The Memorial Loan Forgiveness Fund, Initiated by the Charter Class of 1978 In Memory of Jeffrey McNally and Donald Ogilvie

To mark the milestone of their 25th anniversary in a way that embraces the values and spirit of the Charter Class, the members of the Yale SOM Class of 1978 have established the Memorial Loan Forgiveness Fund to honor the memory of their classmates, Jeffrey McNally and Donald Ogilvie. Thanks to Cathy Lanier, Pamela Bronk Farr, Mary Kaye Vavasour, and the many others who helped and supported this lasting and fitting tribute to Jeff and Don and their commitment to the nonprofit and public sectors. To date, the Class of 1978 has raised over $125,000 in gifts and new pledges.

The Memorial Loan Forgiveness Fund lends critical support to the school's current Loan Forgiveness Program, a first-of-its-kind program launched in 1986 with seed money from two generous members of the Class of 1985, Rod Correll and Peter Quesada. Supporting the school's continued mission -- to educate leaders for business and society -- this wonderful program has enabled its graduates to pursue career opportunities in the lower-paying, public and nonprofit sectors, without the burden of financial debt incurred during matriculation.

With typically over 60 percent of our students receiving aid from loan, grant, and scholarship programs, the Loan Forgiveness Program presently supports an average of 15 graduates per year, allowing eligible alumni to apply at any time within the first ten years of graduation. For example, those working for public or nonprofit organizations and earning under $42,000, 100% of their payments would be waived, while those earning more would have a portion of their loan payments forgiven.

Here are just a few comments from alumni on the impact that the Loan Forgiveness Program had on their lives:

• One recipient wrote: "As someone committed to working for social and economic justice, one of the reasons I chose SOM specifically was for the Loan Forgiveness Program. Having worked in the nonprofit sector prior to graduate school, and realizing that I would most likely return to that sector, I knew that I would come to my next job proudly bearing my SOM degree, but also highly leveraged with the huge debt I incurred in order to attend Yale."
  
•  Another recipient wrote about how he was able to use his education in the nonprofit and public sector because of the loan fund. "I conducted an analysis of Virginia's compensation and classification system to identify possible causes of gender inequities. The quantitative techniques that I learned from Art Swersey and Ed Kaplan led to changes in the state's policies for compensating employees... In another position, I was able to apply my interest in geographic information systems - first sparked by Doug Rae - to help the Allegheny County Department of Human Services map its clients and appropriately locate new service facilities."