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Scholarship endowment increased by 100K

February 4, 2011

Incoming rural students may have something to look forward to beginning fall 2012.  The William Randolph Hearst Foundation recently increased the endowment for Monmouth’s William Randolph Hearst Endowed Scholarship by $100,000.

The Hearst scholarship is offered to incoming students from communities with less than 20,000 residents who show an unmet financial need. The award gives $1,250 to incoming freshmen and can be renewed for $625 during sophomore year.

In the past, the college has only been able to award the scholarship to three to five students, depending the amount of interest the endowment has earned. Jayne Schreck, Director of Financial Aid, hopes to see this number increase to six to ten students each year.

“Each year I receive approximately 80 applications from incoming freshmen rural students,” said Schreck. “I’ve just been unable to award to a significant number up to this point, so now this should allow us to award to a few more.”

Before the new $100,000 can go toward financial aid it will need to be invested and allowed to accrue interest. Schreck estimated that the college would be able to award more Hearst scholarships by fall semester 2012.

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