$5,000 up for grabs, but very few seem to want it

PHOENIX - A cash award is waiting for one lucky child, if someone would apply, that is.

For the 12th year in a row, the Anderson Security Agency is offering a $5,000 award to a child who has performed a heroic act.

From getting help for an injured friend to saving a family from a fire, the prize has recognized brave Arizona children for more than a decade, but this year few are applying.

"As schools cut back, they have fewer resources," said Anderson Security's Shari Anderson. "I think [the award] it's not getting communicated as well to students."

The annual grant is awarded to one Arizona child of 5 to 17 years old, who has performed a heroic act. The money can be used for college or other expenses.

Past winners have been credited for saving family members from house fires or even helping members of the US military.

This year, three applications have been received and the deadline is 5 p.m. on Thanksgiving Day.

Nationwide, the number of students applying for scholarships has slowed after years of explosive growth.

Analysts at Fastweb.com, a college scholarship database, say application numbers have been up since 2007, with growth rates as high as 15.2 percent in the second quarter of 2010.

However, the number is slowing, and experts say the demand for financial aid far exceeds the supply. In fact, Mark Kantrowitz, publisher of Fastweb.com and FinAid.org says the number of scholarships has been flat to only slightly increasing over the past two years.

"Due to the impact of the economy and the Bernie Madoff effect on endowments," wrote Kantrowitz in an email to ABC 15.

That means competition for remaining awards will become increasingly fierce.

If you'd like an edge on the competition, visit Fastweb.com or FinAid.org . If you know a deserving child in Arizona for the Anderson Security Agency's Citizenship Award, visit their website for the application.

Remember, the deadline is November 25 at 5 p.m.