TUSCALOOSA, Ala. (AP) — The University of Alabama plans to use a $1 million gift for scholarships to help students avoid taking out education loans.
Business Dean Michael Hardin says the fund will focus on gifted undergraduates who would otherwise need loans to cover their college costs.
The Tuscaloosa News (http://bit.ly/16pcBfz ) reports that Eliza and Hugh Culverhouse Jr. gave $1 million to the university's Culverhouse College of Commerce to fund the scholarships.
Culverhouse says the gift was inspired by concern that debt may force college graduates to choose between lower-paying jobs they are passionate about and ones that will allow them to pay the bills.
The dean says the college plans to offer three to four scholarships annually. Three students already have been selected as recipients for the fall.