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Scholarships

Actuarial Program scholarships not only provide financial support but also recognize and reward academic excellence in the field of Actuarial Science. Here are the current Scholarships options for you:

Current Scholarship Recipients

Congratulations to our Fall 2024 scholarships recipients

Actuarial Scholars

This program provides recognition and financial support for our best students. The awards are in addition to, completely separate, and independent of any other financial support a student receives. Only incoming freshmen need to apply for these scholarships, while undergraduate actuarial students currently enrolled full time at Illinois State University are considered automatically. Subject to availability of funds, scholarships are granted automatically to students meeting the following criteria:

  • Incoming Freshmen: High school GPA of 3.8 (unweighted, on the scale from 0 to 4) or better, and SAT Composite of 1430 or better and SAT Mathematics subscore of 750 or better (or ACT Composite 31 or better and ACT Mathematics subscore of 32 or better).
  • Freshmen in their second semester at Illinois State University: GPA of 3.8 or better, Major GPA of 3.8 or better, have one professional actuarial examination passed and 10 points in Katie School of Insurance and Risk Management I-RAD Badge.
  • Sophomores: GPA of 3.8 or better, Major GPA of 3.8 or better, at least two actuarial examination passed, at least 40 points in the Katie School of Insurance and Risk Management I-RAD Badge.
  • Juniors: GPA of 3.8 or better, Major GPA of 3.8 or better, at least three professional actuarial examinations passed, at least 70 points in the Katie School of Insurance and Risk Management I-RAD Badge.
  • Seniors: GPA of 3.8 or better, Major GPA of 3.8 or better, at least four professional actuarial examination passed, and completed Katie School of Insurance and Risk Management I-RAD Badge.
  • Candidates for the scholarship with senior standing must have a record of a professional actuarial internship confirmed with academic credit through MAT 298.
  • All students: Study in the actuarial sequence mathematics, and pursue the course of study appropriate for actuarial career. Students newly arrived to the university or to the major must complete an equivalent of a full academic year in the major to be considered, unless they received this scholarship or Orlyn Edge Scholarship upon arrival at Illinois State University.
  • All undergraduate students: Be a member of the Actuarial Club in good standing (this applies to incoming freshmen once they arrive at Illinois State University).
  • Effective Spring 2020, the Actuarial Committee may also award half of the amount of the regular scholarship to students who meet other criteria, but have one actuarial examination fewer than the number required for their standing, e.g., no exams for freshmen, one exam for sophomores, etc., subject to availability of funds.
  • Effective Fall 2021, the Actuarial Committee may allow a student to substitute a deficiency in one of the requirements for the actuarial scholarships by a special, additional achievement in some other area, for example, participation in Pinnacle U, or Predictive Analytics Competition, or some other statistical project competition. Students competing for the scholarship are welcome to tell the Actuarial Committee of their special achievements by sending an e-mail to: actuary@IllinoisState.edu. Furthermore, the GPA requirement may be relaxed somewhat, if te student’s record warrants it, but only by a small amount below 3.8, and not below 3.7.

The Actuarial Committee will also evaluate each scholarship candidate’s record of actuarial internships, enrollment in workshops and Katie School of Insurance and Risk Management I-RAD Badge, registration at the Career Center and active pursuit of internships and actuarial jobs, and of leadership in the Actuarial Club/Gamma Iota Sigma. Students whose record in those areas is judged to be weak, even if meeting other minimum criteria, may not be granted scholarships. The decision of the Actuarial Committee in such a situation will be explained to the student, and suggestions for improvement will be provided. The decision of the Actuarial Committee will be final.

Students planning to spend a semester studying abroad, should consult the Actuarial Program Director about maintaining their Actuarial Club membership and with the Katie School about their I-RAD Badge standing while studying abroad.

The criteria for eligibility must be met in every semester in which the scholarship is awarded. Scholarships are awarded for the Fall and the Spring semesters only. The basic amount of the scholarship is $2,500 per semester, but this amount is increased by $250 per semester for each professional actuarial examination passed, with the increase effective in the first semester following the official release of examinations results. The funding for these scholarships comes from several sources. They are listed below.

Actuarial Scholars must be members in good standing of the Actuarial Club. Of course this requirement cannot apply to incoming freshmen when they are still in high school. But it applies the moment they become students at Illinois State University.. if you do not join the Actuarial Club (officially, not just by showing to a meeting or two, or joining the Actuarial Club Facebook group of our LinkedIn group), you do not get an actuarial scholarship.

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State Farm Scholars

The source for approximately ten scholarships is a grant from the from State Farm Foundation, associated with the State Farm Insurance company, located in Bloomington, Illinois. Recipients of scholarships funded by this source are called State Farm Scholars.

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Pinnacle Scholar

One scholarship is funded by Pinnacle Actuarial Resources, a consulting company headquartered in Bloomington, Illinois. Recipients of scholarships funded from this source are called Pinnacle Scholars.

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Aaron Hillebrandt Scholar

One scholarship is funded by our alumnus, Mr. Aaron Hillebrandt, FCAS, a partner in Pinnacle Actuarial Resources consulting company. Recipients of scholarships funded from this source are called Aaron Hillebrandt Scholars.

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Katie School Scholars

Funding for additional scholarships, beyond those listed just above, is provided by the Katie School of Insurance and Financial Services at Illinois State University. Recipients of scholarships funded by this source are called Katie School Scholars.

All of the above scholarships are equivalent, regardless of source of funding. High school students interested in the scholarship should download the application (PDF).

How To Apply:

All of the above scholarships are equivalent, regardless of source of funding. All current students are considered automatically. High school students interested in the scholarship should download the application (PDF).

COUNTRY Financial Scholarships

Effective Fall 2024, students who are candidates for actuarial scholarships, are also considered for COUNTRY Financial Scholarships, funded by the Country Financial insurance company headquartered in Bloomington, Illinois. Recipients of scholarships funded by this source are called COUNTRY Financial Scholars. These are only undergraduate scholarships. Students must be majoring in Mathematics: Actuarial Sequence to be considered for this scholarship. High students should use the standard actuarial scholarship application, while current students are considered automatically. The scholarship award is $2000 per semester, increased by $250 per semester for each professional actuarial examination passed. Students are expected to have at least 3.5 Graded Point Average overall, and in the major, be active members of the Actuarial Club and be making appropriate progress in passing professional actuarial scholarships. Unlike for the regular actuarial scholarships, meeting the criteria does not guarantee the award, but makes it very likely. The decision about this scholarship awards is made by the Actuarial Committee.

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Actuarial Examinations Fees Support

For preliminary professional actuarial examinations, llinois State University actuarial students who pass actuarial examinations will have their examination fees reimbursed by the Actuarial Program, subject to availability of funds. For advanced professional actuarial examinations, subject to availability of funds, students will be reimbursed for examination fee up to $600 per examination (not for study materials or online study modules), but only if they pass the examination. Only active students, i.e., students enrolled in at least one class at Illinois State University, are eligible for this, as any other actuarial scholarship. Students interested in this fee reimbursement should contact the Actuarial Program and NOT any other department or school. Requests for examinations fees reimbursements must be submitted within 90 days of the release of official examinations results. Reimbursements of examinations fees and related fees (e.g., study manuals used in seminars, and seminars fees) cannot be processed if requests for reimbursement are submitted for a student who is no longer enrolled at Illinois State University. More information is here.

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Orlyn Edge Scholarship in Actuarial Science

Dr. Orlyn Edge was the creator and the founder of the Actuarial Program at Illinois State University. He joined the ISU Mathematics Department faculty in the Fall of 1966 after receiving his Ph.D. from the University of Iowa in May of 1966.  Dr. Edge was a distinguished member of the Department until he retired in 1999.  During that time, Dr. Edge started the Actuarial Program at ISU in 1990 and served as its Director until May of 2000.  This scholarship was established by Dr. Edge for the purpose of providing support for incoming first year students interested in actuarial science. This scholarship will be granted to an incoming freshman by the Actuarial Committee. All incoming freshmen are automatically considered. We generally expect the recipients of this scholarship to meet the following criteria:

  • High school Grade Point Average of 3.7 or better.
  • ACT composite of 27 or better and ACT mathematics of 30 or better, or equivalent SAT scores.
  • Demonstrated commitment to professional actuarial career.

The scholarship may be awarded in addition to other scholarships, or financial aid that the student receives. Students receiving this scholarship are required to join the Actuarial Club within Gamma Iota Sigma. The Orlyn Edge Scholarship expected amount is $500. As this scholarship is given only in the freshman year, its recipients are encouraged to apply for other scholarships in later years.

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Lee Ann Murray “Everything Counts” Scholarship

Our Actuarial Program remembers our alumna, Ms. Lee Ann Murray, who sadly died in 2014, two years after her graduation, with the Lee Ann Murray “Everything Counts” Scholarship. The anticipated amount of this scholarship is $1000. The award is made every March 14, the Pi Day, which was Lee Ann’s favorite day. Illinois State University students interested in this scholarship must submit their applications to the Actuarial Committee of our program by the end of calendar year. Application is in the form of an e-mail to actuary@IllinoisState.edu, making the case for the award. The Actuarial Committee will pay particular attention to student’s performance in MAT 280 and Course FM professional actuarial examination in making this award.

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D.W Simpson Scholarship

D.W. Simpson, an actuarial recruiting company  is offering one $1000 scholarship to our students, once a year. Information about this scholarship and application process will be send out every year. Students interested in this scholarship can send inquiries to: actuary@IllinoisState.edu.

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Additional Scholarships

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