The American College has created a new scholarship fund offering almost $500,000 in financial aid to veterans of the U.S. armed forces, the institution announced yesterday. The fund is open to any honorably discharged member of the Army, Navy, Air Force, Marines, Coast Guard and National Guard.

Once awarded, the scholarship can be applied to pay for any of the designation or degree programs available through the college. In previous years, the institution handed out scholarships incrementally, but felt that current economic conditions warranted a more focused effort.

“These men and women are returning to a country with unemployment reaching 11%. We are very concerned that after losing so much, they will [also] come back to poor job prospects,” Larry Barton, president and chief executive officer of The American College, said. The scholarship was funded through donations from alumni and the institution, Barton said.

The program will be a good fit particularly for former service men and women exploring the financial planning profession. “A returning soldier has discipline, focus and energy and is very respectful,” Barton said. “He or she understands the notion of a mission, and they often are very aspiring people.” For those reasons, among others, the success rate for advisors who are military veterans is notably higher than others, he said. Based in Bryn Mawr, Penn., The American College is a non-profit institution that specializes in educating financial services professionals. It awards designations including the Certified Financial Planner (CFP) and Chartered Financial Consultant (ChFC).