Scholarships are the University’s top priority
Nothing else we do to improve the quality of a Western New England University education will matter if students and families can not afford the opportunities we offer. Every year, we lose talented, dedicated students because of the cost of a college degree. Many undergraduates work multiple jobs while carrying a full course load, yet students are graduating with an average personal debt of almost $30,000. These financial realities restrict the dreams of far too many students and families. With the help of our alumni and friends, we can ensure that our opportunities remain accessible for students whose means may be limited but whose ability and ambition are limitless.
Minimum gift of $5,000
Named annual scholarships are created with a minimum commitment of $5,000 annually. These funds are given outright to deserving students each academic year, making an immediate impact on a student's financial situtation. Contributions must be recieved by May 30 of each given year to then be awarded to students for the academic year beginning in August. Named annual scholarships are not permanent, and this source of financial aid ends when the donor ceases making contributions.
If you are interested in establishing a named annual scholarship please contact us to begin the process.
Minimum gift of $40,000
Endowed Scholarships are created with a minimum of $40,000 (pledged over a maximum of 5 years). The scholarships are permanent and will provide assistance to students for generations to come. Once fully funded, the awards are made to students each year based on the calculated market values of the scholarships.
We will work with you to devise the scholarship criteria and description. It is best not to be too specific, because the scholarship might then be very difficult or even impossible to award. Scholarships will be given to certain students as long as those students continue to meet the criteria for the scholarship. For example, a scholarship awarded to an incoming freshman would normally be awarded to that same student for the four years of their education. If the scholarship is designated only for freshmen - or any other class - it would be awarded only to that type of student.
A simple Donor Agreement between the donor(s) and the University will be signed, which stipulates the amount to be contributed to establish the endowed scholarship fund, the time period within which it will be given, the intended criteria of the fund, and the name. Each year the donor(s) for an endowed scholarship fund receives a report stating the current market value of the fund along with the student recipient(s) for that year, their class years, majors, and hometowns. Scholarship recipients are encouraged to send thank you notes to donors as well.
Once established, a certain percentage of the calculated market value of the endowed fund will be spent for its designated purpose. The fund's principal remains untouched and continues to earn interest. The University currently has a 5% spending policy, meaning that 5% of the calculated market value of the fund will be spent each year.
If you have questions and are interested in establishing an endowed scholarship please contact us for more information.