Thanks to a $10 million anonymous gift, the first generation students at the Wake Forest University will be able to study with reduced tuition fee.
Under its already functional Magnolia Scholars program, the university will extend an additional $4,000 to its 120 scholars this year, cutting the student’s concern of education-related expenses making it more affordable and accessible.
The program has been successful in lowering the student debt of 2018 cohort of Magnolia scholars by $16,000.
“Education offers countless paths to explore, many never before imagined, but under financial pressure, students may limit their choices. With this leadership gift, our Magnolia Scholars will receive extra financial support so they can focus on taking full advantage of their education,” university president Nathan O. Hatch said.
“For class of 2018 Magnolia Scholars, their desires to dig in, branch out and pursue the work they most wanted to do after graduating was no different than other first-generation Magnolia Scholars.”
The first generation students from diverse racial and religious backgrounds are selected to the program on the basis of their essays, interviews, and recommendations.
With more than $300 million raised for providing financial aid and scholarship, the university is aiming to raise $1 billion by 2020 to further extend its support and make education affordable.