Named Scholarships

Nusing student Tia Romain
  • Reduce cost as a barrier to a career in nursing.
  • Encourage enrollment among minorities and veterans, both of whom are underrepresented in the nursing work force.
  • Aid South Carolina in alleviating a dire nursing shortage and addressing the health care needs of the state.
  • Over 80 percent of MUSC College of Nursing students require some kind of financial aid to pursue nursing. Because two thirds come with a previous bachelor’s degree, they are ineligible for traditional federal and state financial aid.
  • Average incoming debt level is $40,000.
  • Findings show that nurses from minority backgrounds represent only 16.8 percent of the RN workforce. Data shows that diversity in nursing is extremely important in reducing health disparities nationally.

Establishing a named scholarship

Minimum for Endowed Named Scholarship is $50,000 over five years.

  • An endowment is a permanent fund at MUSC that generates an annual payout.
  • Once the named scholarship reaches the $50,000 minimum, the MUSC Foundation allows the fund to “mature” over two years or until it has reached 8 percent earnings, whichever comes first. We recommend establishing a temporary expendable fund until the endowment begins paying out at the desired scholarship award level.
  • Multi-year cash gifts, transfer appreciated assets, and IRA contributions are all popular methods of giving to build endowments.

Minimum for a Named Expendable Scholarship is $10,000 over five years.

  • These funds will be depleted within five years unless additional gifts are made.

Example: $100,000 endowed scholarship over five years with an expendable fund

Sample endowment payout chart 
Download as PDF.