College can be expensive for many families, but one local college is getting a huge donation to help students deal with rising costs.
Hood College, an independent liberal arts college in Frederick, Maryland, just received a $54 million donation from the Hodson Trust, the largest donation in the institution’s history.
College president Andrea Chapdelaine told WTOP that the trust was founded by Col. Clarence Hodson in the late 1800s and has been donating money to four colleges in Maryland since the early 1900s.
“The Hodson Trust has always focused their efforts on increasing accessibility and affordability for higher education,” Chapdelaine said. “So the majority, although not all of the gifts that we have received for the past 100-plus years, have been focused on student scholarships.”
The large new endowment will be used exclusively for student scholarships, Chapdelaine confirmed.
Hood is known for its support of low-income students, awarding more than $40 million a year to students, with 100% of undergraduate students receiving financial aid and 81% receiving need-based grants, according to a news release.
“We are most focused on ensuring that all students can come to Hood and receive a significant support and financial aid so that they are able to not only be here but to graduate with very little debt,” Chapdelaine said.
She also highlighted some of the lesser known benefits of a college degree, including better health and happier relationships on average.
“We know that higher education is a game changer for students, that access and success to a college degree ensures many positive outcomes after graduation,” she said. “Of course, we do know that lifetime earnings are significantly higher for college graduates. But there’s also been some interesting research that just came out this week, showing what we have known for a long time: that college graduates actually live longer.”
WTOP’s Neal Augenstein contributed to this report.
