CINCINNATI—The Charles E. Schell Foundation for Education, Fifth Third Bank, National Association, Trustee, has granted $1 million to colleges and universities to provide interest-free educational assistance loans to qualified students to aid them in securing an education. The Charles E. Schell Student Loan Programs are funded with grants in an amount of at least $100,000 and are subject to the terms of the Last Will and Testament of the late Charles Edson Schell. The dollars are designated for students who without the help of the funds would most likely not be able to attain an education.
"We are pleased to honor Mr. Schell's wishes to grant loans to these institutions as their administration helps students with expenses on their educational journey," said Heidi Jark, senior vice president and managing director, The Foundation Office at Fifth Third Bank. "Part of the mission of the Foundation Office at Fifth Third Bank is continuing our clients' philanthropic impact that provides pathways to opportunity."
The schools that have received funds are:
|Educational Institution||Amount Received|
|Central State University, Xenia, OH||$200,000|
|The Christ College of Nursing and Health Sciences, Cincinnati, OH||$200,000|
|Good Samaritan College, Cincinnati, OH||$100,000|
|Tennessee State University, Nashville, TN||$200,000|
|Wilberforce University, Xenia, OH||$100,000|
|Xavier University, Cincinnati, OH||$200,000|
Among other criteria, according to Mr. Schell's directive, the students receiving assistance should be from Ohio, Kentucky, West Virginia, or adjoining states, obtain a 2.0 out of a 4.0 GPA and be between the ages of 18 and 25. Although Mr. Schell did not require loan recipients to be legally bound to repay the loans, he insisted that recipients understand their moral obligation to repay the loan. Any funds that students pay toward the loans are designated to return to the institution's Schell Fund, which will be used to assist future students.
Tennessee State University president Glenda Glover said that the university is appreciative of the collaboration with the Schell Foundation. "The funds will help our students stay in school, and will provide a form of relief to those students whose families have been directly impacted by COVID-19 and the economic downturn we are currently experiencing.”
To learn more about the Foundation Office at Fifth Third Bank, please click here.
About The Foundation Office at Fifth Third Bank
The Foundation Office at Fifth Third Bank currently oversees over 300 private and corporate foundations which distribute grants in excess of $70 million annually. The Foundation Office is a member of the Council on Foundations, Philanthropy Ohio, Council of Michigan Foundations, PEAK Grantmaking and Philanthropy West Virginia, and abides by the guiding principles of these organizations for family and corporate foundations. The Foundation Office works with foundations residing across Fifth Third’s footprint spanning 10 states including: Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Tennessee, and West Virginia, as well as other states in which Fifth Third Bank clients reside.