Bank of America Endowed Medical Scholarship
In the 1980s, Rainier Bank established a loan fund for the School of Medicine. Several business transactions ensued; Rainier Bank was bought by Security Pacific Bank and, in the 1990s, Security Pacific was purchased by Bank of America. Bank of America agreed to convert the former loan fund into a scholarship to help meet the growing need for this type of financial support.
In the past, when the federal loan program could not accommodate the entire student budget, the School of Medicine used donor contributions to establish student loan funds. Today, the Stafford Loan program has expanded to accommodate medical students’ loan needs. However, with the increasing cost of medical education, there is a growing need for scholarship support.
In consultation with Bank of America, which shares the School of Medicine’s commitment to student scholarship, the School of Medicine decided to use the Security Pacific Scholar Loan Fund to create an endowment: the Bank of America Medical Endowed Scholarship.