He lived quietly, spent almost nothing, and never went to college himself, but what Dale Schroeder did with his savings reshaped dozens of lives.
The story behind the Iowa carpenter who used his life savings to put 33 strangers through college for free
For most of his adult life, Dale Schroeder was easy to overlook. He worked as a carpenter in Des Moines, kept the same routine for decades and avoided attention whenever possible. He never married, never had children and lived what can simply be described as a simple life. Few people realized that behind that modest exterior, Schroeder was quietly amassing a fortune, one that would go on to have a singular purpose.
The quiet man and his secret millions
Schroeder grew up poor in rural Iowa, raised by a single mother alongside his sister. College was never an option. Instead, he went straight to work and stayed there, taking pride in his craft and spending little on himself. As This Is Iowa explains, however, friends discovered that he had often failed to cash his Social Security checks, letting them pile up unused while he continued working.
The extent of his savings only became clear late in his life, through friendships with Walt and Judy Tomenga. When Schroeder asked for advice on charitable giving, he was unusually firm. He did not want to donate to institutions or large organizations. He wanted to help people directly, especially young Iowans from small towns who reminded him of himself.
When his lawyer, Steve Nielsen, reviewed the numbers, the result stunned everyone involved. Schroeder, who lived so simply, had accumulated nearly $3 million. His instructions were explicit: use the money to send students to college, fully paid, without loans or debt.
After Schroeder died in 2005, his friends took on the responsibility of carrying out that vision. They created a scholarship program from scratch, partnered with local groups to reach rural schools and sort through hundreds of applications each year. Essays and interviews mattered more than test scores, with selectors looking for perseverance and character, what they called the “Dale Factor”.
Keeping Dale’s dream alive
Between 2007 and 2015, 33 students received full college funding, attending schools including Iowa State University, University of Iowa and University of Northern Iowa. Many were first-generation college students. All graduated without debt.
The recipients now call themselves “Dale’s Kids.” They are doctors, teachers, therapists and professionals across Iowa and beyond, carrying forward the impact of a man most never met, but whose belief in opportunity continues to shape their lives.
“They all asked about him,” said Nielsen, who, along with the other friends, meets with the recipients each year for a reunion dinner. “We kept him alive by telling his story. That’s the fun part. And they’re all just floored by his story and generosity.”
Read the heart-warming full story by This is Iowa.
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