NEWS

Hendricken alumn gives Brown $20M for scholarships

By CRAIG CONWAY
Posted 11/19/20

By CRAIG CONWAY The man who has made one of the single largest donations in the history of Brown University to aid students got his educational start in the Warwick school system and thanks to a scholarship earned his high school diploma at Bishop

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NEWS

Hendricken alumn gives Brown $20M for scholarships

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The man who has made one of the single largest donations in the history of Brown University to aid students got his educational start in the Warwick school system and thanks to a scholarship earned his high school diploma at Bishop Hendricken High School. 

Joseph Healey, who grew up in the Greenwood area, attended Warwick schools while growing up with a single mother. His mother, Tonia, lost her job at one point and the family went on welfare. She then applied to Brown University, received a scholarship, which put her on a career path as a psychiatric nurse in order to support her family. Inspired by the determination and sacrifices of his mother, Healey knew how important education was and the value a college education could have on his life. 

When applying to Hendricken, Healey was granted a full scholarship from the Knights of Columbus. This was something he would more than repay. Following high school, he attended Boston University through an Army ROTC four-year scholarship, something he contributes to his success. “The military is near and dear to me,” Healey said. “It gave me the chance to have an education I wouldn’t have had access to otherwise.” After graduation, Healey served in the Medical Service Corps at Walter Reed Army Medical Center in Washington, D.C.

Healey has been on Wall Street since 1992. He started as an Analyst and Portfolio Manager at Dreyfus Corporation. Following that he was a Healthcare Portfolio Manager at Kingdon Capital Management. Next, he worked as a Portfolio Manager at S.A.C. Capital Advisors, LLC where he met Art Cohen. In 2005, the two founded HealthCor, a healthcare hedge fund, now estimated to be worth $3 billion.  

Due to the success of his company, Healey has been extremely generous by giving back to Hendricken and now Brown University. Healey is Hendricken’s largest donor with more than $1 million in scholarships. As described on the Hendricken website, The Healey Scholarship is a full four-year tuition scholarship awarded annually to a student who demonstrates strong academic achievement and financial need. Financial need is a specific requirement; to qualify, families must submit a FACTS financial aid application by February 15, 2019. Applications for the Healey scholarship are by invitation only.  Students who qualify for the scholarship, based on both academic criteria and financial need, will be invited to apply in March and the scholarship is awarded in April.

Healey’s connection to Brown was one of the main reasons for his $20 million donation to the school. Not only did his mother attend but he has two children who attend Brown.

“A Brown degree is a ticket that opens doors for the rest of your life,” Healey said. “To give veterans who have served our country a chance to attend Brown – the way that Brown gave that chance to my mom, and the military gave a chance to me – was a unique opportunity to return an investment that was made in my mother and in me.” $10 million of the donation will create a permanent endowment for the Elaine and Joseph Healey Scholarship for Veterans. The other $10 million will go to scholarships for students in Brown’s Resumed Undergraduate Education. This program allows admittance for qualified prospective students who take an indirect route to college due to family, financial, military-service, or health reasons. 

As mentioned in the official announcement made by the university, Healey’s donation has allowed Brown to reach $11.3 million in funds raised toward the $25 million endowment goal to admit veterans through a need-blind process and provide full financial support during their time at Brown. A year ago, Brown launched a plan to double the number of U.S. military veterans enrolled as undergraduates by 2024.

“As the University has expanded military partnerships and more veterans have pursued undergraduate degrees at Brown, we have pledged to expand support for these exceptional students,” said Brown University’s president, Christina H. Paxson.

“This generous gift from Joe Healey and his family marks a major step toward fulfilling our promise.” 

Healey still lives in New York but has a house in Narragansett and is active in the selection process for the students of his scholarship at Hendricken.

Hendricken, alumni

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