Newman Scholars To Get Loan-Free LiftGAMBIER, Ohio (January 18, 2008) A financial-aid initiative announced by Kenyon President S. Georgia Nugent guarantees a loan-free education for selected students with the greatest need and a record of achievement.
Twenty-five students will be admitted to Kenyon as Newman's Own Foundation Scholars for the 2008-09 academic year. These students will have financial-aid packages without loans. The program is expected to grow in coming years. Enrollment at the college is 1,654.
Kenyon is a leader among Ohio liberal arts colleges in its long-standing commitment to meet the financial needs of students from all backgrounds.
A $10 million gift from Kenyon alumnus Paul Newman and the Newman's Own Foundation, announced in 2007, and more than $30 million in other gifts to the college are the bedrock of the loan-free program. The gifts ensure this commitment in perpetuity.
The $40 million endowment puts Kenyon on track to reach its goal of a $70 million commitment to financial aid as part of its current $230 million campaign, The Drive for Excellence.
The Kenyon Board of Trustees created the loan-free program as the college honors Newman's legacy of philanthropic leadership, Nugent said. "Our aspirations for the Newman's Own Foundation Scholars are high," she said. "We hope they will be graduates who will really put their Kenyon educations to work, as Paul did, to make the world a better place."
Jennifer Delahunty, dean of Admissions and Financial Aid, said students chosen by a scholarship committee to become Newman's Own Foundation Scholars will be those with the greatest financial need who bring the qualities of creativity, community service and leadership to Kenyon.
"The college has made a commitment to be accessible to students of every economic background," Delahunty said. "Borrowing for an investment in education is worthwhile, but some students find that loans just seem too daunting. Many have watched their families struggle with debt."
No additional paperwork or application form is required of students interested in the loan-free program. In addition to Kenyon's need-based grant program, the college provides merit-based academic scholarships, including awards to Honor Scholars, Science Scholars and Trustee Opportunity Scholars.
Newman helped launch Kenyon's capital campaign in June, when he recalled his student days as a World War II veteran mingling with graduates of prep schools and public high schools.
"I believe strongly that we should be doing whatever we can to make all higher education opportunities available to deserving students," Newman said. "I hope others will support Kenyon in this manner, and, equally, that others will support colleges and universities around the country."