We’ve all read stories about billionaires giving away their wealth.
Back in 2010, Bill Gates and Warren Buffet launched The Giving Pledge: a campaign that urges wealthy people to give a big portion of their wealth to charitable causes. Up to date, 204 people had signed the pledge — most of them billionaires. The pledges amount to over $500 billion.
We all agree on one thing: billionaires have a lot of money and can afford to give some of it away — although it’s very noble of them. But we’re truly inspired by ordinary folks who make a lot of sacrifices to save money then give it away. Today, we’ll tell you about one such person.
Dale Schroeder: One of a Kind
Dale Schroeder, a down-to-earth carpenter from Iowa, lived a frugal life but ended up transforming the lives of 33 people forever. Dale never had the opportunity to go to college but managed to save enough money during the years he worked as a carpenter ($3 million) to help the less privileged who didn’t have the means to attend college.
His scholarship paid for 33 students to attend college, covering fees, tuition, books, and room and board. All beneficiaries have finished college without debt. Dale’s Kids, as they call themselves, are now doctors, pharmacists, teachers, engineers, therapists, and risk managers.
We should all emulate Dale. The world is a much better place because people like him exist.
Altruistic Companies Are Also Making a Difference in Students’ Lives
While we can’t all afford to pay for disadvantaged students’ college education, we can do the little we can right where we are.
College is very expensive. According to the College Board, 4-year public colleges charge $20,770 per year for fees, tuition, and room and board while 4-year private colleges charge $46,950 on average.
Business Insider notes that the average student-loan debt is now higher than ever — $29,800. This is very troubling as debt affects people’s long-term goals.
For students in college, a little goes a long way. Altruistic companies are now giving scholarships to deserving students which go a long way towards helping them prepare for their future. They are able to begin their careers with little to no debt.
Scholarships Are Crucial for Low-Income Students
Higher education is critically important as it can make or break a person’s future. But it has never been more expensive as it is today. For students from low-income families, education is the ticket out of poverty. But many never make it to college because it is not affordable, which means they never break the cycle of generational poverty.
The National College Access Network recently released the findings of a study on whether low-income students can afford college. The conclusion was that the cost of higher education is simply too much to bear for these students.
Institutional and private scholarships can help low-income students access the education they desperately need. The impact of these scholarships goes far beyond the financial boost. According to College Futures Foundation, students who receive financial aid are more persistent and more likely to earn their degrees than those who do not.