Changing lives, one student at the timePublished 7:11am Monday, June 23, 2014
AHOSKIE – Chowan University’s record-setting growth is not only linked to increased student enrollment. There is also significant growth within the university’s endowed scholarships.
Earlier this week, the Ahoskie Lions Club became the latest organization to join the ranks of Chowan’s financial partners as its members signed the paperwork to establish a $10,000 endowed scholarship. The Club, established in Ahoskie in the 1950’s, made the check presentation during a Monday dinner meeting held at the Brinkley Cabin on Early Station Road.
John Tayloe, Vice President for Development at Chowan, accepted the Lions Club’s generous donation on behalf of the university.
“It’s a wonderful time now at Chowan with our growth in student enrollment and the other exciting things occurring on campus, to include major renovations and additions to our physical operations,” Tayloe said. “We are thankful that the Ahoskie Lions Club has decided to partner with us and the work we’re doing at Chowan.”
With an enrollment now in excess of 1,400 students, Tayloe said Chowan’s steady growth over the past few years has been surprising.
“We now find ourselves in a position to build additional housing to accommodate student growth,” he said, adding that much of that enrollment increase is coming from the local area.
“For many years, Chowan did not attract students from Hertford County and neighboring counties,” Tayloe noted. “That has changed; a significant number of on-campus students and those who commute are from the Roanoke-Chowan area. We are proud to serve those from the local area and that goes hand-in-hand with the Ahoskie Lions Club proudly serving the local area all of these years. This partnership between your group and Chowan is a natural fit.”
Tayloe told the local club members that Chowan now has over 350 endowed scholarships.
“You will become a part of a large number of individuals, civic organizations, churches and families who support our scholarship program,” Tayloe stated. “Without scholarships, many young people would not have the opportunity to go to college, whether it is a public or private university. As is often the case, it’s an endowed scholarship added to the financial package that makes it possible, makes it affordable, for a student to continue their education. You are helping a student make that possible through your endowed scholarship.”
Now as a part of Chowan’s scholarship program, Tayloe said members of the Ahoskie Lions Club will be invited to attend the annual Scholarship Luncheon, held on the first Thursday in November. At that event, the donor and their student recipient have the opportunity to become acquainted.
“This luncheon is a great way for these students to learn how the scholarship they received came to be,” Tayloe observed. “There’s a story behind every single one of these scholarships.”
As part of their partnership with Chowan, the Ahoskie Lions Club has stated they prefer their annual scholarship be awarded to a student from Hertford County, or one of the neighboring counties.
“Our admissions office and financial aid committee will identify the young person based on your criteria and marry that young person with your scholarship,” Tayloe stated. “I believe you will be thrilled and impressed by the student married to your scholarship.”
The Ahoskie Lions Club Endowed Scholarship cannot be spent or used for any other purpose by Chowan University other than its intended means – that of helping a local student offset the cost of his or her education.
An endowed scholarship, Tayloe said, is a permanent fund. Chowan pools the scholarships together, but yet each one is listed individually. That pool of money, now standing at $25 million, is invested at First Citizens Bank & Trust in Raleigh. Over the past years, that combined Endowment Fund has grown by 11 percent.
“We have created an investment policy; the max drawn from your scholarship, in any given year, is five percent,” Tayloe said, adding that if the investment market is “sour” in any year, Chowan officials will not make a withdrawal.
Tayloe stated that along with the endowed scholarships, students enrolling at Chowan have a host of other financial opportunities to aid in lowering the cost of attending a private college or university. Among those options are federal student aid, performance (merit and leadership) grants, and athletic scholarships.
“Using those financial avenues, we are able to negotiate the cost of education,” he said. “Your scholarship and others like it help these students and their families afford a quality education here at Chowan. You help make the magic happen.
“There are liberal arts colleges and universities everywhere, but what sets Chowan apart, makes it special, is the people of this area that decided in 1848 that a Christian based education is the key to success,” Tayloe added. “This university has remained true to those original core values since that time and the blessings, such as your donation, continue to come our way.”
Chowan awards over $1 million dollars through the scholarship endowment program each year. More than 90 percent of current students receive some type of financial assistance.
A scholarship endowment can be established at Chowan with any amount of money, and there is no limitation on time for its fulfillment. However, scholarships are not endowed until the corpus value reaches a minimum of $10,000. At that time, the scholarship is awarded (5% to a selected student recipient on an annual basis).
For information regarding Chowan University scholarships, contact the Office of Development at 252-398-1233.