The largest single gift in its 78-year history will allow Maine Maritime Academy to better compete for students with other post-secondary schools.
A bequest from the estate of Captain William L. Bullard, Class of 1959, the $10 million puts the school halfway to its goal with the $20 million fundraising campaign, “Opening Doors, Changing Lives: the Scholarship Campaign for Maine Maritime Academy,” MMA President William J. Brennan said in a statement.
Bullard died in 2017 after leading a life deeply connected with the sea. He sailed as a master mariner for 10 years before becoming a pilot, working in ports ranging from the Caribbean and Hawaii to Panama and Alaska. He was also a U.S. Navy veteran.
About $14 million has been raised so far, Brennan said.
“This is a far-reaching contribution that propels us toward our goal with an extremely successful start, and we are immensely grateful,” Brennan said. “Currently, we can’t compete with schools that have large endowments or are able to offer tuition discounts to prospective students.”
Founded in 1941 and based in Castine, Maine Maritime enrolls 970 undergraduate and graduate students in career-oriented degree programs that include engineering, management, science and transportation.
The $20 million will effectively double the amount of money the academy devotes to scholarships and student aid. About 80 percent of the academy’s students require some form of financial aid to attend the academy, said Jennifer DeJoy, the school’s director of college relations.
In-state students pay about $39,000 annually in tuition, room and board and other direct and indirect costs. Out-of-staters pay about $54,000, according to estimates provided by Maine Maritime.
The scholarship campaign is the second major and public step the academy has taken this school year to expand its student base. The school is also finalizing plans to buy a portion of the former Verso Paper mill site in Bucksport where it plans to launch a training annex for continuing-education students.
The scholarship campaign will end in June 2022.