Posted on September 2, 2010

Lilly Endowment Awards $15 Million to Independent Colleges of Indiana

The Indianapolis-based Lilly Endowment has announced a $15 million grant to Independent Colleges of Indiana in support of the 2011 Lilly Endowment Community Scholarship Program.

Created in 1998, the program provides scholarships that cover the cost of tuition, fees, books, and equipment for four years of full-time undergraduate study leading to a baccalaureate degree at an accredited Indiana public or private college or university. Students are nominated by their local community foundation and selected by ICI.

This year, community foundations will be allowed to nominate at least one student from each county, based on population — down from at least two students per county in previous years — with a total of 142 scholarships to be awarded. When the program began, the average cost of tuition and fees was less than $50,000 for four years of study, while in 2011 the average four-year cost is expected to be $106,000. Over the past thirteen years, more than 3,300 Indiana students have received Lilly Endowment scholarships.

"While we regret that fewer scholarships will be awarded in 2011, we are pleased to continue this important program that helps promote the value of higher education in our state and highlights the vital role community foundations play in Indiana counties," said Lilly Endowment vice president for education Sara B. Cobb. "Every year, the endowment reviews all aspects of the scholarship program, trying to find ways to maximize the effectiveness of the program while maintaining responsible stewardship of the endowment resources."