Moffitt’s fortune also helps students: MTSU scholarship fund receives $1.2M
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Warren County students who plan on attending Middle Tennessee State University will find it easier to do so, depending on their choice of studies, thanks to a scholarship fund being set up as a result of Moffitt’s $1.2 million bequest to the university.
Security Federal’s Ken Smith reported yesterday that MTSU’s share of the bequest, which was to be divided equally between Magness Library and the MTSU scholarship fund, has been officially distributed to the institution.
MTSU President Sidney A. McPhee said yesterday he was gratified by the obvious affection Moffitt had for the university he graduated from in 1935, and by his generous legacy.
“I think we are absolutely blessed and very fortunate to have this bequest given to the university,” McPhee said. “The gift means a great deal to MTSU and its students because it will help us provide education and new opportunities to many deserving young people in Warren County.
“While I did not know Mr. Moffitt personally, I do understand he started his career as an educator, and I know he shared our dream that a college education is possible for all young people. And the most important thing,” McPhee went on, “is that an education can make a major difference in the lives of individuals and their communities. So this is wonderful thing to happen for this area, this university, and I think for the state of Tennessee.”
McPhee also said the donation is one of the most significant in the university’s history.
Though the money is immediately available, according to William J. Bales, vice president of development and university relations at MTSU, the university is still working out the particulars of how the scholarship will be handled.
“We just got the information,” Bales said.
“We’re in the process of working with financial aid to decipher the terms of the will and put together the agreements.”
To qualify for a scholarship, students must be graduates of a high school in Warren County, which, as of now, includes Warren County High School, Boyd Christian School and Calvary Christian School, and must be Warren County residents. Home-schooled students who receive a diploma in Warren County are also eligible.
Scholarships will be awarded on academic merit, along with other criteria. Students must also maintain a 2.5 GPA while at MTSU.
The scholarship will be dubbed the Gentry W. Moffitt Endowed Scholarship Fund, per his request, and will be set up to cover tuition, books and fees for students who qualify and are chosen. Bales said this could amount to $3,500 to $4,000 per year per student at current rates, but this could change from year to year.
In his will, Moffitt specified that students pursue certain fields of study to qualify for the scholarships.
“A student’s interests should primarily be in science, and/or mathematics, computer science, but may also include students who are interested in the College of Liberal Arts,” said Doug Williams, executive director of marketing and communications at MTSU.
The scholarships won’t be available until next year, which will allow time for the money to generate interest to support the scholarships.
The MTSU Foundation, which will handle the fund and invest the money, tries to get at least 4.5 percent interest on its investments, according to Bales, which would produce around $54,000 per year. At the maximum amount per student of $4,000 estimated by Bales, around 13 scholarships per year could be awarded to Warren County students from the proceeds of the fund.
For more information, students should contact their school’s guidance counselors, or for home-schooled students, MTSU’s financial aid department.