Why we need endowed scholarships
In recent years, the cost of higher education has risen dramatically, usually faster than the economy's inflation rate.
Simultaneously, growth of government programs supporting student needs has decreased, placing great pressure on college-age students, making it impossible for some to attend college, and resulting in high levels of student loan debt for those who do.
Saint Joseph's and other independent colleges have a great need for endowed scholarships. A dramatic increase in the number and size of endowed scholarships must be a major component to the solution of this problem.
At Saint Joseph's, many alumni classes, individual donors, families and others have honored or memorialized classmates, family members or business associates with named, endowed scholarships. The college encourages this practice and has established guidelines to assist those planning such gifts.
In order to provide meaningful award levels to recipients of named scholarships, the college has established a $25,000 minimum endowment. The college holds contributions in a restricted fund and applies a portion of any earnings to the principal balance and a portion to general scholarships. When the principal balance reaches $25,000, annual named scholarship awards begin. Contributors are encouraged to continue to make regular gifts designated for their particular fund.
