The University of Missouri System is using an unexpected boost in state aid to set up dozens of scholarships for needy students.
This month, Gov. Jay Nixon released $1.1 million to the system, money that came from lottery proceeds that exceeded the state's expectations. The four UM campuses will pitch in another $1.1 million in donations to create endowed scholarships. The goal is to have 56 endowments worth $40,000 each, which would allow scholarships to initially provide $2,000 to students.
System administrators are determining how the scholarships will be divvied up among the four campuses, but it will depend, in part, on the level of student need, said Nikki Krawitz, vice president of finance and administration.
Opting to use the released state funds for scholarships aligns with Nixon's goal to make college more affordable. For the first two years of his term, Nixon struck a deal with college presidents to keep tuition flat.
Last year, when the UM Board of Curators raised tuition by more than he requested, he punished the university by withholding $4.4 million.
Nixon did not instruct UM administrators to use the newly released money for financial aid, but Krawitz said the system wanted to support his efforts.
"Our budget was already in place this year, so this was funding that we could use in a strategic way to work toward our goal of access and affordability and really to support the governor's goal of access and affordability," she said.
In a statement, UM President Tim Wolfe said additional state appropriations allow the university to "do even more to make the college dream a reality."
"We understand the economic hardships many families face, especially when deciding to send their children to college," he said. "These scholarships can help make access to college more affordable for high-need students."