Borders Group Foundation Awards $93,500 in Scholarships to 53 Students Nationwide

Foundation Celebrates Its 10th Anniversary of Strengthening the Borders Group Team
Borders Group, Inc. has announced that 53 students, who are employees of the company or dependents of employees, will receive a total of $93,500 in scholarship funding for the 2006-2007 academic year through the fifth annual Borders Group Foundation Scholarship program. Four of the scholarships were awarded at the $5,000 level and the remainder at the $1,500 level.

Now in its 10th year, the Borders Group Foundation, a not-for-profit organization funded by the company and its employees, provides financial assistance to Borders Group employees in time of need. As part of its mission, the Foundation has established a scholarship fund to provide financial assistance to regular part-time and full-time employees who are furthering their education, as well as the dependents of employees requiring educational assistance. Employees must be based in the United States and have at least one year of service with the company in order for them, as well as their dependents, to be eligible. Those eligible must also have a GPA of 3.0, or higher on a 4.0 scale, and must be currently accepted or enrolled in a two- year or four-year college, university or vocational technical school.

The $1,500 Borders Group "Scholar Awards" are open to all full-time and part-time employees with at least one year of service with the company. The four $5,000 Borders Group "Honor Scholar Awards" are presented to the highest achievers of this group.

The $1,500 "Family Scholar Awards" are open to an eligible dependent, spouse or qualified same-sex domestic partner of any Borders Group regular full-time or part-time employee who has at least one year of service with the company.
The company also awarded its $1,500 "David H. Carpenter Scholarship." David H. Carpenter was the Midwest territorial vice president for Borders stores until he passed away suddenly in June 1998. He was a graduate of Michigan State University, and the scholarship was established in his memory. This year's recipient of the "David H. Carpenter Scholarship" is Elizabeth Jagenow, daughter of Sarah Jagenow, children's buyer at the corporate office in Ann Arbor, Mich. Elizabeth is attending Michigan State University.