The New Jersey Society of CPAs announced this week that it is seeking local high school seniors and college accounting majors to apply for the organization's 2018 scholarships.

The NJCPA Scholarship Fund will offer $7,000 scholarships to high school seniors looking to major in accounting, as well as $6,000 one-year scholarships to students attending New Jersey colleges currently in junior, senior, or graduate-level programs.

"The awards are a great way for the NJCPA and its member donors to give back to the community and encourage the next generation of CPAs to go into the profession," stated Chris Lovasz, president of the NJCPA Scholarship Fund and managing director at Deloitte. "Often these recipients go on to help others later in life through our many avenues of volunteering."

Scholarships are based on academic performance, a submitted 500-word essay, and an interview. High school students must have a cumulative three-year GPA of 3.5 or higher, and a total SAT score of at least 1260 or an ACT score of 26. College student applicants must be residents of New Jersey attending a college or university in the state, with a minimum GPA of 3.2 through the fall 2017 semester.

Applications are currently open until December 8, 2017, for high school applicants and January 5, 2018, for college applicants.

New Jersey is facing an increasing pension burden, according to a new Moody's Investors Service report.

For more information, head to the NJCPA's site here.

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