ensure that the student is performing well and eligible to continue education and receive funding.  The following shall be received and reviewed by the BOMISF Officer:

Report Card- including attendance
Progress Report
Recommendation Letter from Principal or Teacher
Any other important information provided by the Principal and Teacher

 

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