Scotiabank donates $750,000 for medical school awards

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April 8, 2005

[img_inline align=”right” src=”http://padnws01.mcmaster.ca/images/scotiabank_cheque.jpg” caption=”At today’s announcement, Scotiabank presented McMaster with a $750,000 cheque to support medical students. Pictured from left are, John Kelton, dean of McMaster’s Michael G. DeGroote School of Medicine, Sue Graham Parker, senior vice-president, Scotiabank, Peter George, McMaster President, and Steve Varey, vice-president of Scotiabank’s Hamilton & Niagara District. Pictured below, medical student Jane Clay, a previous Scotiabank award recipient, talked about her decision to leave a more than 20-year career with Scotiabank and enroll into medical school. Photo credit: Chantall Van Raay”]McMaster University celebrated a gift of $750,000 from Scotiabank to establish three endowed medical scholarship funds; the Scotiabank Medical Scholarships, Scotiabank Pediatric Scholarships, and Scotiabank Ontario Graduate Scholarships in Medical Sciences.

Each of the three scholarship funds for students of the Faculty of Health Sciences will be allocated $250,000.

Interest from the endowment will provide $5,000 annual awards for students of the Michael G. DeGroote School of Medicine. Half of these scholarships will be specifically earmarked for medical students focusing on education or research in the field of pediatrics. The awards are granted based on academic merit and financial need and may be eligible for matching funds from the provincial government.

“Everyone knows about the critical shortage of doctors in our communities and we are pleased to partner with an innovative school like McMaster to help address the issue,” said Sue Graham Parker, senior vice-president for Scotiabank.

“Medical education is expensive, prohibitive for some, so to help remove financial barriers is a great investment in our future,” added Steve Varey, vice-president of Scotiabank's Hamilton & Niagara District.

McMaster medical student Jane Clay, a previous Scotiabank award recipient, discusses her decision to enroll into medical school at McMaster.

In addition, two $15,000 scholarships will be given annually to graduate students enrolled in the Medical Sciences program; as $10,000 generated by Scotiabank's endowment will be matched two to one with $20,000 from the Ontario Graduate Scholarship program.
Previously, in 1999, Scotiabank made a $750,000 investment in scholarships for McMaster medical students, which was matched by the provincial government during the first phase of the Ontario Student Opportunity Trust Fund. Thirty medical scholarships have been awarded since that scholarship program began.

“Today's announcement builds on Scotiabank's charitable history of supporting our medical students and scientists who will be the clinical and research leaders of tomorrow,” said Peter George, President and Vice-Chancellor of McMaster University.