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$100,000 in college tuition the perfect graduation gift

Posted on May 10, 2008

MILFORD, CONN. - Gift cards and cash are ranked as the top graduation gifts, though few Class of 2008 graduation cards are likely to contain $100,000 in college tuition.

However, the opportunity to give a student $100,000 in tuition to attend any accredited college, graduate or K-12 school in the United States is now possible, thanks to a first-of-its-kind raffle that will be drawn on May 21. And as far as West Haven resident Barbara Wolfe is concerned, the timing couldn’t be more perfect.

"My oldest grandson is graduating eighth grade, so I’m buying one ticket for him and another for his younger brother,” said Mrs. Wolfe, 77. She added that while the $100 cost per ticket may at first seem hefty, both the odds and opportunity are too good to pass up.

Just 3,000 tickets are being sold for the raffle, with the winning ticket being drawn at 7:30 p.m. May 21, 2008, at Lauralton Hall.  The winner does not need to be present to win.

Tickets will be sold on Saturday and Sunday, May 17 and 18, at the Westfield Connecticut Post Mall outside of Strasburg Children on the upper level. They can also be purchased at the school at 200 High St., Milford, weekdays between 9 a.m. and 2 p.m. with cash, check or credit card. Or, call (203) 877-2786, ext. 143, to order by telephone, or to request a raffle ticket order form.

“I can’t begin to imagine how much college will cost by the time my grandsons are ready,” Mrs. Wolfe said. “Both boys have said they want to go: one to be a chef and the other...well, he changes his mind pretty much every day. But whatever he chooses will require a college education. Employment is so competitive these days.”

A change in Connecticut’s raffle laws made this “really unique and exciting opportunity” possible, said Lauralton Hall President Barbara C. Griffin. Although the school is sponsoring the raffle as a fund-raiser, Mrs. Griffin emphasized that the prize money can be used for any student to attend any accredited school.

Eligible expenses include tuition, room and board, books and other school-related fees, with the prize money paid directly to the school.

Up to two students can be designated to receive the award. The winner has up to four years to name the student or students who will receive the prize, which may include the winner himself, family members or friends. The winner may also choose to view the raffle prize as a philanthropic opportunity, requesting that a specific educational institution recommend appropriate students to receive the award.

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. That means depending on who wins the raffle, the funds may be used right away or held for several years.

“We view the raffle as a great way to support both Lauralton’s mission and education in general,” Mrs. Griffin said. “We hope it might help someone go to a school he or she could not have otherwise afforded, offering a really golden opportunity.”



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