Richard Price, Chase Foundation director, announces a $1.8 million increase in the scholarship program Tuesday night. (Tyler Green - Daily Press)

Richard Price, Chase Foundation director, announces a $1.8 million increase in the scholarship program Tuesday night. (Tyler Green - Daily Press)

By TYLER GREEN
Daily Press Staff Writer

The Chase Foundation announced it will commit an additional $1.8 million to its scholarship program Tuesday bringing the total amount committed over the past five years to $6.8 million.

The scholarship program created by Mack and Marilyn Chase and members of the Chase family in 2007 provides students with financial resources to pursue a college education and improve the quality of life for future generations.

Tuesday’s announcement included new stipulations for the 2011 graduating class aimed at increasing the rate of scholarship recipients who earn their college degree.

According to Chase Foundation Director Richard Price, 35 to 40 percent of scholarship recipients fail to earn their degree. “We’re losing a large number of our students in the first year,” said Price. … For the rest of the story, subscribe in print and on the web.