8
Based on data from 2016, the cost of college has increased almost eight times faster than wages since 1989.
(National Center for Education Statistics; Forbes Magazine)
88%
The increase in textbook prices between 2006 and 2016.
(U.S. Bureau of Labor Statistics)
42%
The percentage of first-time, full-time college students who graduate in four years, as of 2018 data.
(National Center for Education Statistics)
60%
National 6-year college completion rate
(National Student Clearinghouse Research Center, 2019 data)
263,000
The decline in undergraduate enrollments between 2018 and 2019.
(National Student Clearinghouse Research Center, 2019 data)
46%
Percentage of all first-time, full-time U.S. undergraduate students carrying student loans in 2017.
(National Center for Education Statistics)
42
million
Number of adults in the U.S. carrying a student loan as of 2019, That’s 1 in 6 American adults.
(U.S. Department of Education)
$1.6
trillion
Overall student debt in the U.S. reached $1.6 trillion in June of 2019.
(U.S. Department of Education)
$49.6
billion
Number of charitable giving dollars to U.S. colleges in 2018–19.
(Council for the Advancement & Support of Education)
Philanthropists Will and Joan Abele had supported Will’s alma mater, Ursinus College, for many years, but they knew the time had come to make a transformational gift, and they wanted to be sure it would have real impact on student lives. So when they considered how they wanted to see their $11 million investment—the largest gift in the College’s 150-year history—spent on campus, they got down to brass tacks, thinking very specifically about the financial challenges that can derail low and middle income students facing contemporary college life.
Their thinking led them to support the long-term sustainability of the Abele Scholars Program, which will provide approximately 18 students a year with $53,000 in funding intended to address the costs of a college education beyond tuition, room and board, and assist with student debt upon graduation.
Abele Scholars receive $40,000 over four years in tuition support, but also additional funds specifically intended to address the opportunity gaps many first-generation, low, and even middle- income students experience. Scholars receive $2,000 for “startup” costs such as the purchase of a laptop or required books; $3,000 to pursue opportunities such as unpaid internships, summer courses, or academic conferences; and $8,000 in loan forgiveness. The unusual scholarship is also “stackable,” i.e. designed to be awarded on top of other financial aid, and will support students from Pennsylvania, New Jersey, Delaware and Maryland who will also benefit from specialized programming and tailored advisor support for each cohort at Ursinus.
While colleges nationwide have emphasized the recruitment of first-generation and low-income students in the past few years, many of these students face continuing financial and social challenges once they arrive on campus. This scholarship is intended to provide more comprehensive support to these students, and give them full access to the opportunities that all schools hope to provide.
For more detailed information on the Abele Scholars Program at Ursinus College, please visit the Abele Scholars Program
“Historically, philanthropy has provided significant funding to aid issues facing society, and education and healthcare have always been high on the list of priorities for donors. The current trend of more donors specifically indicating how their money will be used comes precisely at a time when the perils of student debt and the cost of higher education are paramount in the minds of the public. Donors don’t give to places that have needs; rather, they give to places that meet needs. So funders who seek real impact are using significant philanthropy to address one of our country’s most serious social topics: how to pay for college and begin adulthood without the albatross of student loans around graduates’ necks. The added bonus of this type of
benevolence is that donors build relationships with students, often providing guidance and mentorship and a whisper in the ear about someday paying forward what they receive to future generations. It is a big win-win all around.”
Jill Marsteller
Senior Vice President for Advancement
Ursinus College
For further comment on any of the topics above, please contact Ed Moorhouse at emoorhouse@ursinus.edu (610-409-3535) or Luise Moskowitz at lmoskowitz@steegethomson.com (267-307-6617)