Bob and Ellen Thompson, a couple in their 90s, are donating $121 million to expand the scholarship program at Bowling Green State University. But there are conditions that ensure that recipients receive advanced degrees.
According to conditions80% of supported students are expected to graduate within four years. Otherwise, the Ohio public school will be required to pay for each additional semester of tuition.
“The return on these kids when they go out into the world is much greater than the return on your money.” Bob Thompson said in a Zoom interview from his home in Florida. Bowling Green “accepted responsibility.”
The Thompson Scholars Program addresses one of the most intractable problems in U.S. higher education: college completion. A recent study found that on average, only about half of students complete their degree within six years. The longer they take, the more expensive college becomes. And if students drop out after taking out loans, they are left with debt and no degree.
The Thompsons, both Bowling Green graduates, needed other accommodations. The school must provide adequate funds. Student recipients still pay some expenses and must volunteer 20 hours each year as part of their scholarship.
Students are also required to attend mentoring sessions to discuss their studies and career opportunities. It helped Steve Ivanek stay on track even in the face of tragedy two years ago after a crash in which a drunk driver injured him and killed a classmate while returning from a Cleveland Guardians baseball game. When his phone was found, he noticed that one of the first messages waiting was from his scholarship coach, Thompson.
“They have a real personal concern for each student that is unique to them,” said Ivanek, who recently graduated and now works as a television journalist.
Support structures
This focus is not always present in higher education. Strong mentorship can help, and students also need clarity about job and career options after graduation, said Vassar College President Elizabeth Bradley.
In a 2023 report, she and two colleagues found that the six-year graduation rate (a metric tracked by the U.S. Department of Education) averaged only 51%. In the short term, it is difficult to change the reasons for low rates, such as the support some schools receive from their endowments. Private colleges generally perform better than public colleges.
“It’s important to have advising and support structures in place that help students persist,” Bradley said.
Bowling Green, which is located near Toledo and has an enrollment of about 19,000, has set up an office with seven full-time employees to work with Thompson scholars. Freshmen entering this year receive $11,000 annually. The grant, divided between the Thompsons and the school, covers about 75% of the cost of tuition and fees for the duration of the college.
Students pay for room, board and other expenses. The most popular majors are early childhood education, nursing and psychology. The average graduation rate in four years or less is 89% for Thompson Scholars.
Asphalt business
The Thompsons spent decades building an asphalt paving business in southern Michigan, which they sold in 1999 for more than $420 million (they attracted widespread media attention at the time for giving more than $125 million to their employees). But after graduating from Bowling Green, they had little contact until the following year when they were invited to a football game between their alma mater and the University of Michigan (Bowling Green lost 42–7).
According to Bob Thompson, their first pilot project began ten years ago with 15 students and was “pressure tested” over the years. The program has grown to about 1,000 students this year, and the new donation will allow the school to add 450 more students.
While the gift is the largest in Bowling Green history, endowments of $100 million or more are becoming less anomalous, especially in the rarefied world of the wealthiest schools.
In recent years, such donations have included $1.1 billion to Stanford University from venture capitalist John Doerr and $300 million to Harvard University from Citadel founder Ken Griffin.
This year, Spelman College, a historically black college in Atlanta, received $100 million donation from the trustee. Albert Einstein College of Medicine in New York received $1 billion to keep tuition free.
For Bowling Green, however, the Thompsons’ latest gift won’t last forever. Another condition is that the university must use the money received from the scholarship by 2035 rather than invest it in its endowment.
The couple wanted the funds to be spent in the near future while they still had personal relationships with school officials such as President Rodney Rogers.
They decided to expand the program after receiving strong investment returns and the recent sale of two other businesses, and they are willing to give another $30 million if results are achieved. However, Ellen Thompson said they are still monitoring their expenses.
“We haven’t changed our standard of living,” Ellen Thompson said. “I’m still clipping coupons.”