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Laura R. and William M. Corbett Trust to Offer Medical Student Scholarships

The University of South Carolina School of Medicine recently received a substantial gift from the Laura R. and William M. Corbett Trust Scholarship Program.

Previously known as the Corbett Student Loan Program, the trust was established by the late Dr. William M. Corbett Jr. in memory of his parents. Founded years before the School of Medicine admitted its first class in 1977, the program was intended to provide future medical students – who wished to study in South Carolina – with educational loans.

Many UofSC medical students benefited from the Corbett Loan Program over the years. While it initially made a considerable difference in reducing student debt, the skyrocketing costs associated with the pursuit of a medical degree have made it nearly impossible for the loans to deliver the type of impact the donor had intended.

According to the Association of American Medical Colleges, in 2014 the average medical school student graduated with a debt burden of $180,000.

In order to fulfil the Corbett’s original vision, the trust was converted to a scholarship program. The amount awarded to students will vary annually depending on market fluctuations, but the program is expected to provide at least $160,000 in scholarship funding each year. A total of $438,473 will be distributed in 2017. Scholarship recipients will be selected this spring.

Executive Dean Dr. Les Hall said, “The Corbett Trust Scholarship Program will have a significant impact on the School of Medicine’s ability to attract talented students, and to provide them with meaningful financial assistance.”

January 18th, 2017