In December, the Rev. Kevin Wildes, S.J., received a call from Tom Benson asking if he’d be in his office. Benson had an idea for a scholarship.
Benson, owner of The New Orleans Saints and The New Orleans Hornets, pledged $5 million to Loyola with the hope of creating a scholarship aimed at students with financial need.
Tom and his wife Gayle Benson planned on behalf of The Gayle and Tom Benson Charitable Foundation to spread the money over a period of five years with $4 million going to the Tom and Gayle Benson Endowed Scholarship Fund, and $1 million immediately supporting already existing scholarships.
The $4 million going to the Tom and Gayle Benson Endowed Scholarship Fund will be invested to establish and support a scholarship for Loyola sophomores or higher who have a minimum GPA of 3.0 and who are in financial need, according to a Loyola press release.
The endowment will ultimately generate around $200,000 in scholarship money each year for Loyola students on average, according to Loyola’s current endowment policy. The amount can vary, however, depending on the performance of the endowment in the financial market.
“This gift helps us educate students who have financial need and who would not be able to attend Loyola without the support of generous benefactors like the Bensons,” Wildes said in a press release.
Benson, who attended Loyola and received an honorary degree in 1987, has been a longtime supporter of the university. Recently, through The Gayle & Tom Benson Charitable Foundation, Benson pledged $8 million to Loyola to turn the old library into the Tom Benson Jesuit Center.
“The Bensons have recommended Loyola to several college age or eligible students over the years. So, he told me, he thought he should endow a scholarship program and asked me if it would be possible,” Wildes said.
The Bensons are proud to make this gift to Loyola and support the dedication of Loyola to prepare students for life not only in the classroom, but also through their Catholic faith, Wildes said.
“Loyola University has always held a special place in my heart, and providing a gift that will be used for scholarships for needy students will be one that Gayle and I can look on and know with confidence will make a positive difference in someone’s life,” Benson said in a press release.
A representative on behalf of the Bensons could not be reached for comment.
Eric Knoepfler can be reached at [email protected]
