Students enrolled in the College of Science, Technology, Engineering and Mathematics will benefit from $100,000 in scholarship money donated earlier this month by McDonald Steel Corporation, a local steel manufacturer.
“Their goal is to really make an impact on the STEM College,” said Heather Chunn, senior development officer for university development at Youngstown State University.
Though the money was donated to the YSU Foundation at the beginning of July, it was not announced until mid-August.
The scholarship is available to full-time STEM students. Applicants are required to have at least a 3.0 GPA and must have tested into precalculus.
Special consideration will be given to employees of McDonald Steel Corporation, then to their descendants, and then to residents of McDonald, Ohio, and the Mahoning Valley.
“The scholarship amount will vary, but it’s safe to say it will be around $4,000 per recipient,” Chunn said.
Award amounts depend upon the fund’s performance in the stock market, Paul McFadden, president of the YSU Foundation, said.
“We strive for a 5 percent annual payout on scholarships,” McFadden said.
“This past year, with the challenging market, we awarded 4 percent.”
Chunn said she hopes to see the first award given out by this time next year. Applications are available on YSU’s financial aid website. The deadline for submission is April 1. The scholarship committee within the STEM College will make the selection. The scholarship is currently designated for one recipient per school year.
Dan Lumpp, a senior computer information systems student, said he is glad to see a local business contribute to the education of its supporters. “Hopefully, the manufacturing industry will get a return on their investment,” Lumpp said.