Talk:Davidson College, NC "The Davidson Trust"

Source File: http://www3.davidson.edu/cms/x29856.xml

Speaker: College President Ross

Davidson Trust Announcement
The Lilly Family Gallery
January 17 at 2 pm

Welcome. Thanks for being here. I’m glad to have this opportunity to welcome you back to Davidson and wish you the best for the new semester! I also want to use this time to give you some new information about Davidson’s “no-loan” initiative.

As you all know, just ten months ago, in March 2007, Davidson became the first college in the country to replace loans with grants, guaranteeing all students an opportunity to graduate debt-free. I was a trustee at the time, and I can tell you that I have never been more proud of my alma mater. This action will make a profound difference in the life of this college, and in the lives of students for generations to come.

Davidson’s action was historic – and greatly informed by the intentions of our founders, who vowed early on to keep the Davidson opportunity “within the reach of many in our land who could not otherwise obtain it.”

What Davidson did was unique, and we knew we needed to make it our own. But how should we describe the opportunity that Davidson had created? Our short-hand for this has been to talk about our “no-loan initiative.” But that was sometimes confusing, and it didn’t seem to capture what we were trying to accomplish. So we set about trying to find the right name for our new financial aid policy.

We knew that the name for our new program needed to be simple. It needed to include the word “Davidson.” And it needed to say something meaningful about who we are – both to prospective students and their families, and to alumni, parents, and friends. To help us find this name, we asked those who knew us best and those who mattered most. Through focus groups and e-mail, we surveyed current and prospective students; parents, faculty and staff; alumni, trustees; and high school counselors.

It won’t surprise you to know that the Davidson community responded enthusiastically to our request. We had lots of suggestions, but some of those names were already taken. ( Carolina uses “Covenant,” for example; and Georgia Tech uses “Promise.”) And we wanted something that would be truly unique, something that would speak powerfully to who we are.

And so, after talking with our friends and family, it became clear that there was really one word that captured something special about this place – one word that relates to us in unique and historic ways. Ask yourself: How do you talk about Davidson College? When I talk about Davidson, I talk about a place of integrity. A place with a strong community. A place that has a long and distinguished tradition of keeping education affordable, and a place that is driven by a sense of honor. And that’s also what the people we talked to thought.

And that’s how we came to our new name: The Davidson Trust.

This name says something about who we are as a college, and who we are as a community. It hearkens back to our founding principles, and it reminds us of the ongoing authority of the Honor Code. It is a pledge to prospective students, and a promise to our alumni. The Davidson Trust will strengthen Davidson in many ways.

It will help us attract students who might never have imagined a Davidson education. It will enhance the academic experience by bringing new voices to the classroom. It will give our students the chance to graduate without the burden of debt, therefore opening doors and dreams around careers, graduate school, and other post-graduate choices.

The Davidson Trust is an expensive commitment – but it is one that will not erode our academic programs or our affordability. When the trustees voted to make this important move, they pledged to raise new funds to support the cost of this program. And we have already begun to do that. This will take new funds – approximately $70 million in new funds. In the ten months since we announced this initiative, we’ve already raised $8 million to cover the short-term costs of the program, and we’ve raised nearly $14 million toward the endowment. Alumni and friends have been eager to show their support for what Davidson is doing. Let me give you a few examples.

Last spring, Kit and Arnie Snider ‘66 established the Snider Scholarship, a need-based award that covers all tuition and fees, plus travel and other personal expenses, for two students in each of the next four entering classes, including the Class of 2010.

Ted Baker ’57, with President Emeritus Bobby Vagt ’69, established the Baker-Vagt Scholarship to help meet the financial needs of a student in each class beginning next fall.

In addition, Martha McNair and her children, Frank McNair and Elizabeth McNair Ayscue, established the John F. McNair III Scholarship to help meet the financial needs of a student in each class beginning in the fall of 2008.

And now I would like to introduce Student Government President Chris Burton ‘08, who will tell us a little about what The Davidson Trust means to our students. (Read Chris Burton's remarks.)

Thank you, Chris.

It’s important to me that everyone in our community understands the power of The Davidson Trust, and takes pride in our college’s leadership in making education affordable. We know that many of you are talking with friends and family about this, so we wanted to provide you with some information to help with those conversations. This information will help you share the news about The Davidson Trust, and will help us all ensure that we’re providing prospective students, alumni, and others with clear, consistent answers to their questions.

You’ll find this information in a brochure about The Davidson Trust on the tables by the entrances. I’m going to stay and enjoy coffee – and perhaps some cookies, because you know I love sugar! -- and I’m happy to talk with you about The Davidson Trust or any other topic.

Thank you for coming. I wish you all the best at the beginning of our second semester together.

It is a great day to be a Wildcat!