These seniors say saving for college is a top priority for young adults

The winners of this year’s Wright Patman Scholarship Essay Contest say that financial literacy and saving for college are the most pressing money issues facing young adults today. The annual essay contest is sponsored by Congressional Federal Credit Union, and each year five winners are selected based on the strength of their essays, grades and references. Applicants must also have been accepted at an accredited college or technical school, and each is awarded a $1,000 scholarship. 

This year’s essay question asked, “What is the number one financial issue facing young adults today and how can the credit union help to resolve the problem?”

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

This year’s winners are:

Joseph Orlando – graduating from Gonzaga College High School in Washington and accepted at University of Michigan;

Amanda Smith – graduating from Wakefield High School in Arlington, Va., and accepted at Furman University;

Jasmine Culpepper – graduating from Bishop McNamara High School in Forestville, Md., and accepted at Marymount University;

Jonathan Siglin – graduating from River Hill High School in Clarksville, Md., and accepted at University of Maryland College Park; and

Chloe Siebach – graduating from Thomas Jefferson High School for Science and Technology in Alexandria, Va., and accepted at Stanford University.

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 the value of saving, how to budget and the responsible use of credit are life-long habits that need to begin at an early age. Through these scholarships, we’re not only getting out the message but also helping some very talented seniors realize their dreams of a college education.”

Congressional Federal is headquartered in Oakton and was founded in 1953 to serve the U.S. House of Representatives and their family members. The organization has grown to serve all employees of the U.S. House of Representatives, AOC, CAO, U.S. Capitol Police and over 120 select employee groups throughout the Washington area. 

Essay Excerpts

“Few of us walk away from our college or high school experiences with the knowledge or tools to effectively manage our own finances…Learning to keep a checking account, structure a budget or develop a savings strategy is key to personal success…Learning to manage personal finances is just one of the many responsibilities and new challenges that young adults face on the road to achieving financial independence from their parents.” – Joseph Orlando 

“The number one financial issue facing young adults is paying for a good education…Many young adults who make it to college end up paying off many loans afterwards…I wish that I could have been educated more about saving for college earlier on, and I hope that in the future you can help students and their parents learn this very important lesson.” – Amanda Smith

“Because I believe a lack of financial planning is the number one financial issue facing young people, along with a lack of discipline and the need to satisfy an immediate need to have an item, I believe the credit union can really help young adults like myself thrive financially…With the help of the credit union, young adults can learn the value of a dollar at a young age and begin to manage their finances properly and responsibly.” – Jasmine Culpepper

“As graduating seniors, my classmates and I could name eight or so Russian czars, the fourteenth president of the United States and the necessary assumption checks for statistical inference. None of these, however, are useful in terms of making financial decisions with the very real prospect of impacting the rest of one’s life. What families with high school seniors need is help evaluating the long-term tradeoffs between investment in higher education and expected returns.” – Jonathan Siglin

“The best way to solve the problems that adults will face in the future is to train them as young adults…I think an early start to saving is the best way to prepare students for college and the rest of their lives because that way they will know in the back of their mind what percent of their income should go where; and if they learn the habit of budgeting from a young age, they will retain that thoughtfulness throughout their lives.” – Chloe Siebach