Of the $1 million, $150,000 will be used to fund scholarships for master’s students in the School of Social Work, $500,000 will fund awards for junior faculty at the school and the remaining $350,00 will go into a fund for innovation.
“It’s funds that we control. By definition, it has a very big impact,” said Jack Richman, dean of the School of Social Work.
Richman said the school needs money to support its master’s students, who often graduate with large debt.
“The MSW students, when they graduate, they typically earn in the range of 40 to 45 thousand dollars a year, so it’s not super lucrative,” he said.
“But their average debt ratio is about $67,000 for two years. That doesn’t include their undergraduate loans. So they come out owing more than a year’s salary in terms of debt.”
Richman said the school is also having problems with faculty retention.
“They come in, they work very hard, we mentor them, we provide a lot of support, they get super successful and they get promoted,” he said. “And then other universities with more money, mostly the privates — the Brown School (at) Washington University in St. Louis, USC in California — their salary scale is much higher than ours, and they basically steal our people.”
The School of Social Work will use $500,000 of the donation to provide early career awards, which encourage junior faculty to stay at UNC. The awards consist of a five-year salary increase and a stipend for research and travel.