SCHOLARSHIP INFO 

 IRENE MERCADO WOMEN'S SCHOLARSHIP INFORMATION:

SCHOLARSHIP AWARDED IN 2012 WAS FOR $600.  Click 

for photos & bios of past Scholarship Winners. 

THE SCHOLARSHIP AWARDED IN 2013 WILL BE FOR $600  

    Application Submission Dates:  mail in time 

for your application to  arrive  from May 1, 2013

through August 31, 2013.  

    Mail to:

    attn:  Women's Scholarship

    Women's Southwest FCU

      PO Box 720207

      Dallas TX  75372

     Life Before the Equal Credit Opportunity Act (ECOA):   Until the 1970s, some

lenders engaged in credit discrimination.   Sometimes it was blatant.  Some Loan Officers 

denied applicants on the basis of age, gender, marital status, race, national origin, receipt 

of public assistance, disability, and other “reasons”—and got away with it. 

        Frustration with this prejudicial system prompted many organizations—including 

feminist groups that supported equal rights for women and men--to open their own 

financial institutions.   Ours opened in 1974.  California Feminist, the CU that merged

with us on 12/31/09, opened in 1975.  That same year, Congress passed the 

ECOA; they phased it in through mid-1977.  

        As the law went into effect, some applicants experienced a “Catch-22”:  

because of past rejections, their credit reports did not reflect their reliability.  They were 

turned down for “insufficient credit”.

        When we first opened we found ways to help women avoid this problem.  If an 

applicant had no history with the credit bureaus, we took the time to contact doctors, 

dentists, furniture stores, and property managers.  We sent form letters to find out how 

well applicants handled their checking accounts.  We counted income from Aid to 

Families with Dependent Children (AFDC) (now TANF) and food stamps. Nowadays, 

for most of our loans, we check with credit bureaus.  But we still offer 3 kinds of loans, 

approved automatically, to help applicants establish or improve their credit scores.

        Who Is Irene Mercado?   Irene applied for her first loan from California Feminist* in 

1976.  She described herself as “an unemployed Welfare Mom” attending San Diego 

State University (SDSU)’s Master’s Program.  She requested funds for badly needed 

car repairs.    Cal Feminist, then one of our sister credit unions, was the first lender to 

report a loan in her name to a credit bureau.  Without repairs to her van, she’d have 

been unable to take her children to childcare and make it to class on time. 

          She obtained her degree and became a professor of mathematics.  She was able 

to support her children and put her daughter through UCLA.

          She never forgot.  In 2001, before moving away from San Diego, Ms. Mercado 

stopped by Cal Feminist's office to give them a $100 contribution!  That became the seed

money for the scholarship fund they named after her.    

         Contributions to the Fund:  Dozens of  Cal Feminist & Women's Southwest members 

mailed one-time or occasional contributions.  Others have asked us to transfer all or part of their quarterly

dividends out of their shares on a one-time basis or on a regular basis.  To contribute--or

sign up to contribute a portion of your dividends--click here.  

    Because Women's Southwest underwrites  all administrative costs, 100% of contributions are 

available to Scholarship winners.

How often do we award a scholarship?   One per year. 

Who may apply for the award? 

Eligible:

        --Daughters, nieces, granddaughters, sisters, mothers, and grand

mothers of women and men who are WSFCU members-in-good-standing.  

A member in good standing is the primary owner of a WSFCU share 

(savings) account with a minimum balance of $25.   

----Women who are members-in-good-standing of WSFCU.  No minimum

length of membership is required before you apply.  The woman who applies 

may be a resident of any of the 50 states or Washington, DC.  No minimum 

length of Women's Southwest FCU membership is required before applying.   

To apply for membership, Click here.   

Ineligible:   members and family members of our Supervisory Committee, 

Board of Directors, Credit Committee, Scholarship Committee, staff, and other 

officers.

For what type of training will the scholarship help pay?  Vocational training, 

2-year  colleges, 4-year colleges, graduate studies, re-entry, GED, almost 

anything  educational a woman wants to do to improve herself.

For what can the money be used?   Examples:

            *Acceptable:   Fees, books & school supplies, tuition, permits 

            (including campus parking permits)..

            Not acceptable:  Credit cards, pizza, applicant, living expenses, childcare.

*Note:   the scholarship check will be made payable to the school or the school bookstore 

for benefit of the winner.  Example: University of Texas for Benefit of Cecilia Scholarshipwinner.

IRENE MERCADO SCHOLARSHIP APPLICATION INSTRUCTIONS

  Timeline                                                                                          

May. 1  – Aug. 31:   Mail your application to Women's 

Southwest FCU's  PO Box in time to arrive between those dates. 

September:   Scholarship Committee reviews applications.  

As part of this process, we may ask you to participate in a telephone 

interview.  The credit union will pay long distance charges (if any).

    Any  time after we have notified the winner, funds will be made available. 

Note:  Scholarship check will be payable to the school or the campus 

bookstore.   Checks will not be paid to winners or their credit cards, 

not even to reimburse them for school expenses they have previously 

paid or advanced. 

October:   Winner's name & photo appear in newsletter or insert enclosed in 

mailing to credit union members

How to Apply:

 1.      Print out and complete the  Scholarship Application.

2.   You are going to need to complete a 12-month budget.

Feel free to consult.  “How to Live on Less”.   It contains 

information that may help you reduce your cost of living.  It  also  gives guidance on how 

to complete the worksheets in #3.  

        3. Print out and fill in “Setting Goals,” and “Spending Plan.”  You are  not  required

to turn in these worksheets. You may find them useful as you prepare your 12-month budget. 

4. Using a form  or spreadsheet you  make up, prepare a personal budget  for 

all  of your expenses, for school as well as living.  Make it for a 12-month 

period.  Begin with the month before you will start--or return to--school.  

5. Write a  paragraph  of  up to  50** words to answer this  question:   If you are 

able to attain your educational goal, how will that improve your life? ** Note:   Our 

Selection Committee will  not  judge the paragraph on the basis of spelling, 

        grammar, or punctuation.   If your paragraph has more than 50 words, your 

        application will  not  be considered.

6. Send  only  the application form, your personal budget, and the paragraph.  Send 

them to the credit union (see contact info at top). 

We shall consider ONLY the items we’ve requested.  NO unsolicited attachments 

or enclosures. 

*California Feminist FCU merged with Women's Southwest on 12/31/2009.

(c) 2003 - 2009 Cal Feminist FCU & (c) 2010 - 2012 Women's Southwest FCU