Good things happen on the West Campus Plaza, which is perhaps why the site was chosen for Trustees, administrators and students alike to mingle and celebrate the Financial Aid Initiative reaching its goal.
Duke's Financial Aid Initiative, which began Fall 2005, surpassed its goal of raising $300 million in permanent endowments for financial aid, President Richard Brodhead announced to about 500 students Friday evening at an event hosted by the Financial Aid Initiative Student Advisory Council. He made an official announcement to the public Saturday.
"Basically, $300 million is forever," Board of Trustees Chair Robert Steel, Trinity '73, said in an interview. "I get goose bumps just thinking about it."
With the Initiative's goal reached, total aid monies have increased to more than $1 billion, or about a quarter of the University's full endowment. Despite having accomplished their $300 million goal, members of the Financial Aid Initiative Development Committee said the campaign-officially ending Dec. 31-is hardly complete.
"We will try to raise $11 million more," said Trustee Emerita Sally Robinson, Woman's College '55 and committee co-chair. "By far the most we were raising was for undergraduates."
As of Friday, gifts and pledges to the initiative totaled $221.4 million for need-based undergraduate scholarships, which is approximately $11 million less than the $230 million goal for undergraduates. The Chronicle reported Oct. 28 that the Initiative was $12 million short of that allocation, central to the campaign. $19.2 million was raised for athletic scholarships and $60.5 million for graduate and professional student scholarships, according to a University release. These donations push the Initiative total to $301.1 million.
Jack Bovender, Trinity '67, and a member of the Fuqua School of Business Board of Visitors, donated $1 million to the initiative just days earlier, bringing it over the $300 million mark.
"I didn't know that was going to do it," he said.
But when it did, students, alumni and Trustees showed their excitement, cheering for Brodhead in gym clothes and business suits sporting buttons reading "We did it!" and nibbling on more than 400 cookies supplied by Mad Hatter's Bakeshop & Cafe.
"There is nothing in the world more valuable than education," Brodhead told students. "It is a privilege that is not to be reserved only to the students who have all other privileges."
Members of the committee's Student Advisory Council said the "great turnout" was representative of the University's acknowledgement of the importance of education for those of all financial backgrounds.
With the help of the committee, this year the University enhanced its financial aid program to improve packages for students from low- and middle-income families.
"The understanding is that this is a real investment," Brodhead said. "Wherever five people are gathered, there's going to be some who are [on financial aid] and some who aren't."
The success comes during a time of global financial crisis, with more than 40 percent of Duke students already on financial aid. The majority of the Initiative's funds, however, were brought in before the financial crisis first arose-and no one knows how the current circumstances will play out, Michael Schoenfeld, vice president of public relations and government affairs, told The Chronicle in October.
"To be able to make that announcement in this financial climate.... That's amazing," Provost Peter Lange said.
When Brodhead departed the stage, he glanced around at the crowd's excitement and paused to give three short but telling words.
"Life is beautiful," he said.
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