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Loyola University Maryland April 10, 2024. (Kevin J. Parks/CR Staff)

Loyola University Maryland receives $10 million gift


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Filed Under: Colleges, Feature, Local News, News

Loyola University Maryland has announced a landmark $10 million commitment from Patricia and John R. Cochran III, ’73, marking the largest single gift in the Baltimore institution’s history and its first eight-figure donation. The contribution will establish the Cochran Family Center for Faculty Excellence, expand the existing Cochran Family Scholarship Fund and create the Cochran Faculty Fund.

“We are truly grateful to Patricia and John for their faith in Loyola’s mission as a Jesuit, liberal arts university that seeks to prepare students to lead and serve in a diverse and changing world,” said Terrence M. Sawyer, Loyola’s president, in a news release. “The Cochrans know firsthand the transformative impact of a Loyola education – John through his roles as a student, graduate, volunteer leader and trustee, and both Patricia and John as the parents of a Loyola graduate. Their historic gift will help empower our expert faculty and elevate student success and academic excellence at the University.”

John Cochran is a native Baltimorean raised as one of eight children. The son of a postmaster, he attended Cardinal Gibbons High School in Baltimore and worked 30 hours weekly stocking grocery shelves to finance his Loyola education, according to the news release. After graduating from Loyola University Maryland in 1973, he launched a banking career at Maryland National Bank, eventually rising to chief operating officer of MBNA Corporation and chairman and CEO of MBNA America Bank.

Cochran attributes much of his achievement to his Jesuit education, which has fueled his decades of philanthropic support for Loyola. The Cochrans established their scholarship fund in 2002 specifically to support Maryland students, with emphasis on those from Baltimore. They previously contributed $5 million to the fund in 2013 during the launch of Loyola’s “Bright Minds, Bold Hearts” campaign.

“Loyola was, and is to this very day, founded on the principles of my Catholic faith,” Cochran said. He noted that the gift is “a great opportunity for Pat and me to grow the scholarship fund for future students, particularly those coming from Baltimore.”

“We were both raised in Baltimore City and know the challenges families face when it comes to affording higher education,” he said. “It is our hope that this scholarship will enable families to send their children to Loyola.”

Beyond scholarships, the gift will create robust support systems for Loyola’s faculty through the Cochran Faculty Fund, which will provide resources for professional development, course creation, mentorship and experiential learning initiatives. The fund will also establish Cochran Scholars, a cohort program designed to enhance professional development and mentoring opportunities.

“Students certainly benefit from good faculty, and it’s a very competitive market today in higher education to attract faculty members,” Cochran said. “It’s important to help the provost and the deans attract, retain and develop strong faculty members.”

Cheryl Moore-Thomas, Ph.D., provost and senior vice president, emphasized the dual impact of the gift. 

“We are so honored by Patricia and John’s generosity and vision in making this incredible commitment,” she said. “Their gift not only recognizes the importance of creating opportunities for students, but also the critical need to invest in the faculty who teach them.”

John Cochran’s leadership legacy at Loyola includes serving as Board of Trustees chairman from 2003 to 2007, during which he led the $80 million “Preparing for Tomorrow” campaign. His contributions have been recognized with the Alumni Laureate Medal, an honorary Doctor of Humane Letters and the Carroll Medal.

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