Stay in school, get 10k for college...

UT (my alma mater and my boss) offers savings accounts, road map to college

By Matt Lockwood : October 30th, 2009
Unfortunately, many people give up on the dream of going to college at a young age because they don’t think their family would ever be able to afford it.

The University of Toledo has developed an innovative new program that reinforces the concept that college can be a reality for students willing to work for it.

UT’s new Scholarly Savings Account Program will make annual deposits of $2,000 into individual student scholarship accounts beginning with the successful completion of the eighth grade and for completion of each successful year of high school. The first deposits will be made in June 2010.

Upon graduation from high school, a student may have accumulated a maximum of $10,000 through the Scholarly Savings Program that can be used toward tuition at UT. The scholarship funds will then be disbursed in annual increments of $2,500 for each of four years of attendance at the University.

UT’s requirements for students are that they graduate high school with a minimum 3.0 grade-point average and meet core curriculum criteria for regular admission to the University.

“I believe this provides a road map for students and families beginning at a young age to make higher education a reality,” said Lawrence J. Burns, vice president for external affairs and interim vice president for equity and diversity. “It’s a powerful message to be able to say, ‘Here is money on the table; if you work hard in school, it’s yours.’”

For students to be eligible, their school districts must sign a participation agreement with UT, including the development of its own requirements and an annual tracking process. The program is open to all school districts, including parochial schools.

Besides providing scholarship dollars, the Scholarly Savings Account Program aims to give school districts leverage to require students to do things such as take the necessary college prep courses, participate in activities and meet attendance requirements.

UT officials believe that this will result in improved high school graduation rates and better prepare students for the rigor of a UT education.

Will it work? Would it have worked on you?