- Oakland University Credit Union to donate $1 million to OU
- To benefit students studying abroad
- Much will go into an endowed fund
Oakland University Credit Union plans to donate $1 million over five years for Oakland University’s study abroad and other international programs.
April Clobes, the credit union’s president and CEO, announced the gift at the school’s board of trustees meeting Monday, according to a news release.
“This gift is designed to make study abroad opportunities more accessible and affordable to more Oakland University students who seek this experience,” Clobes said in the release.
The contribution will “dramatically” increase the amount of financial aid available to these students, the release said. Much of it will go into an endowed fund.
” … 4.5 percent of the endowment’s average value will be spent annually while growth over and above that amount will be used to grow the endowment,” Michelle Bosau, OU’s director of corporate and foundation relations, said in the release.
About $6,000 will be used to benefit students studying abroad in the first year. The release said that by year six, the endowment will have $44,325 available annually for scholarships.
Approximately 200 Oakland University students study outside the U.S. per year, in programs ranging from exchanges to teacher-led trips.
Oakland University Credit Union has been the school’s official credit union since 2013. It funds other scholarships including for the Keeper of the Dream MLK Day event and the Dean’s Choice awards.