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AN INDEPENDENT STUDENT NEWSPAPER SERVING THE GW COMMUNITY SINCE 1904

The GW Hatchet

Serving the GW Community since 1904

The GW Hatchet

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Wine bar on 2200 Penn opens doors
By Ella Mitchell, Contributing News Editor • June 14, 2024

Scholarship fundraising jumps 25 percent

Contributions to the University’s fund for student financial aid increased by 25 percent in one year, a result of an intensified donor outreach campaign.

The Power and Promise fundraising initiative, which was created two years ago, collected almost $15 million last fiscal year, a $3 million uptick from the previous year.

Provost Steven Lerman said, since the initiative’s launch, the number of donors to the Power and Promise Fund has almost doubled with more donors are expected for this year.

The fund is part of a University-wide initiative to provide financial support to qualified students, helping to reduce the burden of loans on undergraduate and graduate students. The University set a goal in 2008 to increase fundraising for student aid from $10 million to $40 million in an effort to help ease the burden of student debt. Since the goal was announced, the University has seen a $5 million increase.

“Student aid is always an important priority, but it is especially critical during this time of continued economic uncertainty,” Lerman said.

More than two-thirds of undergraduates receive some form of scholarship, according to University data.

Since January, Lerman has traveled across the U.S. to promote the Power and Promise Fund and discuss the University’s tentative goals for the next 10 years to solicit donations.

“We are in conversation with many donors about making gifts to Power and Promise,” Lerman said. “We will continue to tell the story of GW students and alumni whose success is only possible with financial aid through the Power and Promise Fund.”

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