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