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It's taken two years, but The Texas A&M Foundation has raised $139 million for its "Operation Spirit and Mind" scholarship initiative.
The accomplishment puts the fundraising campaign right on schedule for its $300 million goal, which university officials estimated would take four to five years.
The program aims to create at least 2,000 endowed scholarships and graduate fellowships. And economic troubles have not hampered fundraising, as they have at most entities nationwide, spokesmen for the foundation said.
"Aggies just continue to step forward regardless of the economy," said Jody Ford, the A&M Foundation's director of development for scholarship programs. "They want to make sure the opportunities they were given are paid forward to the students of today."
In fact, Ford said, donations in 2008 were up 61 percent from those in 2007.
"The one thing we continue to see people give towards is scholarships," he said.
It's hard to place a number on how many scholarships the foundation will dole out, Ford said, because they will vary in amount.
"It's just a hard number to put your arms around because it can represent thousands of scholarships or even tens of thousands of scholarships," he said.
But it's likely that the foundation will exceed its goal of 2,000 endowed scholarships, he said.
Texas A&M University President Elsa Murano said the funds raised by the foundation would give the university an edge in recruiting promising undergraduate and graduate students as tuition costs rise.
"Through the generosity of our former students and friends, private giving has eased students' financial burden to some extent," she said.
Not only are Aggies giving in large numbers, but most students who receive financial aid are repaying that debt without defaulting.
"Our default rate is certainly one of the lowest in the state," said Assistant Provost Joe Pettibon. "The key to why A&M has historically had a low default rate, even when the economy is not doing so well, is the fact that our students are successful."
Pettibon said A&M's default rate in 2006, the most recent year for which numbers are available, was
1.8 percent, while the state average for student loan defaults was 7.2 percent. Since 2000, A&M's default rate has fluctuated between 1.7 and 2.5 percent, he said.
Despite tough economic times, foundation officials are optimistic about the impact "Operation Spirit and Mind" will have.
"Texas A&M has for generations enjoyed the tradition of loyal support from its former students," said Ed Davis, president of the A&M Foundation. "'Operation Spirit and Mind' is a logical expansion on this tradition of Aggie giving that directly aids students."
