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South Dakota is launching its first need-based scholarship program after a $50 million gift from PREMIER Bank and T. Denny Sanford. It’s the beginning of a $200 endowment.
Before Wednesday’s announcement, South Dakota was the only state in the nation without a scholarship program for students from low-income families.
Miles Beacom is the CEO of PREMIER Bankcard. He encourages other businesses to contribute to the fund.
“The goal of the need-based scholarship is to raise $200 million dollars for the endowment. But we raise 200-million in the endowment, that will take care of need-based scholarships forever.”
The scholarship is available to students attending any of South Dakota’s six public universities, as well as Augustana University and the University of Sioux Falls