Fifth Third Bank Greater Indiana is awarding a $100,000 grant to the University of Indianapolis from the Charles E. Schell Foundation, Fifth Third Trustee, to provide interest-free educational loans to help UIndy students fulfill their dreams of a college education.
Fifth Third Region President and CEO Steven Alonso will join UIndy President Robert Manuel for a brief ceremony recognizing the grant at approximately 3:45 p.m. Saturday in Key Stadium, just prior to the UIndy football game.
“This is a wonderful opportunity to essentially create a revolving student loan fund at the University of Indianapolis,” Alonso said. “Charles Schell, the trust’s founder, insisted that students understand their moral obligation to repay the loan, which allows recipients to help future students in need.”
The unique “pay it forward” conditions established by Schell provide that when award recipients repay the funds, they create opportunities for additional students to benefit from the generosity of the Schell Foundation and Fifth Third Bank. The repaid funds go toward interest-free educational assistance loans for new students.
“Not only will this loan fund provide crucial support for students who otherwise might not be able to complete their degrees, but it also will enable those recipients to take part in an ongoing cycle of support for future students,” President Manuel said. “It’s an innovative approach with tangible benefits for the community, thanks to a great ongoing partnership between Fifth Third Bank and the University of Indianapolis.”
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $134 billion in assets and operates 15 affiliates with 1,308 full-service Banking Centers, including 102 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,639 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third Bank was established in 1858. Member FDIC.