The University System of Georgia (USG) is launching a need-based scholarships program financed through the private sector.

The USG Foundation raised more than $4.5 million in startup funds for the new DREAMS Scholarship to help students bridge financial gaps, system Chancellor Sonny Perdue announced Saturday during the annual Regents’ Scholarship Gala. The first scholarship will go to Giuli Capparelli Sanabria, a junior majoring in biology at Georgia Tech.

“The Board of Regents is focused on affordability, but unmet needs for students can still arise,” Perdue said. “By helping to close the gap between the cost of college and what families can afford, this program helps us expand access to higher education for those who need it most.”

Georgia and New Hampshire are the only states that don’t offer a need-based scholarships program in their four-year public colleges and universities. The HOPE Scholarships program is based on merit and covers only tuition costs.

Funded in part with $2 million in seed money from Truist Charitable Fund, DREAMS will provide up to $3,000 per year to eligible students. The program encourages student responsibility by expecting part-time employment or volunteer service by participants.

Once fully built out, the program aims to serve not only USG students but those enrolled in one of Georgia’s technical colleges.

“The support we’ve received will help more students complete their studies, thrive in their careers, and contribute to a stronger, more competitive Georgia,” said Regent Cade Joiner, chairman of the USG Foundation Board of Trustees. “We’re building new pathways that change lives through education.”

Capitol Beat is a nonprofit news service operated by the Georgia Press Educational Foundation that provides coverage of state government to newspapers throughout Georgia. For more information visit capitol-beat.org.