IU receives $85M for scholarships

INDIANAPOLIS -- An anonymous donor endowed IU with $70 million, the largest scholarship gift ever given by an individual in the University's history, IU President Adam Herbert announced Thursday during a press conference at IU-Purdue University at Indianapolis. \nIn addition, Herbert also revealed the establishment of the $15 million Cox Scholars Program, named after IU alumnus and businessman Jesse Cox and his late wife, Beulah, who donated the money.\nHerbert also announced the selection of the inaugural class of 21 Cox Scholars. A committee of faculty members and students were involved in the selection process. \nSeveral of the recipients of the Cox Scholars Program were present at the announcement, including sophomore Stephanie Bruckman. Raised by a single mother and the oldest of five kids, Bruckman has had to work to pay for simple necessities as well as her education.\n"This scholarship has taken so much pressure off of my shoulders," Bruckman said. "I can finally relax and focus on my education."\nHerbert said IU alumni are giving large amounts of money this year in response to the University's request for additional support. \n"They are sharing their wealth to enhance the academic quality and to ensure Indiana's talented and hardworking citizens have access to a world-class Indiana University education," he said.\nThe $70 million gift will create about 500 new scholarships annually. By the request of the donor, who wished to be kept anonymous, two-thirds of the funds will go to the Bloomington campus and the remaining amount will go to IUPUI students. Most of the fund will go to in-state students. \n"To this very generous anonymous donor we express our deepest gratitude for such a transformational gift," Herbert said. "This gift of $70 million will materially impact our capacity to provide access to a world-class IU education." \nThe Cox endowment will establish 63 scholarships per year to academically gifted Indiana residents who are working their way through school. To encourage and support the student's employment, the scholarship provides $12,000 annually to those enrolled at IU-Bloomington and $13,500 to IUPUI students.\nThe Cox Scholars Program is based on the upbringing and experiences Cox went through when he enrolled at IU in 1939 and was only able to pay his tuition by working and starting a number of small businesses.\n"A donor who sees the future need for work, but also support, understands students very well," said IUPUI Chancellor Charles Bantz. "Working through college is tough. It takes a special drive and commitment."\nHerbert said that more than half of the Cox Scholars are the first in their families to pursue a college degree and they all work 20 to 30 hours per week. \nThe $85 million combined of the two funds help bring the total amount IU has raised for scholarships in the past 12 months to $155 million. This is expected to provide scholarship support for about 1,100 students annually.\n"The loyalty of our alumni remains a shining testament to IU's quality," Herbert said. "It also is an essential ingredient in our ability to carry out our mission as a truly public university. We are very proud of the alumni and donors whose loyalty and generosity we celebrate today."\nOther substantial gifts IU has received this year include a $25 million gift from alumnus William J. Godfrey for the Kelley School of Business and a $40.6 million gift to the Jacobs School of Music from alumni Barbara and David H. Jacobs.