The Formula 1 Engineering Scholarships were launched last year, following a donation of US$1 million (around £725,000) from the Non-Executive Chairman of Formula 1, Chase Carey, to primarily finance engineering-focused scholarships for underrepresented students at leading universities. The initiative forms part of Formula 1’s #WeRaceAsOne, which launched in 2019 as part of its diversity and inclusion strategy to increase participation from underrepresented groups.
The scholarship covers tuition fees and maintenance costs as well as providing the opportunity to undertake a work experience placement with a Formula 1 team.
Speaking about Formula 1's decision to continue to support the scholarship, President and CEO Stefano Domenicali said:
"We are committed to increasing diversity and opportunity within this incredible sport and I am pleased to confirm that we will be expanding our programme for scholars until 2025, providing a fantastic opportunity for some incredibly talented students to begin their journeys with Formula 1."
"We want to continue to ensure that talent from underrepresented groups has meaningful opportunities, with the first 10 scholars already beginning their studies following Chase’s incredible donation to fund the scholars in their first year. We want to continue and build on the foundations of the programme in the years ahead."
The first cohort of ten F1 scholars began their undergraduate and postgraduate engineering degrees at leading universities in the UK and Italy last year. Speaking about the impact of the scholarship on his time at Cambridge, F1 scholar Jesse Panda (Jesus College) said:
"This scholarship has given me the opportunity to have a university experience free from financial burdens and worries. I’m truly grateful for this and hope that, in the future, I’ll be able to play my part in helping to extend similar opportunities to others from backgrounds such as mine.”
To find out more about the F1 scholarship and details on how to apply, visit the University website.