Investing in the Future

You don’t have to be an economics major to understand the high cost of college can equal lost opportunity—a loss for students, businesses, our state and our country. We want to change that. First PREMIER Bank and PREMIER Bankcard are joining with our founder and the State of South Dakota to help provide higher education to those who may not be able to afford it otherwise.

I’m a numbers guy (to have a career in banking this long, I’d better be!) But these numbers have been troubling me for some time.

• The cost of a public university education for an in-state South Dakota student:Between $17,000 to $23,000 per year.
• The number of need-based scholarships in South Dakota:ZERO

We are the only state in the nation that has no need-based scholarship. Unlike a merit scholarship, which factors in achievements, academics or athletic ability, a need-base scholarship is awarded based on family income qualifications. It opens doors for lower-income students to achieve the many benefits of a college degree – higher-paying jobs, career advancement, stability and the potential for overall life satisfaction.

Without the possibility of college, these low-income high school graduates can feel lost and forgotten, which can lead to other issues like poor mental health and bad life choices. It’s not right and it’s not fair. And despite many years of trying, our state hasn’t been able to successfully fund a need-based scholarship…until now.

The PREMIER Scholarship, South Dakota’s Need-Based Scholarship Fund

Along with our founder T. Denny Sanford, PREMIER is excited to help establish the PREMIER Scholarship with a $50 million gift. We plan to add another $50 million and are excited that South Dakota Governor Kristi Noem has pledged to work with the Legislature to provide an additional $50 million. That $150 million to help those who need it most.

With these gifts and financial support from others, we look for the PREMIER Scholarship to eventually grow to $200+ million, creating an endowment to fund future scholarships. Students who receive the funds will be expected to “repay” their scholarship by working in the state of South Dakota for three years following graduation.

To ensure students have access in the 2022-2023 academic year, PREMIER will provide $5 million. The PREMIER Scholarship will be made available to all six of the state’s public universities, plus Augustana University and the University of Sioux Falls. The amount of money available to each will be pro-rated based upon each school’s enrollment.

Proven Success

In 2015, PREMIER and Denny Sanford were proud to come alongside then South Dakota Governor Dennis Daugaard to invest in the Build Dakota Scholarship Fund. Build Dakota provides technical school scholarships in exchange for working in a high-needs field. It has been a successful program that has benefited nearly 2,000 students and our industry partners.

PREMIER and T. Denny Sanford plan to continue to contribute to this scholarship fund over the next five years by donating $2 million annually.

Much like Build Dakota, we’re excited to see how the PREMIER Scholarship fund will transform lives by providing a way for all students to access the important intellectual and social skills college provides. I cannot think of a better investment we can make than to invest in the potential of our young people and the bright future of our state.

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