GEICO has unveiled a new scholarship program that will award as many as six college sophomores and juniors, who are interested in pursuing a career in IT, $5,000.

According to the company, the scholarship will be based on "exceptional academic records, demonstrated leadership, and campus involvement."

Among the qualifications, eligible candidates must currently be enrolled fulltime in a bachelor’s degree program at an accredited four-year college or university; plan to remain enrolled full time for the entire 2016-2017 academic year; have at least a 3.5 overall GPA; and be a United States citizen or a permanent resident.

“We want to empower young technology leaders to reach their full potential by removing financial barriers," said Steve Smith, vice president of IT. "We are pledging our support to deserving students who have a passion for technology.”

Geico is the second-largest private passenger auto insurance company in the United States. 

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