LAKE MILLS — According to Consumer Reports, student loan debt is the second highest consumer debt after mortgage debt. This was one of the reasons members of the Lake Mills community came to Lake Mills Community School Secondary Principal Jim Scholbrock with the idea of creating a scholarship program for local students.

“We decided that there was no reason — with the community that we have and the support that we have for education — we couldn’t provide our graduates with substantial scholarships,” Scholbrock said, noting several area schools have their own scholarship foundations as well.

The foundation members have defined substantial scholarships as scholarships of $1,000 or more. The amount and number of scholarships given will depend on the amount of donations the organization receives. Criteria required for student eligibility has yet to be determined as well, but Scholbrock said the group intends to give out scholarships as early as next spring.

“There’s been an increase in costs, there’s been an increase in borrowing, but there has also has been, in some regards, been an increase in support, so we wanted to be part of that,” he said.

The foundation was officially formed in June, when it also received its 501(c)(3) status. The foundation has decided to make annual appeals to alumni, community members and supporters of the school to raise money for the scholarships rather than partake in traditional fundraising events or product sales.

Scholbrock said the foundation has guidelines in place so scholarships can be named after individuals or even earmarked for students pursuing specific fields of study. According to the principal, depending on the year, about 85 to 90 percent of all Lake Mills Community School graduates continue on with some kind of post-secondary education, and those programs would be eligible for scholarships.

Scholarships will cover anything the school can directly bill the student for, which in most cases includes expenses like textbooks. Different from other scholarships, though, the funds will not be given directly to the student. Upon confirmation of enrollment, funds will be transferred to the student’s college.

For more information on the foundation, or its scholarship program, community members are encouraged to speak with a board member, call Scholbrock at 641-430-9052 or visit the organization’s Facebook page.