El Dorado Promise expands to cover college expenses
by January 22, 2009 12:19 pm 88 views
El Dorado-based Murphy Oil Corp. is expanding the El Dorado Promise Scholarship program to allow more flexibility for students and families in El Dorado looking for
ways to afford a higher education.
Established in January 2007 and funded with $50 million by Murphy Oil, the El Dorado Promise is a scholarship program covering tuition and mandatory fees that can be used at any accredited two- or four-year, public or private educational institution in the U.S. The maximum amount payable is up to the highest resident tuition at an Arkansas public university. The El Dorado Promise funds are not need-based and are given based on the amount of time students have lived in the district and attended El Dorado public schools.
Students with scholarships or grants covering tuition in addition to the Promise will now have the option to apply the Promise funds — originally limited to tuition and mandatory fees — to be used for other college expenses such as on-campus room, board, books and additional fees. The new flexibility for the Promise scholarship begins with the spring 2009 semester.
“We want El Dorado students to be able to fully utilize Promise dollars awarded, so while we are still paying the equivalent of tuition and mandatory fees at the students’ respective schools, those receiving additional tuition scholarships will be able to use their Promise funds to cover other college expenses, such as on-campus room and board,” said Claiborne Deming, recently retired president and CEO of Murphy Oil Corporation.
Arkansas recently received an “F” in affordability of college, according to a study released by the National Center for Public Policy and Higher Education. Overall tuition costs in Arkansas have increased by 71% since 2000 alone. As of the 2008-2009 academic year, the highest annual public university tuition rate in the state is $6,505.
After more than a decade of declining enrollment, the El Dorado district has grown more than 4% since the Promise was announced. The kindergarten and first grade class enrollments the past two years were the largest recorded in the El Dorado School District.
According to information from the Promise program, 82% (194) of 2008 El Dorado High School graduates took advantage of the scholarship, and 76% (187) did so in 2007. That surpasses state (64.7%) and the national (66%) rates. Additionally, 67% of 2007 El Dorado graduates who began college returned for their second year, compared to the Arkansas one-year return rate of 48% for community colleges and 68% for universities.