5 high school seniors win Wright Patman Scholarship Essay Contest

The winners of this year’s Wright Patman Scholarship Essay Contest say that being responsible with money and establishing good credit starts early, and it’s a key determinant of success.

The annual essay contest is sponsored by Congressional Federal Credit Union, headquartered in Oakton. Each year, Congressional Federal selects five winners based on the strength of the applicants’ essays, grades and references. Applicants must also have been accepted at an accredited college or technical school. Each winner is awarded a $1,000 scholarship.

This year’s essay question asked, “Why is it important to establish and maintain good credit?”

Over 30 applicants submitted a scholarship package for a chance to win one of the scholarships.

This year’s winners are:

• Molly Pan-Wei Brueger – graduating from Yorktown High School in Arlington, Va., and accepted at Kalamazoo College in Kalamazoo, Mich.;
  

• Katherine Knight – graduating from Fairfax High School in Fairfax, Va., and accepted at University of Virginia in Charlottesville, Va.;
  

• Chloe Ashford – graduating from Schools Without Walls in Washington, D.C., and accepted at Oberlin College in Oberlin, Ohio;
  

• Emily Richner – graduating from Grosse Pointe South High School in Grosse Pointe Farms, Mich., and accepted at University of Michigan in Ann Arbor, Mich.; and
  

• Meredith Poe – graduating from T.C. Williams High School in Alexandria, Va., and accepted at Virginia Tech in Blacksburg, Va.

Knight is also a winner in the Credit Union Foundation of MD & DC’s annual College Scholarship Awards Program and will receive a $1,000 scholarship from the foundation.

Congressional Federal President and CEO Charles A. Mallon Jr. said that the essay contest is “one of many ways we are helping to educate young people and our community about important financial topics.

“Learning to use credit responsibly is a life-long habit that starts when you’re young,” he noted. “Through these scholarships, we’re not only communicating that message but also helping some very talented seniors realize their dreams of a college education.” 

Mallon said that establishing good credit is especially important for high school graduates who will soon be on their own.

“Whether it’s financing a car, qualifying for a credit card, applying for a job or signing a rental agreement, a good credit report can make all the difference,” he observed. “This year’s essay contest winners have clearly demonstrated that they understand the connection between good credit and financial success.”

Congressional Federal Credit Union was founded in 1953 to serve the U.S. House of Representatives and its family members. The organization has grown to serve all employees of the U.S. House of Representatives, Architect of the Capitol, U.S. Capitol Police and over 120 select employee groups throughout the Washington area.

Essay Excerpts

“By having good credit, you open the door to limitless possibilities of what you can do with and how you can live your life. As someone who has big plans for the future ahead, I know I can’t let bad credit happen to me. With the knowledge of the huge benefits of establishing and maintaining good credit, and how to make that happen, the world is my oyster!” – Molly Pan-Wei Brueger

“Good credit makes obtaining financing for large purchases much easier and will not hinder career or personal advancement. Additionally, it is much easier to maintain good credit than to rebuild good credit. Not only is credit a relevant part of our everyday lives as individuals, but our entire economic system today is dependent on credit.” – Katherine Knight

“Whether or not students approach college with the intention to immediately open a credit card account, it is imperative that teens and adults alike learn to be conscientious spenders and borrowers of money. In all stages of life, fiscal responsibility has proven to be as important as academic integrity—and at times, more so.” – Chloe Ashford

“Not only do credit unions promote responsible spending, they also give members the opportunity to establish a financial relationship built on trust and respect…I am hopeful that my strong work ethic, along with my responsible saving habits, will allow me to be a dependable borrower in my future.” – Emily Richner

“Practicing, especially at a young age, how to fund big expenses and planning for future expenses helps people make good decisions about their money in the future. It is important to maintain good credit because it shows responsibility; this responsibility allows the bank [or credit union] to trust you with their money in the future.” – Meredith Poe