Augustana College receives $40 million commitment for financial aid

Augustana College in Rock Island, Illinois, has announced a $40 million commitment from alumnus Murry Gerber (’75) to provide financial aid and scholarships to high-achieving first-generation students and high-achieving students from families with lower incomes. 

The largest commitment ever to the college, which is affiliated with the Evangelical Lutheran Church of America (ELCA), will match gifts dollar-for-dollar in support of endowed financial aid up to $40 million, providing as much as $80 million to Augustana’s endowment. Unlike traditional challenge gifts in higher education, Gerber’s pledge will go directly to the endowed scholarship and financial aid funds of new and existing scholarships, effectively doubling the value and impact of the scholarships. His previous support for the college includes funding for the Gerber Center, faculty salaries, the First-Generation Student Support Fund, and a $1 million challenge in the early days of the coronavirus pandemic.

“This is transformational generosity,” said Augustana president Steve Bahls. “It will benefit a substantial number of students on this campus for generations, and this gift is a reflection of Murry’s firm belief in the potential of first-generation students and the value of a liberal arts education.” 

“I was a first-generation college student. Our family did not fully understand the breadth of opportunities available from a college education nor the generational benefits of a college degree,” said Gerber, who serves on the college’s board of trustees. “Augustana College understands this fundamentally and is uniquely equipped to support students through the scary and challenging transitions that first-generation students often experience.”

(Photo Credit: Getty Images/fstop123)

"Alumnus gives largest gift in Augustana history – $40 million." Augustana College press release 04/05/2022.