Tuesday, June 03, 2008

Private Fund Provides College Scholarship Money as Lenders Pull Back

Even as college loans dry up for many community and four-year college students, at least one private scholarship program in New York City is fighting the trend. The Teak Fellowship -- featured in the June issue of Town & Country magazine -- is actively providing financial and academic aid to low- and middle-income students.

So far the fund has provided roughly $28 million in tuition assistance to 200 college-bound students. I wish that there were more programs like this in other regions of the country, especially since some banks have opted to stop lending to students who plan to attend community colleges and smaller four-year programs. Students attending elite schools will not face the same credit crunch, according to published news reports.
Here are links to some of those stories about the lack of student loans for students attending community colleges: KCTCS off some loan lists and College Families Bushwhacked by New Loan Legislation.

"Our mission is to deliver on the American ideal of meritocracy," Justine Stamen Arrillaga, founder of the The Teak Fellowship, told Town & Country. "We want to reward kids who have talent, ability and drive."

Arrillaga launched the fund in response to two tragedies: 1) The 1988 murder of Teak Dyer, her high school classmate and best friend, and 2) the 1997 fatal shooting of a gifted, low-income student, who was enrolled in an academic program that was under Arrillaga's direction.

"Justine Stamen Arrillaga made it her life's work to give children a chance at successful futures after two of the people closest to her were robbed of theirs," according to the Town & Country feature written by Erik D. Price.

Contact information: 212-288-6678

Here's a link to a free search engine from College Board that helps families locate scholarships and grants for college education.



1 comment:

Scholarship For Moms said...

I just hope that more and more students can earn their degrees through this scholarship