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0 The Charlottesville Public Schools Scholarship <br />Proposal <br />10/27/00 <br />Objective: <br />To provide financial aid to low and moderate income students within the Charlottesville <br />community who have attended Charlottesville public schools. Grants will be given to qualified <br />applicants based on financial need and the other criteria listed herein, to assist them in paying for <br />expenses at an accredited two or four year college or a technical school. <br />Funding: <br />The City of Charlottesville will place $250,000 in a donor -advised fund of the Charlottesville - <br />Albemarle Community Foundation for the purpose of providing assistance to low and moderate <br />income students (a description of the Foundation is attached). Matching funds will be raised <br />from community businesses, individuals and foundations to build an endowment with a starting <br />goal of $500,000. The fund will be separate from the city government. When the fund has grown <br />• sufficiently large, the Board appointed to oversee it (see below) should consider expanding <br />eligibility criteria for receiving scholarships. <br />The scholarship grants will not provide the total monies required by students. Those applying <br />must have completed a financial aid package at the college or technical school. <br />Scholarship grants may be used for tuition, room and board, books and personal expenses. <br />Eligibility Criteria: <br />Candidates for scholarship grants must meet the following requirements: <br />1. Be a City resident <br />2. Be a graduating senior or graduate from the Charlottesville Public Schools. <br />3. Be accepted at an accredited two or four year college or technical school in the US <br />4. Complete a financial aid package that shows financial need and receive an award letter <br />detailing the amount of financial aid that the applicant is eligible to receive. The Board <br />may request additional financial information from applicants. <br />5. Be a citizen of the U.S., or hold a permanent resident visa. <br />NOTE: As funds are received from other localities, eligibility to receive scholarships may be <br />expanded to include students from those localities. <br />• In addition to the above criteria, the following factors will be considered in awarding <br />scholarship grants: <br />