College ensures that finances will not be a barrier to graduation
DETROIT, Nov.13, 2012 – Marygrove College is among only a handful of private colleges in Michigan that is taking action to support its students affected by new Pell Grant restrictions that went into effect in July, 2012. The College has committed to ensuring that ability to pay will not prevent students affected by the Pell Grant changes from graduating on time. A key part of this commitment comes from a generous matching gift pledge from new Marygrove Board of Trustees appointee and alumna Nan McDonough Geschke ’64, who has pledged to match, dollar for dollar, all alumni donations during Marygrove’s annual fall appeal.
The Pell Grant restrictions imposed by policymakers in Washington effectively “pulled the rug out” from students who, through no fault of their own, lost funding that they were depending on to complete their college education. New restrictions have increased the household income requirement, scales back the number of funded semesters and disproportionately affects lower income students. In fact, 150 Marygrove students were directly affected and were faced with putting their college dreams on hold because of an inability to pay. The College estimates it will cost between $1M and $1.5M over the next two years to carry out its mission to support these students. To this end, Marygrove has developed a funding strategy to help close the financial aid gap for students who will exhaust their Pell grant funding before completion of their degree. Through this strategy, Marygrove commits to fund the loss of Pell grants for up to the equivalent of two full time academic years, contingent upon students developing a degree completion Plan of Work with their academic advisor.