(FOXBUSINESS) -- Taco Bell is making yet another multimillion-dollar investment in higher education.
Customers and Taco Bell employees will be able to apply to the chain’s Live Más Scholarship. The sixth annual scholarship event will grant more than $7.5 million to applicants who are chosen by the Taco Bell Foundation, a press release states.
The scholarship has been expanded to cover students between the ages of 16 and 26, and no GPA, SAT scores or formal essays are required. All that’s needed to enter is a two-minute video that describes what a student wants to do, how they want to make a positive change in the world and how a scholarship will help them achieve their goals.
Applicants will be awarded up to $25,000 if they are selected for a scholarship.
Moreover, $2 million will exclusively be awarded to Taco Bell team members who are pursuing higher learning. This includes students in trade schools, four-year universities, community colleges and graduate schools.
"The pandemic has caused financial strain for families around the country, yet young people's passions haven't gone away," said Jennifer Bradbury, an interim executive director at the Taco Bell Foundation, in a statement.
"We are hopeful that this year's scholarships will provide many creative, passionate fans and Taco Bell team members opportunities they may not have otherwise had,” Bradbury continued. “We are also proud to continue expanding our partnerships and resources to ignite change and create a better future for our scholars as they make a positive impact in their communities and beyond."
Taco Bell’s $7.5 million scholarship awards will help its foundation meet the $21 million commitment it claimed it would reach by 2021.
It also comes at a time when colleges are seeing lower enrollment rates due to the coronavirus pandemic. Last month, the National Student Clearinghouse Research Center estimated that freshman enrollment was down by 16.1% nationally compared to 2019.
Applications for the Live Más Scholarship will need to be received by Jan. 20, 2021. Winners will be announced to the public in May 2021.
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