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Impact
4,364 donors
478 new scholarship and fellowship endowments established
330 previously established endowments supported |
Recent Gifts
Isaac Hughes Green T'83 and Pamela Martin Green T'85 of Durham, NC, pledged $100,000 to create the Dean Martina J. Bryant Scholarship Fund, honoring the life and career of a beloved academic dean who became a mentor to generations of Trinity College students during her many years of service at Duke. The scholarship will provide need-based support to Trinity College students. The Greens' gift is being matched dollar for dollar by the Financial Aid Initiative Challenge Fund.
Mark D. Masselink T'79 and Priscilla Clapp Masselink T'79 of Darien, CT, pledged a total of $150,000 to support scholarships for graduate students at the Nicholas School of Environment. Their gifts are being matched dollar for dollar by the Financial Aid Initiative Challenge Fund and are divided between the William H. Schlesinger Scholarship Fund and the Masselink Family Fellowship Fund.
Frank Jonathan (Jon) Dracos, Jr. T'83 and Robin Dracos of Larchmont, NY, along with Jon's siblings Diane Dracos Cutshaw T'81, Ellen Dracos-Lemming T'85, and William M. Dracos T'91, all of Atlanta, GA, pledged a total of $120,000 to create the Dracos Family Scholarship Fund. This scholarship will provide need-based aid to Duke undergraduates. These gifts will be matched dollar for dollar by the Financial Aid Initiative Challenge Fund.
Ruth Whitmore Williams W'63 and trustee emeritus A. Morris Williams, Jr. T'63, G'63 of Gladwyne, PA, recently committed $250,000 to create the Ruth W. and A. Morris Williams, Jr. Football Scholarship Fund. Earlier in Duke's Financial Aid Initiative, the Williams provided support for Divinity School and Trinity College scholarships.
Donald C. Stanners T'79 of Lafayette, CA, pledged $100,000 to create the Stanners Family Scholarship Fund. His gift will be matched dollar for dollar by the Financial Aid Initiative Challenge Fund, and the scholarship will provide need-based support to Trinity College students. |
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Duke's Financial Aid Initiative Raises $308,483,325 Million
For Financial Aid Endowment
Read the press release announcing the successful completion of Duke's Financial Aid Initiative. |
Our beloved Duke has long been committed to opening its doors to students from all financial circumstances. Through Duke's Financial Aid Initiative, devoted alumni, parents, students, and friends have come together to help protect that commitment.
We are proud to report that since 2005 Duke supporters have committed a total of $308.5 million to financial aid endowment. This is a fantastic achievement. There are hundreds of students at Duke today who are benefitting from gifts made to Duke's Financial Aid Initiative, and decades from now, there will be even more students who are able to attend Duke because of scholarships and fellowships supported and established during these few years. What's more, this initiative helped give university leaders the confidence to enhance undergraduate need-based aid packages for virtually all recipients.
Thanks to the many volunteers who contributed to the success of Duke's Financial Aid Initiative, and thanks to everyone who invested in this most precious resource: our students.
| Sally Dalton Robinson W’55 |
G. Richard Wagoner, Jr. T’75 |
| Co-Chairs, Duke’s Financial Aid Initiative |
|
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School-by-School Totals
| |
Gifts & Pledges |
| Undergraduates |
|
| Need-Based Aid |
$226.0 |
| Athletic Scholarships |
$20.6 |
| |
|
| Graduate and Professional Students |
|
| Divinity School |
$10.9 |
| Fuqua School of Business |
$6.6 |
| Graduate School |
$10.4 |
| Nicholas School of the Environment |
$5.8 |
| School of Law |
$10.5 |
| School of Medicine |
$13.2 |
| School of Nursing |
$4.5 |
| |
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| Total |
$308.5 |
| in millions |
Deferred Gifts to Duke's Financial Aid Initiative
During Duke's Financial Aid Initiative, many donors chose to support financial aid endowment through deferred gifts to the university.
More than $9.6 million of the $308.5 million total represents life income gifts. The assets are invested in gift annuities or charitable trusts and yield an income for the donors and/or their loved ones. Ultimately, the assets pass on to Duke to support financial aid endowment. Some life income gifts are established to provide donors with a fixed income; others provide an income stream that fluctuates with the market. In either case, these gift vehicles can help families with financial planning and enable many donors to make more significant gifts than they imagined possible.
Many donors also made plans to create or build financial aid endowments through bequest intentions. During Duke’s Financial Aid Initiative, new bequest intentions designated for scholarship and fellowship endowments added up to $29.1 million. While bequest intentions are not counted as part of the initiative’s $308.5 million total, these commitments to financial aid endowment will yield significant support for Duke students in the future.
The Economy and Financial Aid
Thanks in part to Duke's Financial Aid Initiative, beginning this academic year, Duke increased the grant portion of most aid packages in order to:
- Eliminate parental contributions for families of undergraduates making less than $60,000 a year
- Eliminate loan requirements for undergraduates from families making less than $40,000 a year
- Reduce loan requirements for undergraduates from families with annual incomes between $40,000 and $100,000
- Cap the loan requirement at $5,000 per year for undergraduates who qualify for aid and come from families with incomes of $100,000+
- Provide additional support for housing costs
Duke Applications Top Last Year's Record By Nearly 17 Percent
Duke University has received more than 23,750 applications for admission to the Class of 2013, the largest number in school history and a nearly 17 percent increase over the previous record set last year.
Dean of Undergraduate Admissions Christoph Guttentag attributed the increase to a number of factors.
"While we can never be entirely certain why students make the choices they do, over the last few years there has clearly been a growing appreciation of the quality of the Duke education and undergraduate experience nationwide and worldwide," Guttentag said. "That, I believe, combined with the impact of several recent Duke initiatives, explains much of this year's exceptionally large increase."
"For example, I think it's taken a while for people to fully believe that we mean what we say about being committed to making Duke affordable to students from every background. We announced changes to our financial aid program a year ago, and I think it's taken that long for people to understand that it is indeed possible for them to attend Duke."
Geographically, significant increases were seen in applications from the West Coast, including California, Washington and Oregon. The number of applications from students in Illinois, New York, Florida, North Carolina and Ohio also showed a marked increased, as did the number of applications from overseas.
Read more about this year's applicant pool
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