Nearly 50 Spelman College seniors recently had their spring tuition balances paid off, thanks to a $1 million gift created by a couple focused on empowering historically underserved communities.
Frank and Laura Day Baker made the donation to the Atlanta college. Frank Baker is founder and managing partner of Siris, a private equity technology firm. Laura Day Baker is an interior designer and philanthropist. The couple lives in New York City.
Spelman said the scholarship will initially pay for the existing spring tuition balances of nearly 50 graduating seniors of its 2020 class. The scholarships will also support future high achieving graduating seniors have the financial resources to graduate.
The Bakers’ scholarship gift and the impact of student loan debt was also featured in a “Good Morning America” segment Tuesday.
Many students don’t complete their educations because they cannot pay a small portion of their tuition or other expenses. Several colleges and universities in recent years have created funds and set aside money to help students pay those expenses.
“We are all aware of the headwinds that people of color - especially women - face in our country, the challenges of which are made even more apparent by the economic and health impact of the COVID-19 pandemic,” the couple said in a statement. “We believe it is critical that talented women finish college and confidently enter – free of undue financial stress – the initial stage of their professional careers. We hope that this gift will help lessen their financial burden as they start this promising next chapter in their lives and encourage them to persevere over life’s challenges.”
