SOURCE: Davidson College and staff reports

Davidson College has received donations totaling $14.7 million from four alumni or their families to help fund The Davidson Trust, the college’s three-year-old financial aid initiative that provides scholarships and work-study grants so that students can graduate without loans.

The college has now raised $47 million of the $70 million college officials said they needed to fully fund an endowment to support the no-loan policy, a spokeswoman said Thursday.  In early 2008, Davidson President Tom Ross said the college hoped to raise the $70 million from new gifts, and not from tuition increases.

The gifts were announced at a meeting of the college’s Board of Trustees on Tuesday, April 6, the college said in a press release Thursday.

Two gifts are from Davidson trustees: Mackey McDonald ’68; and David Sprinkle ’66 and his wife, Pam. The third donor is a former chair of the Board of Trustees, John McCartney ’74. The fourth gift is a bequest from the estate of Jack Turner ’52 of Palm Beach Gardens, Fla.

In the press release, Davidson College President Tom Ross said, “Since the college’s founding, Davidson has been committed to enrolling the most talented applicants from all backgrounds, regardless of financial need. In today’s challenging economic climate, it is more important than ever that highly selective liberal arts colleges like Davidson have the scholarship aid necessary to make it possible for students to attend,” President Ross said.

“These new gifts, from four very generous alumni, are a sign of commitment to Davidson, and to our principles of need-blind admission and financial aid. And they are a sign of commitment to our current students and those who will enroll in years to come,” the president said.

In March 2007, Davidson became the first liberal arts college in the nation to eliminate loans from all financial aid packages, promising to meet 100 percent of each accepted student’s financial need with a combination of grants and campus employment, with no loans.

This program, called The Davidson Trust, makes it possible for talented students from all backgrounds to imagine coming to Davidson, and for graduates to make life and career choices based on their interests and passions. Davidson practices need-blind admission and financial aid; applicants are admitted without regard to financial need, and the college promises to meet the full demonstrated need of each admitted student’s need.

In January, Davidson announced the establishment of the Alvarez Scholars Program, which will provide scholarships for international students. The program was established with a $10-million gift announced by Carlos and Malu Alvarez. Carlos Alvarez is a Davidson trustee and CEO and president of The Gambrinus Co.