Liberty to draw from endowment fund to aid students in need
Students from high-income families can afford Liberty University, and low-income families will receive extra assistance from changes in the Pell Grant this year — but what about middle-income students?
LU has responded to their needs by announcing it will distribute $400,000 in scholarships from its endowment fund by August, focusing mainly on non-Virginia students with high need and those receiving less aid from other sources.
“We’re just trying to help alleviate some of the stress that we think is occurring in that middle income range,” said Larry Hoezee, executive director of Resident Enrollment. “We’re trying to be strategic and find the ones that we think will have the greatest opportunity to come to Liberty or stay at Liberty. We’re looking at both new and current students when we make the review.”
The scholarships could come in the form of $1,000 each for 400 students or $500 each for 800 students. Students will be notified when they have been awarded a scholarship.
“Liberty University is a young school in the early stages of building an endowment fund. We are pleased that the success of that effort is now enabling us to provide assistance to low and middle-income students,” said Chancellor Jerry Falwell, Jr. “Liberty University is seeking additional donors for the endowment fund so that assistance can be provided to even more deserving students. Liberty University’s financial condition has never been stronger but, as a young school, its endowment will require generations to build to adequate levels.”
Falwell contends the greatest challenge facing Liberty University today is the funding of its endowment to provide income in perpetuity to meet scholarship and operational needs for the institution. The success of older schools like Harvard, Yale and Notre Dame can be attributed in large part to their endowment funds from generous donors. Any gift to Liberty’s Eternal Endowment Fund is permanently restricted. Only a portion of the earnings from the fund can be used to assist students each year. The principal or corpus of the fund is left in place to earn additional income in future years. Gifts to the Eternal Endowment Fund will continue giving to Liberty until Christ’s return.