For one thing, 2017 brought Tuck its largest ever gift, courtesy of Paul Raether, a member of Tuck’s Board of Overseers. In December, Raether and his family gave $15 million for scholarship funding.
That means that while Tuck’s scholarship endowment was worth $87.6 million in June 2017, the endowment had put on an additional $20 million by the end of December.
The Raether family has been supporting students at Tuck for decades, beginning with Paul Raether’s father, Arnold E. Raether.
Paul says that, in the beginning, his father’s financial support for Tuck students was more informal. “He was old-school,” according to Paul. “He just had Tuck send him the tuition bill and he paid it.”
When Arnold died in 1987, the Raether family created an endowed scholarship in his name. They have since expanded their support with further gifts, culminating in the recent $15 million scholarship donation.
While the Raether family’s gift was the most dramatic of 2017, it’s not the only reason Tuck posted a standout year for scholarship fundraising.
In fact, the donation came as part of a push by the Board of Overseers to step up scholarship fundraising efforts. Board of Overseers chair Christopher Williams set the tone for 2017 with a $500,000 endowed scholarship in the spring.
His donation was followed by a $500,000 endowed scholarship from Overseer David Grain and a $1 million endowed scholarship from Overseer Thomas McInerney.
Other alums have also pitched in, creating new scholarships like the Koester Family Scholarship, the European Council Scholarship, the Raskind Family Scholarship, and the Gardner G. and Abbie E. Emmons Scholarship. Basically, it’s been a good year for Tuck’s scholarship fund.
Tuck’s Dean, Matthew J. Slaughter, who was instrumental in setting scholarship funding as a priority in 2017, said he was “humbled by the wonderful generosity our alumni have shown for Tuck” and “energized by the opportunities these scholarship funds open for the most deserving students.”
Paul Raether pointed out in simple terms why Tuck’s scholarship fundraising run is important: “If you want the best and the brightest, and we certainly do, you’ve got to be competitive.”
For students considering the school, the news that Tuck has an extra $20 million in scholarship money floating around after the last six months of 2017 can only be good.
The question of scholarship funding also highlights why putting together the best possible application is more than a matter of just getting admitted.
If you’re wondering how adcoms will view your application or how you can emphasize your strengths, get in touch with us – we’ll address these questions and more with a free MBA application assessment!