Now more than ever, as we navigate the challenges of declining enrollment and growing need for financial aid, Luther College must seek increased donor support for student scholarships that help address unmet financial need. As motivation to our broader constituency and an affirmation of institutional unity, the Luther College Board of Regents has committed $1 million in current fund Promise Scholarship support and $10 million in endowed Promise Scholarship support toward creation of the Regents' Promise Scholarship Challenge as an inspiration for other Luther donors to join them.
We believe every student who qualifies should have access to a Luther education--regardless of their ability to pay. Removing cost as a barrier allows Luther to compete with other top institutions in recruiting talented and deserving students for generations to come. Average unmet need for Luther students is currently $6,000/year. This gap often means students then take on additional loans to make up the difference between the cost of attendance and their financial aid packages. For many families, this option isn't feasible or appealing.
The sole purpose of the Regents' Promise Scholarship Challenge is to close the gap in unmet financial need--allowing us to attract and recruit the most talented students now and in the future.
Regents' Promise Scholarships will be awarded in all four years to help ensure retention.
All current, former, and emeriti Luther regents are being encouraged to participate at a meaningful level that reflects their personal capacity. Among current regents, one-year outright commitments are being sought toward the current fund goal. Among all regents (past and present), endowment commitments can be pledged over three years.
Current regents are committed to achieving 100 percent participation in this Regents' Promise Scholarship Challenge and in the Luther Fund (including gifts at all levels). They invite past regents and all interested stakeholders to join them in supporting these two institutional priorities.
With full support of regents and other lead donors, the proposed challenge will result in $2 million in outright support toward financial aid to be spent in the next three to five years and $20 million in endowed Promise Scholarships that will support students in perpetuity with an annual payout of $1,000,000 (5 percent). This fundraising effort targeting financial aid and unmet student need addresses current concerns and provides ongoing support for the college's future. Your gift or pledge will make a life-changing difference for students who could not otherwise afford to attend Luther College.
Now more than ever, Luther students need support from scholarships to help make their college dreams a reality. A Regents' Promise Scholarship Challenge--led by the generosity of the Luther College Board of Regents, past and present--demonstrates our institutional commitment to student success. With your support of this challenge, when fully implemented and combined with other scholarship efforts, Luther College will significantly close the gap on unmet financial need for our students.
On behalf of all the students who will benefit from these scholarships throughout their academic journey at Luther, thank you for your generous investment in their future!
For more information on ways to support the Regents' Promise Scholarship Challenge, please call the Development Office at (800) 225-8664 to speak to with a development officer.