University of Missouri System to create nearly 60 need-based student scholarships from $1.1 million in state lottery proceeds
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Posted March 26, 2012
Campuses will raise an additional $1.1 million to endow scholarship funds
The University of Missouri System announced today it will leverage the $1.1 million released by Gov. Jay Nixon from lottery proceeds by raising an additional $1.1 million to create 56 new need-based endowed scholarships for undergraduates.
“We are excited about developing these new need-based scholarships and hope it will enable more students to attend one of our University of Missouri campuses,” said UM System President Tim Wolfe. “We appreciate additional appropriations, such as the $1.1 million recently received from Governor Nixon that allow us to do even more to make the college dream a reality for Missouri students.”
Wolfe said these new scholarships underscore the university’s support for the Governor’s effort to increase college-going and college graduation rates across the state.
“We understand the economic hardships many Missouri families face, especially when deciding to send their children to college,” he said. “These scholarships can help make access to college more affordable for high-need students.”
In fiscal year 2011, the UM System provided $102 million in institutional grant aid, and more than 80 percent of Missouri undergraduate students received some type of aid. In fact, over the past decade the system’s four universities have increased institutional financial aid by about 80 percent. In addition, the university has increased tuition on average only 2.7 percent during the last five years, compared to 6.1 percent in surrounding states.
Each scholarship will be funded through a $40,000 endowment—a combination of $20,000 received from the state and $20,000 raised by the university’s four campuses—that will initially produce 56 $2,000 need-based scholarships, which will grow over time as the endowments increase in value. Additional funding from donors beyond the minimum contribution will further improve the university's ability to provide enhanced or additional scholarships. The scholarships are targeted to those students with the highest financial need.
“I’m confident with the support of our alumni and friends that we can provide important new financial support for our students,” Wolfe said. “We are pursuing every avenue possible to ensure the affordability of the University of Missouri for our state’s families.”