The OU College of Medicine is launching a campaign to raise $5 million in scholarships to celebrate its centennial.

The goal of the college’s Second Century Campaign is to raise private funds over the next five years and allocate the money toward annual and endowed scholarships, Development Director John Cougher said.

“It’s vital for us to increase the assistance available to our students in order to keep our top medical students in Oklahoma, be competitive in attracting outstanding students regionally and nationally and keep the costs of medical school affordable for students from all economic backgrounds,” alumnus and college Dean Dr. Dewayne Andrews said in a statement.

According to a 2008 report by the American Association of Medical Colleges, the OU College of Medicine charges the second highest out-of-state tuition rate in the region, behind the University of Nebraska.

To balance these costs, the college raised about $8 million in scholarship endowments in the 2008 fiscal year, according to the 2008 association report. It also distributed $543,000 in scholarships, according to the report.

Because of the high costs and the low number of scholarships awarded, the college has had a hard time retaining some Oklahoma students, especially since Texas schools have more affordable out-of-state costs, Cougher said.

“The costs to go to school have remained steady over the past years, but students still leave OU with an average debt of $147,000,” Cougher said. “We want to change that by giving out more scholarships.”

Through the campaign, college administrators are asking alumni to donate toward an annual or endowed scholarship fund, according to campaign materials. Those who donate more than $2,500 each year will have the scholarship given to students in their name. Donations of less than $2,500 will go in the general Dean’s Scholarship Fund.

For endowed scholarships, donors must give at least $25,000 to set up a scholarship in their name or a designee’s name, according to the campaign statement.

College of medicine alumni understand the costs of medical school and the challenge of paying for it, so they are more willing to donate, Cougher said.