The Forman S. Acton Educational Foundation is thrilled to announce that it has allocated $64,000 to distribute from the Acorn Fund college savings accounts of 45 students graduating in the class of 2018. Started in 2016, the Forman Foundation’s Acorn Fund invests in college savings accounts for every child living or attending public school in Salem City.
In addition, the Forman Foundation is also pleased to share the names of its seven Forman Scholars graduating in the Class of 2018. These students will be eligible for scholarships of $10,000 per year (up to $40,000) at their chosen college or university as long as criteria for ongoing scholarship awards are met. These seven students are: Kyla Avant, attending the University of Scranton; Sierra Brown, attending Stockton University; Michael DuBois, attending Bucknell University; Starchild Jackson, attending American University; Tariq Justice, attending Rutgers University; Katie Ridgeway, attending Rutgers University; and Sarah Sharp, attending Stockton University.
Since the Forman Foundation’s inception, more than 800 Acorn Fund college savings accounts have been opened, and $475,000 has been allocated to create those accounts to help children and families currently living or attending public school in Salem City begin to save for college. To date, Acorn Funds have been distributed to the colleges and universities of 34 students from Salem City to help them pay for higher education at institutions across the U.S. and Europe.
In addition, the Forman Foundation has also identified 31 Forman Scholars, including the seven new Scholars heading off to college this fall, and awarded more than $375,000 in scholarships to those students. An additional $240,000 has been allocated for the 2018-19 school year.
“We are incredibly proud of the entire class of 2018 and can’t wait to see where the next steps on their journey as students will lead them,” said Kathryn Markovchick, President of the Forman S. Acton Educational Foundation. “Like the acorn that became Salem’s famous 600-year-old oak tree, we hope the investments we make in each of Salem City’s children and our incredibly gifted Forman Scholars will be the seed students need to grow into something truly special.”
About the Acorn Fund
The Acorn Fund is an initiative to create and invest in college savings accounts for Salem City’s youth. All children from birth through 12th grade who live in or attend public school in Salem City are eligible to receive money for an Acorn Fund college savings account. Opening deposits, also referred to as early scholarships, are from $50 to $1,000. Up until each student graduates from high school, the Forman Foundation plans to make additional contributions for qualified account holders. Acorn Fund account holders have until the age of 25 to begin using their college savings account funds.
Seniors graduating in 2018 have until June 30 to sign up for an Acorn Fund. Additionally, the Forman Foundation has allocated $94,000 to fund new $500-$1,000 Graduation Bonus deposits. Seniors have until July 31 to apply for the Graduation Bonus. For more information on the Acorn Fund or to sign up, visit https://www.formanscholars.org/what-we-do/acorn-fund.
About Forman Scholars
Students eligible to apply to be Forman Scholars include those in their junior year at Salem High School as well as juniors living in Salem City and attending a school in the Salem County Vocational Technical School District or attending one of the public Salem County high schools that are open to enrollment to Salem City students. In addition to residence requirements, applicants must also meet certain academic and financial need requirements to be eligible for a scholarship. Upon meeting all requirements and being selected as a Forman Scholar, students will meet periodically with the Scholarship Director during their senior year to receive coaching and college preparatory services from the foundation. In addition, they may also participate in foundation events and activities.
For more information on the Forman Scholars program, visit https://www.formanscholars.org/what-we-do/scholarships.
About Forman S. Acton Educational Foundation
The Forman S. Acton Educational Foundation empowers Salem’s youth to change the world. Founded in October 2014, it is named after Forman S. Acton, a Salem resident, pioneering computer scientist, engineer and university professor who sought to provide children from his hometown with the same access to education that made him successful. Through his endowment, the foundation provides educational opportunities through financial assistance and inspirational support that removes barriers and creates pathways for students to advance their education, achieve career success and become global leaders. Learn more at www.FormanScholars.org.