I hope in 20 years, the Armellino Scholars will look back and see they had a great Peddie experience and they will give back.
Hightstown, NJ (PRWEB) November 21, 2014
Peddie School, a prestigious day and boarding school in central New Jersey, announced the creation of the most generous merit scholarship program in the school’s history, The Armellino Scholarship, to attract students of exceptional potential.
Endowed by Michael R. Armellino, a member of the Peddie Class of 1957, the new scholarship will be available to domestic boarding students and covers tuition, boarding costs and all required fees, as well as a stipend for travel expenses to and from Peddie during the academic year. An additional stipend for an approved summer experience is available during the student’s junior year.
"For students who demonstrate exceptional academic achievement, intellectual curiosity, strength of character, and an enthusiasm for life, The Armellino Scholarship will offer two new domestic boarding students a full scholarship to Peddie," said Raymond H. Cabot, Peddie's director of admission.
The scholarship is not based on financial need.
Armellino spent his career at Goldman, Sachs & Co., retiring in 1994 as chairman and chief executive officer of Goldman Sachs Asset Management.
Armellino said endowing the merit-based scholarship so that exceptional students will choose Peddie is a legacy he is proud to leave. “I hope in 20 years, the Armellino Scholars will look back and see they had a great Peddie experience and they will give back,” he said. “They will help make Peddie a better place than the great place it already is.”
Founded in 1864, Peddie School is an independent day and boarding school for 550 students in grades 9 through post-graduate located on 280 acres just outside of Princeton, N.J. -- within 50 miles of both New York City and Philadelphia.
In 1993, Peddie made international headlines when it received a $100 million gift from Ambassador Walter H. Annenberg, the largest gift to an independent school at the time. That gift – which grew the school’s endowment from $16 million to $116 million in a single day – endowed a fund for financial aid and has enabled hundreds of students to attend the prestigious preparatory school. Today, with an endowment of greater than $325 million, Peddie offers about forty percent of students need-based financial aid.