1998-1999 Cedarville College Annual Report

14 - Student Costs and Scholarships A Cedarville College education is competitively priced almost 30 percent below the national average for private colleges. The combination of academic quality and competitive pricing has consistently earned Cedarville College national recognition for providing an outstanding educational value to its students. Cedarville College is able to keep its cost below the national average by avoiding the common practice of tuition "discounting." Many institutions charge tuition and fees far in excess of the actual cost of providing the education. This tuition surcharge is then used to provide financial assistance to those students with "demonstrated financial need." The college collects the excess tuition and fees and then redistributes those funds as institutionally– funded scholarships, grants, and other financial aid as a way to recruit students. Consequently, families that can afford to pay the inflated cost often end up paying the total cost for themselves and a portion of the cost for others. Unfortunately, this policy forces families with adequate financial resources to assist students completely at the discretion of the institution. Cedarville College believes there is a better way to provide financial assistance while keeping educational cost to a minimum. Donor-funded scholarships allow the individual to designate the use of his or her gift and to share in the blessings of providing direct assistance to those in need. Cedarville College scholarship donors have the privilege of sharing in our mission. Each scholarship gift helps to provide a Bible-based education for students who demonstrate a desire to serve the Lord. Scholarship donors are able to shape the world around them by helping students involved in areas of special interest to them- a particular academic major, career goal, financial need, or academic achievement. An endowed scholarship can be a fitting way to honor or memorialize a family member or a loved one. An endowed scholarship gift may be the only means by which some students are able to finish their education. A scholarship gift will provide multiple blessings, because it affects not only the life of the individual student, but also the lives of those the student touches after graduation. One such scholarship is the Gray-Paxson Scholarship. This scholarship was established in 1997 and funded by a 1937 Cedarville College graduate, Clarence Gray. The purpose of this scholarship is to attract students with exceptional academic talent, character, and leadership potential to careers in classroom teaching by providing full tuition awards. To qualify, students must have high ACT or SAT scores and maintain a minimum cumulative grade average of 3.5. The desire of the donor is to increase the Christian teaching influence in the public school classroom. Therefore, the scholarship award provides incentive for outstanding students to pursue public school teaching careers. In 1999-2000, we anticipate that the 124 donor– funded scholarships will provide over $425,000 in awards to Cedarville College students. Awards of this type help Cedarville College base tuition and fees on the actual cost of education. Scholarship funding continues to be a high priority for the year 2000 and beyond. Interested persons may donate to a general scholarship fund or may establish a separate, endowed, named scholarship agreement for specific interests. Separate, endowed scholarships require certain funding levels. For more information, please contact Kim Longo or David Bartlett in the office of planned giving at 1-800-766-1115. Additional Giving Program Offers Greater Opportunity I n 1999 the College added a fourth giving program, the Chairman's Council, to its list of annual fund opportunities. This complements the three current programs: the Torch Club, the Charter Society, and the President's Associates. Created to honor the chairman of the board of trustees, the Chairman's Council recognizes those who give $5,000 or more to the annual fund . "This falls under the umbrella of our President's Associates program, which recognizes those who give $1,000 or more to the annual fund. We had some who asked to be challenged in their stewardship plans, so we thought it appropriate to create this new level," shared Jeff Brock, development officer. Accountable for annual fund programs, Brock oversees the President's Associates and Chairman's Council on behalf of the president's office. Already several have initiated partnerships at the Chairman's Council, yet partners within each of the giving programs are equally important. "We have more than 400 donors involved in our Torch Club program, giving a minimum of $120 each year, and almost 100 donors within Charter Society, giving $500 each year. Many in those two programs give way beyond that," Brock continued. "Collectively, our giving programs cover almost half of the annual fund need of $1 .3 million." The annual fund fills the gap between what students pay and what it costs Cedarville to provide a student's education; that gap stands at approximately $500 per student. "While we offer some benefits to those who are involved in these programs, we find that those who become involved care little about that. They simply have a heart for our students and wish to help them with their education. Every student has a gap that must be covered, and every gift that helps cover that gap is, in a way, a grant to them," Brock noted. "Whether one commits through the gifts of a local church, personal one-time gifts, or College giving programs, the end result is that students' lives are touched. That is what the annual fund is all about."