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The intent of this award is to enable students to attend college without accumulating burdensome debt. Awards from the Phillips Scholarship range from $3,000 to as high as $15,000 in a few cases. In general, the average award each year is in the $6,000 to $7,000 range.
Stephen Phillips was a member of a prominent Salem, Massachusetts family that for many years had been actively involved in the merchant sailing era of Salem that followed the American Revolution.