An Emory University program that helps students from low- and middle-income families afford college received some aid itself through a $14.4 million gift from an alumnus.
The estate gift from James E. Varner, Jr. will benefit the financial aid program, Emory Advantage, university officials announced Friday. Varner, an Atlanta banker who graduated from Emory in 1943, died March 6.
"Emory Advantage grows out of the core belief that we simply cannot succeed unless we retain the ability to recruit to Emory the sort of vibrant, talented, diverse, exciting student body that enhances the Emory experience for everyone," said Robin Forman, dean of Emory College. "This gift is, in every way, a significant investment in the future of these students, the college and the university."
The program provides grants to students whose families earn less than $50,000 a year so they graduate debt-free. Students whose families earn between $50,000 and $100,000 a year won't graduate with more than $15,000 in debt. Tuition is $38,600 a year.
When the program was established in 2007, President James Wagner predicted it would cost about $3.5 million annually. Emory is spending more than $6 million a year in part because of the hardship the recession has placed on families, he said during a recent interview.
About 11 percent of current undergraduates, nearly 800 students, use the program.
One of Emory's greatest challenges is keeping the university accessible and affordable, said Wendell Reilly, an Emory trustee.
Shortly after Emory announced its program, similar plans for middle-income families were announced by Harvard University, Yale University and others. Some colleges have backed away from these commitments because it became too expensive.
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