The gift boosts to $1.75 million the amount awarded by the foundation to the campaign since it was launched in 2009. The goal of the campaign is to help college students who, because of the economic downturn, are unable to cover the fees associated with their education. "Thousands of students at UNCF member colleges have seen family contributions reduced or eliminated due to job loss and pay cuts," said UNCF president and CEO Michael L. Lomax. "The credit crunch has squeezed private student loans off the market. Many of these students wouldn't have been able to graduate this spring without support provided by Lowe's."
Through its member institutions and scholarship programs, UNCF has helped more than 400,000 students earn degrees and launch careers. This year, the fund will help pay education costs for more than 60,000 students, award 10,000 scholarships, and provide financial support to its member institutions.
"An education is a priceless gift that benefits the whole community," said Lowe's Charitable and Educational Foundation chairman Marshall Croom. "By providing these vital dollars to students who have worked so hard to achieve their goals, we are not only investing in their future, but the future of communities across the country. We know these students will do great things with the tools and support they've been given to achieve their dreams."