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Oct. 8: Carnegie Mellon, Goldman Sachs Gives Announce $2 Million Grant To Support Students Hurt by Recession

Contact: Ken Walters / 412-268-1151 /

Carnegie Mellon, Goldman Sachs Gives Announce
$2 Million Grant To Support Students Hurt by Recession

PITTSBURGH—Carnegie Mellon University announced today that Goldman Sachs Gives has made a $2 million gift to assist students whose families have been disproportionately affected by America's economic recession. Goldman Sachs Gives is the donor-advised fund of Goldman Sachs partners.

The $2 million gift will be used for scholarships based on financial need and academic performance beginning this semester. The contribution to Carnegie Mellon was made at the recommendation of Paul M. Russo (S'86), managing director at Goldman Sachs. The contribution will fund both endowed and expendable scholarships for students. Both Russo and his wife, Allison (TPR'88), are graduates of Carnegie Mellon.

"Carnegie Mellon students are high academic achievers from diverse communities across America," Russo said. "While many of their families have suffered during this economic downturn, we are optimistic that this gift will have an immediate impact by providing assistance for a number of students to stay in school and graduate. We hope that the initiative will be a catalyst for others to act to help close the growing financial support gap."

Established in 2007, Goldman Sachs Gives is a donor-advised fund through which participating managing directors of the firm recommend grants to qualified charitable organizations. Goldman Sachs Gives is designed to harness the collective philanthropic efforts of Goldman Sachs and its people, providing an added means to increase their support of charitable organizations around the world.

"On behalf of the entire Carnegie Mellon University community, I would like to thank Goldman Sachs Gives for this generous gift," said Carnegie Mellon President Jared L. Cohon. "Today's economic climate has caused an increased need for financial support among many of our students. In fact, over the next three years we are expecting that need to increase, both for those already enrolled and those planning to attend our university. Currently we provide $55 million per year for undergraduate financial aid. That is why scholarship support at such a significant level is so timely and critical to ensuring that the best and brightest students can take advantage of a Carnegie Mellon education regardless of their financial means."