All Award Winners are chosen by an independent committee that is separate from Jefferies Group, Inc. Jefferies Family Scholarship Selection Committee does not take into account factors relating to the employment of the applicant's parent and the business of the Company. Applicants are presented to the committee anonymously. For selection committee members, all identifying information for applicants (e.g., name, parent's position with Jefferies) is removed prior to presentation of new applicant data; applicants are discussed by randomly assigned numbers during the selection committee meeting. The scholarship is awarded for one academic year only. Announcement of new and renewal recipients is made in the early summer.
The scholarship program is prohibited by law from awarding scholarship to more than 25% of the total number of new applicants. Therefore, all eligible children of Jefferies employees are encouraged to apply, regardless of need, to raise simultaneously the number of applicants and the number of scholarships within the 25% cap. There is no cap for renewal applicants.