Transylvania receives $5 million grant to establish merit scholarship program
Transylvania has received a $5 million restricted endowment matching grant from the William R. Kenan Jr. Charitable Trust to establish the William R. Kenan Jr. Endowment Fund for Student Scholarships. It is one of the largest single gifts the university has ever received.
The endowment supports the awarding of Kenan Scholarships to Transylvania students based on merit. The awards provide partial tuition and fees to students drawn from the group of finalists for the William T. Young Scholarship, which provides full tuition and fees awards. Members of the fall 2013 entering class will be the first to receive the scholarships.
“This new scholarship program is a significant addition to the group of merit scholarships that we are able to offer to the outstanding students attracted to Transylvania,” said President R. Owen Williams. “We appreciate very much the generosity of the trustees of the Kenan Charitable Trust in making this award and for their belief in the value of a Transylvania liberal arts education.”
Brad Goan, vice president for enrollment and dean of admissions, said the new scholarships will have a marked effect on recruiting for next year’s incoming class and those in future years.
“We are always working to enhance the academic quality of our student body, and the Kenan Scholarships will help give Transylvania a key advantage in competing for top-tier students,” he said.
Transylvania will match the grant on a 1:1 basis over the next three years to fully establish the endowment.