Foundation to donate $50 million to California community college students
SACRAMENTO ” A higher education foundation is donating up to $50 million for a permanent scholarship endowment for low-income community college students in California.
The San Francisco-based Bernard Osher Foundation was scheduled to announce the funding Tuesday with college leaders and Gov. Arnold Schwarzenegger.
The endowment will pay for $1,000 scholarships for students at the state’s 109 two-year community colleges.
The donation by the co-founder of World Savings comes as California faces a budget shortfall estimated to be $15 billion to $20 billion.
The state’s three college systems stand to lose nearly $1.3 billion between them under Schwarzenegger’s proposed spending plan for the fiscal year that begins July 1.