Now Reading: Mackenzie Scott gives $50M to Native Forward Scholars Fund
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Mackenzie Scott gives $50M to Native Forward Scholars Fund
MacKenzie Scott has donated $50 million to Native Forward Scholars Fund, the largest single gift in the organisation's 57-year history. The fund will use $10 million over five years to expand scholarships,…
The Story in Brief
MacKenzie Scott has donated $50 million to Native Forward Scholars Fund, the largest single gift in the organisation's 57-year history. The fund will use $10 million over five years to expand scholarships, adding about $2 million annually, while $40 million goes into a permanent endowment for future support. The unrestricted donation is Scott's second major gift to Native Forward; she gave $20 million in 2020.
The organisation, which supports Native American students, says demand is at its highest. Even after financial aid, the average scholar faces an unmet need of $26,000. Applications jumped 35% after the donation was announced. Native Forward currently funds about 1,000 of nearly 7,000 qualified applicants each year. Its undergraduate graduation rate is 69%, well above the 41% national average for Native students.
The Indian Opinion
Scott's donation is huge, but the story risks painting one billionaire's gift as a cure for systemic underfunding of Native education. The reality: Native Forward still funds only 22% of qualified applicants, and the average unmet need of $26,000 per student won't vanish. The prudent split between immediate scholarships and a permanent endowment reflects long-term thinking, but the real test is whether the organisation can grow its endowment to $100 million as planned and whether the unmet need actually shrinks over five years.
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
