Spring 2006

Public universities seek “need-based scholarships”

Every parent with young children knows they should create a “college-fund” to prepare for their child’s future education. But how much is enough? And sometimes, with mortgage, daycare costs, and other monthly expenses, saving for the future takes a back seat.

When Mike `67 and Nancy Basofin sent their two kids to college, and one through graduate school, they realized just how much it really costs to pay for higher education today. “It’s very expensive,” said Mike. “And it concerns me that for hard-working people it’s increasingly hard to send kids to college without incurring significant debt.”

Mike and Nancy’s concern led them to take steps to offset the cost of higher education for others. They recently established the Alumni Need-Based Scholarship Fund at Miami University and are asking Miami friends and family to contribute. For the Basofins, the most important aspect of the scholarship is that it is truly need-based.

“When my daughter was applying to colleges, I saw her friends and her offered merit-based scholarships because of their entrance exam results. But they were all from families who could afford to pay the tuition costs,” Mike said. “There’s a place for that type of award, but more consideration needs to be given to people who otherwise wouldn’t be able to attend a school like Miami.”

When fully funded, the Alumni Need-Based Scholarship will be awarded to students who have been accepted to attend Miami and demonstrate financial need. There will be no other restrictions on the award.

Mike further explained, “Keeping up buildings and faculty is important. But it’s imperative for the university and the country that people of moderate means be able to have a four year, away from home experience. It changes you.”

Although the Basofins established the fund, others have already contributed to it. “We’re just one of many contributors and it’s really just getting off the ground,” said Mike. Several additional Miami alumni are either considering commitments to the fund, or are in the process of finalizing them. Of those that have already contributed, the overwhelming reason is in support of the notion that as a public university, Miami must be able to serve the public, not just the privileged.

Mike and Nancy have made clear their intent to continue contributing to the scholarship fund. It’s their hope that the endowment continues to grow well beyond the $25,000 needed to establish an endowed scholarship. “This scholarship isn’t about us, or the individual contributors. It’s about providing more needbased scholarships to serve all our interests.”

Mike Basofin is president of The Cloverleaf Group, Inc., a real estate investment firm in Northbrook, Illinois.