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Center of Actuarial Excellence Actuarial Science at Illinois State University
Our faculty are engaged in cutting edge research, funded by various external agencies, and published in books and top-level journals.

Scholarships

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:

  • Freshmen: High school GPA of 3.7 or better, ACT Composite 28 or better, ACT Mathematics 31 or better,
  • Sophomores: GPA of 3.7 or better, Major GPA of 3.8 or better, take at least one actuarial examination in the sophomore year,
  • Juniors: GPA of 3.7 or better, Major GPA of 3.8 or better, passed at least one professional actuarial examination,
  • Seniors: GPA of 3.7 or better, Major GPA of 3.8 or better, passed at least two professional actuarial examinations,
  • Study actuarial science or mathematics, and pursue the course of study appropriate for actuarial career,
  • Be an active member of the Actuarial Club (this applies to incoming freshmen only once they arrive at Illinois State University).

The Actuarial Committee reserves the flexibility of allowing the major GPA to be rounded up to 3.8 from any number higher than 3.75, if it deems that circumstances warrant such decision. 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 $1000 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.

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.

Country Scholars

One to two scholarships are funded by Country Insurance and Financial Services, an insurance company headquartered in Bloomington, Illinois. Recipients of scholarships funded from this source are called Country Scholars.

Zurich Scholar

One scholarship is funded by Zurich Insurance, an insurance company headquartered in Zurich, Switzerland, and North American headquarters in Schaumburg, Illinois. Recipients of scholarships funded from this source are called Zurich Scholars.

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.

Katie 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).

Actuarial Examinations Fee Support

For professional actuarial examinations P/1, FM/2, MLC/3L, MFE/3F, and C/4, llinois State University actuarial students who pass actuarial examinations will have their examination fees reimbursed by the Actuarial Program, subject to availability of funds. Also for the examinations P/1, FM/2, MLC/3L, MFE/3F, and C/4, members of the Actuarial Club in good standing will have half of their exam fees paid if they fail the exam, but only for the first failure, subject to availability of funds, and only if they have either taken our seminar preparing for the exam, with a score of at least 60% on the diagnostic test at the end of the seminar (in case of exams P/1 or FM/2) or the class covering the exam with a grade of at least a B in that class. For more advanced professional actuarial examinations, subject to availability of funds, students will be reimbursed for examination fee up to $600 per examination (but 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.

Allstate Minority Scholarships in Actuarial Science

This program is funded by Allstate Insurance Company, headquartered in Northbrook, Illinois, also a major funding agency for the Minority High School Scholars Academy, our summer program introducing actuarial profession to minority students (African-American, Hispanic-American and Native-American). These one-time $300 scholarships are granted to successful alumni (starting with the 2003 program) of the Minority High School Scholars Academy, who subsequently enroll in a recognized university-level academic program in actuarial science. Minority High School Scholars Academy successful alumni who enroll in the Actuarial Program at Illinois State University will have their scholarship doubled to $600 total, thanks to additional support for this scholarship from the College of Arts and Sciences at Illinois State University. Students interested in this scholarship should contact Dr. Krzysztof Ostaszewski.

D.W. Simpson Actuarial Scholarship

Effective the 2004/2005 academic year, our Actuarial Program will grant scholarships funded by D.W. Simpson, an actuarial search company. Information about these scholarships is posted at: http://www.dwsimpson.com/scholar.html. Illlinois State University students interested in this scholarship must submit their applications to the Actuarial Commitee of our program. Application is available here.

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.