YSU’s fiscal year 2014 budget includes a significant bump in scholarships for students thanks to increased support from the YSU Foundation.
The Foundation, under a new distribution plan approved earlier this year, will allocate $6.8 million to YSU for student scholarships next academic year, up from $5.1 million this current academic year. That’s a 33 percent boost in funding.
The $1.7 million in increased support will go to nearly 3,000 students.
“Students will feel the impact of these changes immediately and where it counts – in their wallets,” YSU President Cynthia E. Anderson said.
The funding will help students attending graduate school and also will target the more than 1,300 undergraduate students receiving merit-based Scholarships for Excellence from the university. For example, recipients of the university’s President’s Scholarships will receive $4,000 next academic year, an increase of $1,500 from this current year. That means that over the course of four years, recipients of the President’s Scholarships will get $6,000 more in funding. In addition, nearly 1,500 other Foundation-funded scholarships will be increased by 4 percent for next academic year.
The increased funding is the result of a change in the way in which the Foundation distributes money to the university. In the past, only the income from the Foundation’s endowment holdings was distributed. The new plan allows for 4 percent of a three-year rolling average of the endowment’s market value to be distributed annually to the university.
“This new distribution plan puts the YSU Foundation more in line with other university endowments nationwide and allows us to provide an even higher level of assistance to YSU students facing increasing educational costs,” said Thomas Fleming, chair of the YSU Foundation Board of Trustees.