Foundation to donate $50 million to California community college students |

Foundation to donate $50 million to California community college students

Associated Press

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.

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