May 4, 2006
Coca-Cola Makes $1 Million Scholarship Donation to UA
TUSCALOOSA, Ala. — The Coca-Cola Foundation has recently made a scholarship donation of $1 million to The University of Alabama’s “Our Students. Our Future.” campaign. The grant is an extension of the Coca-Cola First Generation Scholarship program and the University will be the program’s first public institution partner.
Beginning the fall semester of 2006, $5,000 scholarships will be awarded to 12 incoming freshmen each year for four years. After the first year, groups of 12 students will be added in years 2007, 2008 and 2009. A total of 48 students will receive $20,000 scholarships over seven years. The donation also includes $40,000 in scholarships for freshman prep classes and orientation.
“The Coca-Cola Foundation is pleased to extend The Coca-Cola First Generation Scholarship program to deserving students from Alabama who without this scholarship might otherwise not have the opportunity to attend college. The scholarships together with freshman orientation and mentoring will assist students in making the successful transition to college,” said Gary Fayard, chief financial officer for The Coca-Cola Company and a UA alumnus.
To be considered for the scholarship award, students must demonstrate financial need and be the first in their immediate families to attend college. Scholarship recipients must enroll as full-time students from Alabama and attain and maintain a 2.8 grade point average in their freshman year and a 3.0 GPA thereafter.
“This partnership comes at a critical time for the University since half of the funds raised during the ‘Our Students. Our Future.’ campaign will be for student scholarships,” said Kim Meyer, director of corporate and foundation relations for UA. “The First Generation Scholarships will absolutely transform the lives of 48 of our students. We deeply appreciate The Coca-Cola Foundation's commitment to higher education and its generous support of our students and their futures.”
The “Our Students. Our Future.” campaign’s $500 million goal includes $250 million for student scholarships. The remaining funds are allocated to faculty support, facilities and priority needs. The campaign has raised more than $299 million since 2002.
The mission of The Coca-Cola Foundation is to improve the quality of life in the community and enhance individual opportunity through education. Since its inception, over $9.3 million in scholarships has been awarded to over 1,000 students on 382 campuses in 32 states and at 52 universities in China. In 2005, 168 students in more than 20 states received foundation scholarships.