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News Release

FOR IMMEDIATE RELEASE
September 04, 2002

Fundraising goal of $100 million for the Families of Freedom Scholarship Fund has been met

CONTACT: Barbara Arnold, 952/830-7308
Mark Malmberg, 952/830-7317

Minneapolis, MN—Citizens’ Scholarship Foundation of AmericaSM (CSFA) and the co-chairs for the Families of Freedom Scholarship Fund® campaign (the Fund), President Bill Clinton and U.S. Senator Bob Dole, announced that the fundraising goal of $100 million for the Fund has been met.

CSFA and Indianapolis-based Lumina Foundation for Education jointly launched the Fund on Monday, September 17, 2001, to provide education assistance for postsecondary study to dependents--children and spouses--of those killed or permanently disabled as a result of the September 11 terrorist attacks.

A variety of donations—large and small—helped bring the current Fund total to $105 million in cash, commitments and pledges. Commitments include a $20 million gift from the Citigroup Relief Fund and a $10 million gift from the DaimlerChrysler Help the Children Fund. Over 20,000 gifts have been received from individuals, organizations, corporations, foundations and fundraising events in America and around the world.

One hundred percent of the money raised will go to eligible students over the 25-to-30-year life of the Fund. The Fund’s estimated distribution for the next five years will be between $1 million and $3 million every year, with an average distribution of more than $4 million annually over the life of the Fund. The increase in awards over time is primarily due to the demographics of eligible scholarship recipients, the majority being young children who will not be graduating from high school for several years.

Currently, the scholarship awards range from $1,000 for students with little or no financial need to $28,000 per academic year for those with greater need. The average award is approximately $13,100 per academic year.

CSFA, on behalf of the Families of Freedom Scholarship Fund and the September 11 Scholarship Alliance, continues to actively register the many families directly impacted by September 11. There are three easy ways to register: phone toll-free 1-877-862-0136 or email scholarships911@csfa.org or website www.scholarships911.org.

“I have been truly inspired by the overwhelming support that this special Fund has received from people around the world,” said President Bill Clinton. ”As we approach the one-year anniversary of 9/11 and the Fund’s creation, I can think of no better tribute to our fallen heroes than to ensure that their loved ones can realize their dreams of a higher education. Working with Senator Dole and Citizens’ Scholarship Foundation of America on this worthy project has been a privilege.”

“Together we are offering encouragement and opportunities to the next generation,” said U.S. Senator Bob Dole. “Thanks to the generosity of people from throughout the nation and the world, we have an outstanding and long-lasting educational program. I am pleased to have joined President Clinton and Citizens’ Scholarship Foundation of America in this important endeavor.”

President Clinton and Senator Dole joined the campaign fund effort as co-chairs on September 29, 2001.

“CSFA staff and board members have worked very hard to reach the goal, and to help fulfill the educational dreams of families most impacted by 9/11” said CSFA President William C. Nelsen. “We are extremely grateful to the Lumina Foundation, our partner in launching the Fund, to all the donors in the United States and throughout the world who responded, and to President Clinton and Senator Dole for their important backing and valuable assistance as co-chairs of the Families of Freedom Scholarship Fund campaign.”

About CSFA
CSFA is the nation’s largest private sector scholarship and educational support organization. It carries out its mission of expanding access to educational opportunities and encouraging academic achievement through its Dollars for Scholars, Scholarship Management ServicesTM, and ScholarShop programs. Headquartered in Minneapolis and St. Peter, MN, CSFA has distributed over $911.5 million to nearly 850,000 students through its scholarship and other support programs since its founding in 1958. For the fifth year in a row, SmartMoney, the Wall Street Journal’s magazine of personal finance, has ranked CSFA as one of the 17 most efficient nonprofits in the country. Worth Magazine has also named CSFA as one of America’s 100 best charities for 2001/2002. In partnership with Indianapolis-based Lumina Foundation for Education, CSFA founded the Families of Freedom Scholarship Fund, which was created to provide educational assistance for postsecondary study to the financially needy dependents of the September 11th terrorist attack victims. For more information, visit www.csfa.org or www.familiesoffreedom.org.