MADISON (WKOW) -- from UW Credit Union: UW Credit Union's scholarship fund raised more than $1.5 million to put towards educating future students in the University of Wisconsin System and Madison Area Technical College.
The campaign ran from Oct. 1 through Dec. 31, and included the campuses served by UW Credit Union locations: UW-Madison, UW-Milwaukee, UW-Green Bay, UW-Whitewater, UW-Stevens Point and MATC.
UW Credit Union started the fund with an outright pledge to each of the campuses, and then agreed to match member contributions dollar for dollar.
Donations were accepted online and at the Credit Unions 15 Branch Offices.
On top of the UW Credit Union match, some of the university's foundations would then match those amounts.
So, for some campuses, a $1 gift would become a $4 donation to the campus after UW Credit
Union's and the foundation's donations.
The funds raised are being placed in a permanent endowment, with the earnings given
as aid to students who have been accepted into the schools, but are unable to afford the
cost of attendance.
Many of these students have earned excellent high school grades, received high test scores and are active in their communities.
The schools will select scholarship recipients each year based on financial need.
UW Credit Union has had a long lasting relationship with the campus communities it serves, and strongly believes in the importance of quality higher education for students.
"Wisconsin residents have reason to be proud of our excellent universities, but there is an urgent need to make sure talented young people are not excluded, simply because they can't afford to attend," said UW Credit Union President and CEO Paul Kundert.
"Some families simply don't have the capacity to borrow what is needed to meet the gap
in the cost of attendance," he added.
"We would like to thank everyone who made a gift," Kundert said. "We are very pleased
with the great reaction of our members to the scholarship fund, and their willingness to
donate. We hope they have a positive feeling knowing they have helped provide
students with the opportunity to receive higher education from a college or university in
UW Credit Union decided to start the fund to help keep attendance within reach of more students.
Many families don't have the resources or the capacity to borrow money to cover the cost of attendance, and students can't do it alone.
For example, at $6.50 an hour, students would have to work 86 hours per week to cover tuition at UW-Madison for a year.