Charles E. Schell Foundation Awards $100,000 to Ivy Tech Community College- Central Indiana

CENTRAL INDIANA – Charles E. Schell Foundation, Fifth Third Bank, Trustee, has awarded $100,000 to Ivy Tech Community College – Central Indiana to assist students with their educational pursuits.

Payable over four years, the award allows Ivy Tech to provide interest-free educational assistance loans to qualified students. This loan aids in securing an education that, without the loaned funds, may not be attainable.

Uniquely, these loans, when repaid, create a revolving loan pool where additional funds become available for future students. Armed forces veterans who meet the qualifications are encouraged to apply. Qualifications of student candidates for the loans are:

• Citizens of Ohio, Kentucky, West Virginia or adjoining states with parents of moderate means who are citizens of such states;
• Between the ages of 18 and 25;
• Loyal to the United States and its institutions including the Army, Navy and Air Force;
• Honest, upright, intelligent and of practical appearance; and
• Maintaining a minimum 2.0 GPA on a 4.0 scale

“We know higher education translates into immediate value,” said Dr. Hank Dunn, chancellor, Ivy Tech Community College – Central Indiana.  An associate degree increases annual earnings by an average of nearly $7,000 per year as compared to just a high school degree or some college. On behalf of our students, we extend sincere thanks to the Schell Foundation for helping us change lives.”

“Many of the students at Ivy Tech are veterans, come from low-to-moderate income households and are in need of greater support of their academic readiness,” said John Pelizzari, President and CEO, Fifth Third Bank, Central Indiana.  “This grant will help make education even more affordable to these Ivy Tech students.”

About Ivy Tech Community College
Ivy Tech is one of the nation’s largest statewide community college systems and the state’s second largest public post-secondary institution with more than 110,000 students enrolled annually.  Ivy Tech has 23 campuses throughout Indiana.  It serves as the state’s engine of workforce development, offering affordable degree programs and training that are aligned with the needs of its community along with courses and programs that transfer to other colleges and universities in Indiana.  It is accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools.

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets, operates 18 affiliates with 1,233 full-service Banking Centers, including 108 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,214 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri and Georgia. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2007, has $223 billion in assets under care, of which it managed $33 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at http://www.53.com. Fifth Third’s common stock is traded on the NASDAQ® National Global Select Market under the symbol “FITB.”

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