PROVIDENCE – Brown University has reached its first $30 million fundraising goal to replace loans with scholarship funds in financial aid packages for all returning and incoming undergraduate students starting in the 2018-19 academic year through its program, The Brown Promise, the university announced Thursday.
The school announced the program and fundraising initiative in September.
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“The response so far to The Brown Promise has been nothing short of phenomenal,” said Brown President Christina H. Paxson in a statement. “This initiative takes financial aid at the University to the next level, helping us do more for moderate-income students and families. It amplifies our commitment to bringing the best and brightest students to Brown regardless of their socioeconomic background.”
The university also announced the fundraising was not over. Brown said it needed to raise an additional $90 million to reach $120 million to fully fund the program going forward.
“If the enthusiasm we’ve seen in the past few months is any indication, and having seen firsthand the power and dedication of the Brown community, I feel confident that we can rise to this challenge,” Paxson said.
According to the university, “In total, the new initiative requires an additional $4.5 million each year for the financial aid budget – $100 million in endowed funds, plus $20 million in ‘current-use’ funds for use prior to income realized from investment returns on the endowment.”
The program will include members of the incoming undergraduate class as well as enrolled undergraduates returning to Brown. It also includes both domestic and international students.
Chris Bergenheim is the PBN web editor.
