CHESTERTOWN — As part of her campaign to make Washington College more affordable to students, President Sheila Bair has debuted her new program, the “Saver’s Scholarship.”
President Bair said that this program was meant to “reward foresight.” “While we understand the need for some students and families to borrow responsibly to pay for college, WC also wants to support those who have set aside money for higher education,” President Bair said on August 29, 2016.
The program will match what families can provide from a 529 savings plan or an Educational Savings Account, providing a sum up to $2,500 per year.
According to the press release, WC provides “more than $23 million in grants and scholarships, with 90 percent of students receiving merit-based scholarships or need-based financial aid.”
The Saver’s Scholarship will debut this academic year and will be given to student’s financial aid during the 2017-18 year. To be eligible for the scholarship, students must have full-time enrollment and have completed the Free Application for Federal Student Aid (FASFA) by the March 1 deadline. Students must have made payments from a 529 or ESA plan that have been established at least three years prior to enrollment. Proof of the plan establishment date must be submitted to WC by April 28.
The College plans to match the student’s previous year’s contribution; the scholarship will be included in the student’s financial aid award. Students can still access other types of aid with the use of the Saver’s Scholarship.
The initiative is described as a “pilot program” that will be assessed for its impact. The site for the scholarship states that “the College will be gauging its impact and use and reserves the right to make adjustments based on the level of participation and usage.” A final decision on the scholarship will be made by June 1.
More information about the Saver’s Scholarship can be found at:
www.washcoll.edu/offices/student-financial-aid/scholarships/savers-scholarship/index.php