FORT SMITH, Ark. – May 5, 2022 – The University of Arkansas–Fort Smith (UAFS) and Regions Bank today announced a community partnership designed to bring higher education within reach for students facing economic challenges.
A $25,000 endowed gift from Regions Bank will help fund a scholarship of nearly $1,000 each year in perpetuity to qualified students who have demonstrated financial need and are accepted into the scholarship program.
“Elevating access to education throughout our communities is a key priority for Regions Bank,” said Megan Nichols, market executive for Regions Bank in Fort Smith. “By helping remove financial barriers for students pursuing higher education, we can encourage and empower more people to be fully immersed in learning as they chart their path toward success. We also encourage other businesses to consider new ways of supporting higher education. The more we can come together as a united community, the more students we can impact over time.”
For students receiving the maximum federal aid award through Pell Grants ($6,495), the scholarship will ensure 100% of the awarded student’s tuition and mandatory fees ($7,338.50 at UAFS) are covered, as well as alleviating any additional out-of-pocket costs for students.
“The University of Arkansas–Fort Smith’s enrollment figures are close to 5,000 undergraduate students, approximately 55% of whom are PELL eligible,” said Dr. Daniel Fudge, Associate Director of Development at UAFS. “Coupled with the low cost of tuition and mandatory fees at UAFS – the lowest of any four-year campus in the state – these scholarships can significantly improve students’ lives and their ability to focus on their education. Alleviating the economic burden of paying for their degrees is an incredible relief for students juggling a litany of responsibilities. We are incredibly grateful to Regions Bank for their generosity, enabling more students to achieve their dreams, and change their futures.”
The UAFS Foundation invests endowed funds like those awarded by the Regions Bank scholarship and then uses a spending policy formula that considers the market value of the endowment and spending history to determine the investment earnings that may be spent on scholarships each year.
About Regions Financial Corporation:
Regions Financial Corporation (NYSE:RF), with $164 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest, and Texas, and through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.