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: