Father of twins sees opportunity for $100,000 college tuition
Posted on Apr 20, 2008
MILFORD, Conn. - With the average cost of attending a private, four-year college now at more than $32,000 a year, Robert Woods sees spending $100 for the chance to win $100,000 in tuition as nothing but an opportunity.
The father of twins, Woods already has several savings plans set up for 7-year-olds Rory and Liam. But with U.S. college tuitions rising at a rate of roughly 6 percent per year, he’s looking at the possibility of annual college costs of more than $53,000 per child by the time his son and daughter are ready for freshman year.
“On top of that are room, board, books and all the other expenses that go along with sending a child to college--and in my case, everything is multiplied by two,” said Woods, a history teacher at Bridgeport’s Central High School and Aquaculture Magnet School. “We have savings accounts. But with costs like this, we’re never going to have enough--though my wife and I want to make sure our kids have the opportunity to attend whatever colleges they choose.”
As a way of increasing their odds of this happening, Woods purchased a raffle ticket for the chance to win $100,000 in tuition. The first raffle of its kind in Connecticut, the contest gives the winner the opportunity to use the prize for up to two students to attend any accredited college, high school or grammar school in the United States.
Sponsored as a fund-raiser for Lauralton Hall in Milford, tickets cost $100 each. Just 3,000 are being sold.
The winner has up to four years to name the student or students who will receive the tuition funding. For Woods, it will be Rory and Liam. But according to Lauralton President Barbara C. Griffin, the winner may designate any family member, friend or even him or herself. Or, the winner may choose to view this as a philanthropic opportunity, requesting that a specific educational institution recommend appropriate students to receive the award.
“Really, when you think about it, this raffle is huge,” Woods added. “What an opportunity.”
Although the winnings need to be spent over four consecutive years, payments do not need to commence until the student or students are ready to use the funds at the school of their choice. Depending on who wins the raffle, the funds may be used right away or, as in Woods’ case, be held for a decade.
“We are really excited about this new fund-raiser and the fact that a change in state statutes on raffles made it possible,” said Mrs. Griffin. “We look at the raffle as a great way to support both Lauralton’s mission and education in general. We hope it might help someone go to a school he or she could not have otherwise afforded.”
In addition to tuition, eligible expenses include room and board, books and other school-related fees, with the prize money paid directly to the school.
Although Woods already has one ticket, he said he plans to purchase another this month. His father-in-law also plans on buying additional tickets for his grandchildren, Woods added.
“We’ve heard of several grandparents doing this--what a great gift,” he added.
Tickets can be purchased at the school at 200 High St., Milford, on weekdays between 9 a.m. and 2 p.m. by using cash, check or credit card. Or, call (203) 877-2786 to order by telephone, or to request a mail-order form.
The winning ticket will be pulled at 7:30 p.m. May 21 on the Lauralton campus. The winner does not need to be present. For questions or more information, please call (203) 877-2786.
