University's $10M gift aids tuition

The University of the Ozarks on Monday received a $10 million gift intended to make tuition cheaper for students from low- and middle-income families.

The Walton Family Foundation donated the money to the Clarksville university to establish an endowment for its new Frontier Scholarship Program.

The private, Presbyterian school plans to roll out the program over the next four years until about 60 students, or about 10 percent of the student body, are enrolled with assistance from the scholarship in 2020.

The $10 million endowment comes at a time when college tuition costs are at an all-time high across public and private institutions, according to the U.S. Department of Education.

University President Richard L. Dunsworth struggled to adequately describe the impact a gift of that size will have on the University of the Ozarks, which has an enrollment of 686, according to data provided by the school.

"I don't know what the word might be; it's humbling," Dunsworth said. "We're going to be able to promise to families that regardless of life's circumstances they can be here."

The first 16 "Frontier Scholars" will step on campus next fall. The university's staff will award the aid after evaluating all admitted students who complete the Free Application for Federal Student Aid, Dunsworth said.

The selection process will start with students eligible for a Pell Grant. In 2014, 42 percent of the university's student body came from a family with an income of less than $40,000 per year and received Pell money.

The Frontier program, however, won't be exclusive to Pell-eligible students, Dunsworth said.

"Families in the 60s, 70s and 80s, those families are increasingly squeezed out of private higher education, too," Dunsworth said, referring to families' annual incomes. In other words, students won't be ruled ineligible for the Frontier program because they are ineligible for a Pell grant.

Tuition, room and board to the University of the Ozarks costs about $30,850 annually, but 98 percent of students receive federal, state or institutional financial aid and scholarships, according to data provided by the school.

University administration labored in recent years to keep costs down, which has driven enrollment up. This year, the number of students on campus increased by 5.4 percent, a school spokesman said. The cost-conscious approach allowed tuition prices to remain steady for the past four years.

Dave Daily, moderator of the university's faculty senate and a professor of religion, said Monday's gift will further suppress cost increases.

"We are proud of the quality of education we provide to our students, especially at a cost that defies national trends," he said. "We've already eliminated hundreds of dollars in fees while not raising the cost of tuition, room and board. With this generous gift, we will be able to extend the reach of an Ozarks education even further."

The U.S. News & World Report, which ranks institutions of higher education on a variety of factors, named the University of the Ozarks first in the "Great Schools, Great Prices" category for the second consecutive year.

The university, which bills itself as the oldest college in the Arkansas-Oklahoma Territory, was the first college in the state to admit women, the first historically white institution to admit black undergraduates and the first college in the nation to establish a program to assist students with specific learning disabilities, according to a school news release.

School leaders hope the new endowment will enable the university to cater to low-income families in the same fashion.

The Walton family has long been involved at the University of the Ozarks. Helen Walton, a founder of the family's namesake foundation along with her husband Sam, joined the board of trustees in 1974, of which she was named honorary lifetime chair in 1985.

The school also hosts the Walton International Scholars and is home to the Walton Fine Arts Center and Robson Memorial Library, named for Helen Walton's parents.

Metro on 10/04/2016

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