Barent Wemple and his wife Ashley Burton were newspaper tycoons in the twenties and thirties, publishing the Mohawk Valley Democrat for more than two decades.

When they passed away more than thirty years ago, they left their newspaper fortune to their son Frank.

But when Frank died in November there was a surprise in his will, a $1.8 million trust set up for the district and its 1,500 students.

"We wanted to make it something that would be very valuable to students," Hoffman said.

The district decided to create a scholarship program, awarding several scholarships set to the price of an associate’s degree at the local community college.

"Twenty five years ago the high school diploma had more weight in the job market than it does today. In fact, researchers say the equivalent today is an associate’s degree," Hoffman said.

Big gift for small school district

Fonda-Fultonville Superintendent James Hoffman calls the nearly $2 million gift, "simply astonishing."

"They can go to any two or four year college. They can also go to trade school. It's anything that will further their education," he said.

The trust requires that five percent of its value be awarded every year.

This year, that's about 15 scholarships or 10-percent of the senior class.

With odds like that it's no wonder students are already getting their applications ready.

"I'm definitely applying, yes," one senior said.

Bridget Decarlo, said: "We don't have as many options as bigger schools so for such a small school it's incredible."

"My mom last night was like 'make sure you find that scholarship tomorrow at school,'" senior Evan Wadsworth said.

With the price of college tuition climbing, Hoffman says it may just be the parents who are the most excited after all.