Philanthropist Steps Up to Prevent Scholarships From Lapsing

Dozens of students who may have lost out on scholarship money promised to them by a nonprofit organization that went into receivership recently will instead get aid from a philanthropist who has stepped up to provide money to them, reports The Providence Journal.

The philanthropist Alan Shawn Feinstein has offered to pay the $2,000 scholarships so that the students will be able to attend college, because a group known as the Education Partnership can no longer provide the money, the newspaper reports.

Mr. Feinstein asked the Education Partnership to oversee the Louis Feinstein Memorial Fund, which he had established in 1993 to provide scholarships in honor of his late father, Louis. He tells the Journal that he is concerned about what happened to nearly $1-million left in the scholarship fund when the Education Partnership took it over.

The Education Partnership had $357,000 left when it went into receivership, the newspaper reports.