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Director of Development
Student Financial Aid
500 Alumni Center
Iowa City IA 52242
(319) 335-3305

Release: Immediate

Family creates scholarship in memory of Iowa City native

IOWA CITY, Iowa--An endowed scholarship for UI students has been created by family and friends of Michael F. Coester, an Iowa City native and University of Iowa graduate who died at 36 after an 18-month battle with cancer.

Coester, who graduated from Regina High School, earned two UI degrees, a B.B.A. degree in finance in 1983 and an M.B.A. degree in 1985. He worked as a broker at the Boston Stock Exchange and served for eight years as vice president of the Bank of Boston in Corporate Finance. He died in January 1996 of metastatic renal cancer.

Coester's family said that he "valued his UI education deeply." Throughout his illness, "he spoke of the need to make higher education more accessible." When Coester died last year, his friends from Boston to Los Angeles made memorial contributions. Combined with gifts from his family, these contributions created an endowed scholarship through the UI Foundation. The earnings from the invested principal will fund scholarships for University of Iowa undergraduate students.

Student award criteria were influenced by Coester's background and career. The scholarship will be awarded to full-time students from Iowa, Colorado, or the New England states, who have earned at least a 3.0 G.P.A. and are involved in community service activities. Applications for the Coester Scholarship are available through the Office of Student Financial Aid. Selection will be made by the office's scholarship committee. The first scholarship will be awarded this spring for the 1997-98 academic year.

The Coester scholarship joins other financial awards that have been created by UI Foundation contributors as part of the foundation's Sesquicentennial Scholarship Initiative, undertaken as part of the UI's commitment to student aid and as a way to mark the university's 150th anniversary.

The University of Iowa Foundation is the preferred channel of support for private contributions to all areas of the University of Iowa. Foundation staff members work with alumni and friends to provide scholarships and other forms of support for students and faculty at the UI.