DURHAM, N.C. – Over the past four years, Duke University has raised more than $308 million in new endowment funds to benefit financial aid for students.
The Financial Aid Initiative was launched in January of 2005, passed its $300 million goal in November of 2008 and closed at the end of the year.
“At a time when university resources are stretched in many directions, so too are the resources of our students and their families,” Richard Brodhead, president of the school, says in a statement. “Yet it is our obligation as a great university to ensure that talented students can get the education that will enable them to reach their potential.”
About four in 10 undergraduate students at the university receive some form of need-based financial aid.
During the 2007-08 school year, Duke spent about $86 million on undergraduate financial aid, an increase of 19 percent over the previous year.
The funds raised during the latest effort resulted in 478 new scholarship and fellowship funds, and support the 330 funds already in existence.
About $226 million of the total raised will fund need-based scholarships, $20.6 million is for athletic scholarships and $61.9 will finance support for graduate and professional students.
To help launch the effort, The Duke Endowment contributed $75 million, which was joined with $25 million from a group of donors to create a challenge fund to match new financial-aid gifts.
The campaign was co-chaired by Sally Dalton Robinson and G. Richard Wagoner Jr.