Formula 1 has renewed its Engineering Scholarships with a clear three-year commitment via ยฃ2.4 million of funding.
๐ The Core Development
That was announced alongside the publication of F1's first social impact report, which said more than 500,000 young people from 71 countries had accessed and benefitted from F1's educational programmes.
F1's scholarship programme was launched in 2021 and covers full higher-education tuition fees and living costs for students from underrepresented backgrounds.
๐ Background & Sector Context
It has to date supported 48 students and its renewal means 10 new scholarships will be awarded each year up to and including the 2028/29 academic year. The students will study at the University of Strathclyde, Imperial College London, the University of Cambridge, the University of Oxford, and the Motorvehicle University of Emilia-Romagna (Muner) in Italy.
One first-year F1 engineering scholar at the University of Oxford was quoted as saying: "Words cannot describe how much this scholarship has changed my life.
๐ Industry & Real-World Impact
"The ability to pay for all the costs of Oxford has been a key reason that my first year has been successful; I have been able to focus on my course without having to worry about whether I can afford my next meal.
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๐ฎ Strategic Outlook & What Lies Ahead
"I would like to say a massive thank you to the donors and board of management; I hope to make the most of my time at university, and through the scholarship I am much more capable of doing so."
The report said that all 24 host grands prix had facilitated social outreach programmes, as had each of last year's 10 teams in addition to F1 and the FIA.
