CAMPAIGN UPDATE
Unwavering commitment: student aid
Brandi and Brittani Jackson 10 are identical twins with an identical dream to become medical doctors. Learn more about scholarship recipients like them at www.campaign.cornell.edu/scholarship. See larger image
By boldly increasing financial aid, Cornell is keeping its promise of staying within reach of undergraduate students, regardless of their financial resources. Today, more students than ever who dream of enrolling at Cornell are able to study here. Consider these achievements:
- The average cost of attending Cornell is its lowest in 10 years for families who earn less than $75,000 year.
- The number of students who received $40,000 or more in grants nearly doubled between 2008 and 2009.
- Some 1,125 more students received need-based aid in 2009 than in 2008.
These mission-driven improvements make it possible for Cornell to maintain its commitment to need-blind admissions and remain one of the most economically diverse universities in the Ivy League. They would not be possible without at least two key ingredients: the powerful vision for student aid articulated by President David Skorton, and the hundreds of alumni, parents and friends who are generating new resources for scholarship support.
The new financial aid policies, first announced by Skorton in 2008, bring Cornell's budgeted financial aid costs up to $177 million for fiscal year 2010, or about $60 million more than Cornell spent on aid in fiscal year 2008. That's why raising additional funds for undergraduate support is a key priority of Far Above … The Campaign for Cornell .
Hundreds of donors have stepped forward to assist Cornell students through the Cornell Annual Fund, and we are tremendously grateful for their support. In addition, many devoted Cornellians are taking advantage of three gift challenge opportunities. More than 30 alumni, parents and friends have established "term" scholarships. This challenge makes it possible for anyone to establish a scholarship for a gift of $7,500 to the Cornell Annual Scholarship Fund. Gifts are then matched on a 1:3 basis, resulting in a $10,000 scholarship that will benefit one student for one year.
A second gift challenge opportunity makes it possible for donors to endow a scholarship fund at the $100,000 minimum level or add to an existing one and have their gift matched on a 1:3 basis. To qualify for matching funds, a gift of $75,000 or more is required over five years. Gifts may be designated to establish new scholarships or enhance existing ones.
Finally, a third challenge, established by Trustee Martin Tang '70, will match endowment commitments of at least $187,500 to undergraduate scholarships or graduate fellowships for international students on a 1:3 basis.
Since these challenges were announced last fall, alumni, parents and friends have responded with enthusiasm and with combined gifts totaling more than $20 million.
We applaud the continuing generosity of Cornellians. Gifts of all sizes are essential to keeping Cornell "within reach, without limits."
Stephen Ashley '62, MBA '64, campaign co-chair
Jan Rock Zubrow '77, campaign co-chair
Robert J. Appel '53, chair, Discoveries that Make a Difference: The Campaign for Weill Cornell Medical College