Other Race Funding Ideas
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What's In Your Backyard?
With that being said, some scholarships may be available right in your own backyard and getting one may be as simple as filling out an application and saying "please". And just like many other scholarships, racing scholarships are not going to pay all your racing bills from first day in a race car (or racing kart) to becoming the next Formula 1 World Champion, but they can help offset many of your racing expenses. So, considering a scholarship can be almost "free" money, it's well worth a little bit of your time and effort to see if there's a program that will benefit you.
In the next few paragraphs we'll be covering some of the more well-known national scholarship programs, along with a few local ones. You'll also want to do some research on your own around your local track, racing series, race sanctioning organization or club to see what "local" opportunities may exist. You never know what might be right under your nose until you start checking around.
Just For Kids
If you happen to live in the Dallas/Ft. Worth area, and you're a kid or have a kid that's into racing, then you're in luck. Right here in your own backyard (well, it's kind of a big backyard because everyone knows that everything is bigger in Texas) you have the opportunity for scholarship money from Young Racers of America, Inc. (YRA).
YRA is a true 501C non-profit organization designed to provide financial assistance to kids in need in the racing industry at the Go Kart, Bandoleros, Jr. Dragster, and Legends level. For those not familiar with the Legends and Bandoleros race cars, they are fiberglass-bodied, spec race cars designed for minimal maintenance and low-cost racing.
YRA provides financial assistance for things such as safety equipment, classes, entry fees, fuel, registration fees, and transportation and accommodations for out-of-town races. Although located in the Dallas/Ft. Worth area, Young Racers of America is looking to expand nationally, so the opportunity will be available to kids throughout the U.S. For more info, please see the YRA website.
NASCAR Technical Institute Scholarships
For those looking for a career on the motorsports technology side of the house, scholarship opportunities lie at the country's first combined automotive technology and NASCAR-specific motorsports program at the NASCAR Technical Institute. Both Mobile 1 and UPS offer an average of five scholarships each for students enrolled in the school. The NASCAR program is part of Universal Technical Institute (UTI) that makes available $11 million annually in scholarships for all of its schools. Check with UTI directly for more details.
Racing School and Series Scholarships
Here's where the competition can get tough. As always, when the stakes are raised and the payout potential high, you can expect others will be gunning for the same opportunities. A number of formula car racing schools around the country host their own racing series or participate in one. And most every year they award talented, up and coming drivers with racing scholarships for either their racing schools, driver development programs, or a ride in a full-blown series.
Scholarship winners are generally selected from karting championships and/or performances in these schools' own series. With scholarship amounts worth upwards of $40,000, for example from the Skip Barber Racing School, competition is stiff as you can imagine. BMW of North America also recently awarded six 2005 Formula BMW Juniors with $40,000 scholarships each to compete in the Formula BMW series and attended the series Education and Coaching Program.
Since most of these recipients are under age 18, it's as close as you can get to Pro racing and still be a kid. For those aspiring to racing greatness (and a career perhaps), what better preparation for the pro level than competing for one of the scholarships. And the payoff can be tremendous.
For details on these exciting racing scholarship opportunities, see the following links (also keep an eye out for their ads in popular karting and formula car magazines):
Are You The One?
Another program that has proven extremely successful to several young drivers has been the Red Bull Formula 1 Driver Search. Four years running from 2002 to 2005, the Red Bull program achieved its goal of placing an American driver and into the seat of a Formula 1 race car by scouting out the top teenage racers in the country.
Scott Speed is representing the United States in the 2006 season as the only American F1 driver since Mario Andretti in 1993. Scott Speed was the 2002 Driver Search winner, and Red Bull has been the footing the bill since and placed him at the pinnacle of world motorsports.
Although the program has officially ended, Red Bull contends it will continue to monitor top, young American racing talent. So keep your eyes open for those Red Bull folks. You never know when your name might be selected to come test with the best.
Sponsor Bank
Another program that is out there that is not a scholarship per se, but rather a spin on traditional sponsorship is called a Sponsor Bank. The only company I have found thus far that offers such a concept is called New Century Marketing Concepts (NCMC). Rather than reiterating the program details here, hop on over to NCMC to read all about it.
Just like many Pro drivers race round and round in circles without ever getting that checkered flag, the same can happen in your pursuit of a racing scholarship. However, the opportunities are out there if you keep looking, and it's only one aspect of the whole race-funding picture.
Now, if you are already independently wealthy and just happen to be reading this for fun, head on over to our next section to read how you can make a difference in the lives of kids who dream of being race car drivers.
