South Dakota is launching its first need-based scholarship program after a $50 million gift from PREMIER Bank and T. Denny Sanford. It’s the beginning of a $200 million endowment.
Before Wednesday’s announcement, South Dakota was the only state in the nation without a scholarship program for students from low-income families.
Miles Beacom is the CEO of PREMIER Bankcard. He encourages other businesses to contribute to the fund.
“The goal of the need-based scholarship is to raise $200 million dollars for the endowment. But we raise 200-million in the endowment, that will take care of need-based scholarships forever.”
The scholarship is available to students attending any of South Dakota’s six public universities, as well as Augustana University and the University of Sioux Falls
South Dakota State University President Barry Dunn calls this a historic announcement.
“One that will change the trajectory of the lives of thousands of young people for decades to come, strengthening our state’s economy and advancing our society.”
Governor Kristi Noem thanked Sanford and PREMIER for their gifts, then followed up with her own announcement:
“While that 50 million has already been transferred and deposited in the South Dakota Community Foundation today, I am announcing that I am going to go to the legislature and ask them to commit 50-million dollars from the state of South Dakota as well, to put to work in this needs-based scholarship program, and we intend to do that this legislative session so that you only have 50 million you need to come up with!”
Scholarship recipients are required to work in South Dakota for three years after graduation. The first scholarships will be awarded in the 2022 academic year.
