Augustana Expands Financial Aid for Low Income Students
With help from a generous graduate, Augustana College hopes to meet all of the financial needs of deserving students. Called "Augustana Possible," it's made possible by a 40 million dollar gift from Murry Gerber, class of 1975.
Executive Vice President, Kent Barnds, says those eligible for this financial aid will be high-achieving students from families with lower incomes.
"According to a report that was done in 2018, probably in the neighborhood of 75 to 80 per cent of college-bound students face some level of un-met financial need and we want to combat that."
He estimates about 60 per cent of Augustana students will be eligible academically, but it's not yet known how many will meet the family income requirement. The first awards will be made for those enrolling in the fall of next year (2023).
"We think making this promise to students that we'll meet 100 per cent of their demonstrated financial need through Augustana Possible - we think we'll begin attracting new students who maybe would have eliminated Augustana from consideration because of the perception of high cost."
He says currently up to 95 per cent of Augustana students receive some sort of financial aid, adding up to about 70 million dollars a year. And this program will eliminate the un-met financial needs for some of those students.