$39,700 Grant Establishes Lifesaver Fund at South Central College
(March 16, 2016) - South Central College Foundation has additional resources to help students weather financial emergencies and is pleased to announce the establishment of the Lifesaver Fund. Students can apply for small one-time grants to help cover expenses just beyond their means, which allows them to quickly return their focus to their academic pursuits.
"South Central College and the Foundation recognizes that our students may have financial issues that may keep them from completing their degree or even the current semester," shares South Central College, North Mankato Campus Foundation Executive Director Tami Reuter. "Our students experience job loss, transportation problems and health issues. These emergency grants will cover critical unforeseen expenses such as utility shut-off, car repair or medical bills."
The Lifesaver Fund is a student emergency grant program at SCC made possible by a $39,700 award from Great Lakes Higher Education Guaranty Corporation. SCC is one of 31 community and technical colleges in Iowa, Minnesota, Ohio and Wisconsin that received a combined $1.5 million in Great Lakes grants to build emergency grant programs that help low-income students overcome financial obstacles that might otherwise cause them to drop out. A total of eight colleges in Minnesota received the grant.
"Great Lakes is pleased to provide more resources to colleges like SCC that are dedicated to supporting students in times of greatest need," said Richard D. George, President and Chief Executive Officer of Great Lakes. "Emergency grants are a bridge to college completion and the financial security a degree can provide."
SCC will begin making student grants of up to $500 each available on March 14, 2016. Qualified expenses will be paid within 48 hours of an approved application. Students also will be referred to additional campus, community and financial literacy resources to supplement the grants, address the root causes or contributing factors to the financial emergencies and further support the students' persistence in college. To apply for the support of the LifeSaver Fund, current SCC students will be directed to the college's Lifesaver Fund Webpage.
The funding from Great Lakes establishes the program for the next two academic years, but to serve greater numbers of students throughout the Great Lakes grant period and beyond, the South Central College Foundation Board of Directors on both the Faribault and North Mankato Campus will also contribute matching funds during the 2016-2017 and 2017-2018 academic years in the amount of at least $12,000. A campaign to raise the additional matching funds is currently underway.
About Great Lakes: Dedicated to making college education a reality since 1967.
Knowing that education has the power to change lives for the better, Great Lakes Higher Education Corporation & Affiliates was established as a nonprofit group focused on a single objective: helping students nationwide prepare for and succeed in postsecondary education and student loan repayment. As a leading student loan guarantor and servicer, Great Lakes has been selected by the U.S. Department of Education to provide assistance and repayment planning to more than 8 million borrowers-as well as assistance to colleges and lenders nationwide. The group's earnings support one of the largest and most respected education philanthropy programs in the country. Since 2006, Great Lakes has committed over $160 million in grant funding to promote higher education access and completion for students of color, low-income students, and first-generation students. For additional information, visit home.mygreatlakes.org.