Duke has received $23 million for a new challenge fund to support undergraduate financial aid, President Richard Brodhead announced Tuesday morning in a press release.
The Access and Opportunity Challenge was funded by a $10 million gift from Fred Sutherland, Trinity '73, and Barbara Sutherland, Trinity '75, $10 million from the Charlotte-based Duke Endowment and $3 million from various other donors. As part of the challenge, every qualifying gift for undergraduate financial aid will be matched. Approximately half of the University's undergraduate students receive need-based financial aid.
"The challenge aims to inspire others to support financial aid at Duke and reflects one of Duke’s fundamental values: access to a Duke education should never be limited by a student's financial circumstances,” Brodhead said in the release.
According to the press release, the cost of need-based undergraduate financial aid has grown from $43 million in 2005 to $99 million in 2015, an approximately 130 percent increase in cost.
Fred and Barbara Sutherland noted in the release that the diversity of Duke's student body was one of the University's best attributes and that the new challenge could attract more donors.
The Charlotte-based Duke Endowment provides grants for organizations in North Carolina and South Carolina that work in child care, health care, higher education and rural churches. Last November the Charlotte-based Duke Endowment gave $5 million to the University for the Duke Law Faculty Challenge.
Financial aid is one of the biggest priorities of Duke Forward, the seven-year fundraising campaign that aims to raise $3.25 billion by June 2017. The Chronicle reported in November that Duke has raised approximately $2.9 billion so far.
Get The Chronicle straight to your inbox
Signup for our weekly newsletter. Cancel at any time.