Guilford Plans to Raise $1 Million for N.C. Student Financial Assistance Fund
Guilford is embarking on an effort to raise $1 million in the next two years to help offset the College’s losses in state-funded financial aid for North Carolina resident students.
Guilford’s North Carolina Student Financial Assistance Fund is part of the College’s response to a $2.5 million reduction in financial aid for in-state students as a result of budget cuts by the General Assembly. The cuts affect all of the state’s independent colleges and universities.
The goal is to raise $500,000 per year in 2012 and 2013 in new funding support for current use financial assistance. A half million dollars approximates the amount of state-funded aid lost by the 100 neediest N.C. students at Guilford who are losing more than $5,000 per year on average. Most of the College’s in-state students will be impacted by the cutbacks. Including all traditional-aged and adult students, 72 percent of Guilford’s 2,700 students are North Carolina residents.
“Many North Carolina families directly impacted by these cuts will be faced with the decision to stay at Guilford and incur more debt or consider options where more aid is available or tuition is substantially less,” said Kent Chabotar, president of the College. “Guilford is committed to keeping these students and maintaining our North Carolina heritage.
“We will meet a portion of the reduced aid by reallocating our existing resources, but we will need the financial support of our community through the North Carolina Student Assistance Fund to fill the gap. This fund will keep Guilford accessible to our North Carolinians and help maintain the diversity of our student population.”
This is a special Advancing Excellence campaign appeal for current-use funds. The $60 million campaign, now in its public phase, also has a goal of $15 million in endowed scholarship support.
The College plans other strategies to respond to a budget deficit created by the shortfall in state financial-aid funding.
For more information about contributing to the North Carolina Student Assistance Fund, contact Leigh McIlwain, associate vice president for philanthropy, by emailing email@example.com.