News Release
All Campuses
Students Eligible for New Osher Foundation Scholarship
May 22, 2008
With a record-breaking $70 million donation to California Community
Colleges, the San Francisco-based Bernard Osher Foundation has created
scholarships at each of the 109 community colleges in California, including
Cerro Coso Community College. Scholarships will be awarded to colleges based
on size.
The Osher Initiative includes two separate monetary commitments that will
assist students with $1,000 scholarships. A $50 million gift will support
endowed annual scholarships, $25 million of which is forthcoming immediately
to fund an endowment managed by the Foundation for California Community
Colleges (FCCC).
"These scholarships will send a powerful message of hope to students all
over the state that the Oshers and others believe in them and want to help
them realize the American dream of getting a college education," said
California Community Colleges Chancellor Diane Woodruff.
The remaining $25 million will be contributed to the endowment on a
two-to-one match. Community colleges are asked to assist in the fundraising
effort to achieve the two-to-one goal.
Cerro Coso Community College will be allocated $65,613 from the initial $25
million. Cerro Coso will need to raise the two-to-one goal of $131,227 in
order to receive the entire scholarship allocation. To help
contribute to the future of California's students, please contact the Cerro
Coso Development Office at 384-6230.
The resulting $100 million endowment will serve as a permanent fund for
annual student scholarships, offering a long-term solution to the rising
costs of books, supplies and equipment that often hinder many students from
completing their education. Once the endowment is fully funded, it is
expected that at least 5,000 scholarships will be awarded statewide annually
with that number continuing to grow each year.
In addition to the $50 million gift, the Osher Initiative provides an
additional $20 million to support endowed scholarship programs at California
State University (CSU) and University of California (UC) campuses that do
not currently have Osher scholarship programs in place. These scholarship
programs will be for community college students transferring to the CSU and
UC campuses.
"Cerro Coso Community College is pleased that every community college in
California will be able to help support a student's education through these
additional scholarships," stated Cerro Coso Community College President. "With the
current economic downturn, the availability of additional scholarships will
help ease the financial strain many students are experiencing."
The scholarships will be targeted to the lowest of low income students -
fulltime students with an income of less than $16,223 per year - one-fourth
of which have incomes of less than $5,544 per year. Exact criteria are
being developed.
The Cerro Coso Community College Foundation awards scholarships yearly,
assisting students in pursuing their educational goals. The Osher
scholarships will help the College provide educational opportunities to more
students.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Joann Handeland, Director of Public Information (760)
384-6230