In mid-February, the college and Board of Supervisors announced the launch of a $100,000 scholarship for Franklin County residents.
This scholarship isn’t for one person, as the $100,000 can be given to multiple students who are working toward earning an undergraduate degree from one of more than 50 programs the college has to offer.
“We are deeply grateful to the Franklin County Board of Supervisors for their incredible generosity and commitment to investing in the future of our students. This $100,000 in scholarships will provide invaluable opportunities for Franklin County residents to pursue their education right here at Ferrum College while remaining in the community they call home,” College President Mirta Martin said. “My heartfelt thanks to the Board and to Mr. Tim Tatum for their vision and dedication in making this a reality. Their support strengthens our shared mission of empowering students and fostering the growth and success of Franklin County.”
The resident impact scholarship can be given to new and returning students at the college.
Students who live in Franklin County must demonstrate high financial need, be in good academic standing with at least a 2.0 GPA, and live in the county for the entirety of the time they receive funds.
“When I arrived at Ferrum College, I discovered that the county was providing scholarships to support students leaving the area rather than encouraging them to stay,” Martin said. “Recognizing the impact this had on both the college and the local economy, I began working with Tim Tatum, who was then Chief of the Board of Supervisors, to advocate for Ferrum College’s inclusion in the county’s budget.”
Martin continued by saying that as the only college in Franklin County, she believes it to be both logical and fiscally responsible for the county to invest in the college.
“When students remain local, their families continue to spend money within the community–at restaurants, grocery stores, and other businesses–contributing to the county’s economic growth rather than shifting those dollars elsewhere,” she said.
The Board’s commitment to the college also includes ongoing annual support of at least $50,000.
The goal is to increase the amount of support as more students choose to stay in the Franklin County area.
“This decision is not only an investment in Ferrum College but also a strategic economic choice, supporting local students and strengthening the county’s financial future,” Martin said.
The funds being given out by the Board is something that circulated from a farm 15 years ago.
Near Smith Mountain Lake, a farm was donated to Virginia Western Community College.
The stipulation was it had to be used for education and/or recreation.
Virginia Western didn’t want the farm, so it sold it to Franklin County for $1 million.
An agreement was then made: The county would pay $100,000 for the next 10 years, and they would use that money to build a foundation to help cover Franklin County students’ tuition to Virginia Western.
Five years ago, the $1 million was payed off, but the Board continues to send $100,000 annually to help Franklin County students at Virginia Western.
“A couple years ago, I was looking at the budget, and I had the thought of ‘Why are sending all this money to Virginia Western and letting our own college here at Ferrum do without it?’” Tatum said.
Tatum would then bring it up at future meetings and has been able to get another $50,000 in the budget, which will be used annually to send to the college.
“With this announcement, we are trying to encourage more students to stay home and go to Ferrum,” Tatum said. “We are trying to promote our business part by bringing in businesses to the county to help with job growth, but in the meantime, we need to build a well-educated work force.”
In the future, Tatum hopes the money being sent to the college can match what is being sent to Virginia Western.
“We’re not just trying to promote higher education at Ferrum, we’re supporting Virginia Western, Patrick Henry Community College, to promote higher education to all Franklin County students,” Tatum said.
