MILLBURN, NJ — SCHOLASTIC BOOSTERS LAUNCHES ANNUAL GIVING CAMPAIGN; Cites ever-increasing college tuition costs and high interersts on loans
November 18, 2014—The Millburn-Short Hills Scholastic Boosters, now in its 67th year, has launched its annual campaign to raise funds for the educational grants it provides to local college students trying to close the shortfall in their funding package. Since 1947, nearly 1,000 students have received awards from The Boosters totaling more than $1,000,000.
“For many deserving local students, the challenge of assembling a financial package to attend college becomes more difficult each year,” says Boosters President Jennifer Baer. “With the ever-increasing costs of tuition, room & board, and even textbooks, more and more students face the prospect of substantial debt when they graduate.”
Baer adds that, “According to a Wall Street Journal article, just 20 years ago, the average graduate with student-loan debt was faced with paying back slightly more than $10,000. For 2104 graduates, that number had tripled to approximately $33,000. During the same period, the percentage of students taking on debt grew from 50% to 70%. Compounding the problem is Congress’s failure to move ahead with legislation allowing both federal and private undergraduate loans – some with rates of 9 percent or higher - to be refinanced at 3.86 percent.
“Unlike government and private loans, support from The Boosters need not be repaid,” she points out. “Every student—and their family—who receives a Boosters Grant has already been willing to put himself or herself under considerable financial obligations that will follow them well past their college years. Nevertheless, they still face a shortfall in their funding package. The Boosters continue to rely on the generosity of our community to help these worthy students bridge some of that shortfall and lessen their financial burdens.”
To make a tax-deductible donation to the Boosters— or to obtain a grant application—visit msh-scholasticboosters.org or write to Millburn-Short Hills Scholastic Boosters, P.O. Box 42, Millburn, N.J. 07041. Donations of any size—and employer matches, whenever available—are very much appreciated.
The Boosters wish to thank the students in the Millburn High School Career/Work Exploration Program who have assembled the Boosters campaign mailing. The program is dedicated to the development of partnerships with local businesses for the purpose of providing students with an opportunity to experience the world of work.