• This is a variable-rate interest-bearing account with interest compounded quarterly. View current rates
• If a withdrawal is requested prior to the student’s high school graduation, the account will be assessed a $25.00 service charge and a penalty of 180 days/6 months of interest, whether earned or not.
• First Federal reserves the right to require at least 7 days written notice before any withdrawal from an interest-bearing account.
• This account has a maximum time extension of 4 years starting at the time of the student’s high school graduation. The account may be closed if the student is no longer enrolled in an eligible higher education institution.
• The student and applicable joint account owner(s) must acknowledge acceptance of the terms of this account at its opening.

First Federal awards $1,000.00 scholarships annually to up to 8 eligible Education Club account holders (4 for Greene County and 4 for Fayette/Washington counties). Scholarships are renewable up to a maximum of 4 years. A random drawing is held each year to determine scholarship recipients; there is no formal application process. Education Club account holders are eligible for the scholarship drawing as long as they meet certain criteria. A student is entitled to 1 entry in the drawing for each year of high school that his/her Education Club account has been active with minimum deposits, for a maximum of 4 entries per student.

Other requirements for scholarship eligibility include:

1. Minimum deposits of $50.00 quarterly or $200.00 annually must be made into the account.
2. The student must reside in Greene, Fayette, or Washington counties.
3. An Education Club account must be established for 1 full year prior to high school graduation.
4. The student must provide documentation of acceptance as a full-time student entering an accredited educational facility (college, university, community college, or trade school).
5. If any withdrawals are made from the account prior to the student graduating from high school, there will be automatic forfeiture from the scholarship program.
6. First Federal employees and their families are not eligible.