For Immediate Release:

Adelphic Fund’s Matriculated Senior Student Loan Forgiveness Program Moves Forward     

Ithaca, NY - April 2010 -- Invigorated with the ACEF's Matching Grant and the pledged support of a dedicated Cornell Alpha Delta Phi Alumni donor, the ACEF has awarded a number of Alpha Delta Phi Seniors special scholarships targeted to reduce their student loan debt burden as they graduate.  Recognizing that the cost of a Cornell Education and the ongoing financial burden may inhibit a graduate’s ability to take full advantage of the benefits of their education and from their self-managed independent living at the Alpha Delta Phi, the board members of the ACEF along with select donors, created a program to reduce student loan obligations for matriculated senior members of the Alpha Delta Phi.

In a letter to the recipients and their parents, Steven D. Ritchey President of the ACEF Board of Trustee’s noted that “the Adelphic Cornell Educational Fund, (ACEF) was originally formed by a number of generous donors of the Cornell Alpha Delta Phi, and operates as a separate 501(c)3 non-profit.  It is our mission to promote Academic Excellence, Scholarship and the pursuit of Literary Endeavors throughout Cornell.  A number of our programs are designated by the donors specifically to provide students with financial support using Scholarship Awards, Internship Matching Grants, Writing Prizes, and Award Matching Grants, etc., with preference whenever possible to the members of Alpha Delta Phi, ….”

Ritchey further articulated his thoughts on the value of a Cornell Education and the enriching experiences and how the life-long connections made at Cornell and through such organizations as the Cornell Alpha Delta Phi, a Literary Fraternity, can be invaluable in life.  

Making special mention that there is no compulsory repayment obligation to the award,  Ritchey went on to recall his experience as a Cornell Oarsman, when he benefited from the generosity of Cornell Alumni.  Tradition held that the National Champion Cornell crew would continue to train post-season and race in Europe. Cornell University does not provide funding for such travel, even for a championship crew.  All the costs of travel, housing and food for the opportunity to row and race in the Henley Royal Regatta, in the Dutch Royal Cup and elsewhere in Europe and Great Britain were paid for by alumni donations to the Cornell Rowing Association.  Fin Meislahn, Head Coach at the time, appropriately pointed out to the oarsmen that future crews could only receive this benefit, if  his crew ‘paid back’ what their predecessors had so generously provided.  

The ACEF looks forward to continuing donor support for the Student Loan Debt Reduction initiative along with its other Scholarship and Educational Programs.

###

For press inquiries, contact:

Steven D. Ritchey '81 

Adelphic Cornell Educational Fund, President, Board of Trustees 

SDRitchey@AdelphicFund.org
http://www.adelphicfund.org