University of Maryland Global Campus has received a record $16 million gift for its endowment and has already begun using the money to help students struggling financially during the coronavirus pandemic.
UMGC, formerly University of Maryland University College, received the donation from UMUC Ventures, a nonprofit organization established by UMGC to develop innovation services and products for higher education. The gift nearly doubles the school’s endowment, the university said in a release.
UMGC received the funds in early March and by the end of the month was already setting up a system to allocate some of the money to students in need. Students who are enrolled in courses and taking at least six credits can request up to $500 to help cover costs related to their education, including tuition, child care and housing, as well as books and other supplies.
Students were able to start requesting assistance through an online form on April 9 and by the end of the day on April 10, $100,000…Read the full story from the Washington Business Journal.