The Board of Trustees voted in February to change the minimum amount required to establish an endowed scholarship from $10,000 to $20,000 (one-time gift) or $25,000 (a period of five years or less).
All endowed scholarships created prior to Feb. 28, 2017 are automatically grandfathered and will continue to be recognized by the university as endowed scholarships.
Today, students pay a greater portion of their college education than ever before, making it more difficult—and sometimes impossible—for students to attend college. At Saint Mary, nearly 99 percent of USM students receive financial assistance, including our nearly 45 percent that qualify for low-income federal aid.
Establishing an endowed scholarship can help offset the cost of tuition— minimizing the financial burden and paving the way for success at Saint Mary and beyond. Here is how the endowed scholarship program works.
Here is how the endowed scholarship program works.
Current USM Endowment
As of March, the current endowment is valued at $19.9 million. Over the past 12 years, we’ve seen remarkable growth—from $8.2 million to $19.9 million (+143 percent).
Establishing Your Scholarship
- Your one-time gift of $20,000 establishes an endowed scholarship OR you can choose to pay $25,000 over a period of five years or less to start the endowed scholarship.
- You can shape the scholarship qualification criteria as you wish— meaning you can designate such specificities like: department, major, class year, and GPA.
- At any time, supplementary donations of any amount can be added to your scholarship. Typically, these donations come in estate plans.
Legacy of Your Scholarship
- Your scholarship remains permanently intact in the university’s endowment.
- Every year, you will receive a personal note from your scholarship recipient.
- A portion of the earnings (no more than 5 percent) is used for tuition assistance. The remaining portion is re-invested—maximizing your initial gift (the principal).
Endowed scholarships ensure tomorrow’s leaders have access to one of the greatest gifts you can ever give—a Saint Mary education!
Interested in learning more? Contact the USM Development Office at 913-758-6137