Carnegie Mellon University, the esteemed research institution based in Pittsburgh, announced today that they have received a $2 million donation from Goldman Sachs Group Inc.’s (NYSE: GS) philanthropic arm.
Currently, Carnegie Mellon provides $55 million per year for undergraduate financial aid, and today’s donation will help to fund both endowed and expendable scholarships. Facing increasing operating costs, the University announced nearly a 3% increase in tuition, bringing the total to $41,500 for this fall’s incoming undergraduate students.
Goldman Sachs Gives, a fund created by partners at the investment bank, has stated that the funds donated are earmarked for scholarships, and in particular families that have been hit financially by the recession. CMU alumnus Paul M. Russo, class of 1986 and now a Managing Director at Goldman recommended the donation along with his wife who is also an alumna.
Jared Cohon, President of CMU issued a statement noting “Today’s economic climate has caused an increased need for financial support among many of our students. In fact, over the next three years we are expecting that need to increase, both for those already enrolled and those planning to attend our university.
The generous gift from Goldman Sachs will help struggling families facing rising tuition costs. Across the country U.S. colleges have been hurt by decreasing amounts of aide programs and rising operating costs – scholarship support is critical to allow students to attend prestigious Universities like CMU, no matter what their financial means are. As Goldman works to repair it’s image following the recent SEC investigation, and it’s role in the financial crisis, acts like this could go a long way to help bring sentiment back on their side while also doing good.
