LYNN – Since their inception in 1994, the Alumni and Friends of Lynn Classical High School has raised a remarkable $516,000 and awarded scholarships to 680 Classical seniors.This Saturday, May 21, there will be a benefit event at St. Michael?s Hall on 25 Elmwood St. in Lynn to raise more money for deserving seniors.?The cost of college is ridiculous. This is a urban high school and these kids need all the help they can get,” said Paul Stafford, president of the group.There are three different types of named scholarships awarded to seniors in the alumni program. There are sponsor scholarships that are established by former Classical graduates or friends.There?s also memorial scholarships that are established by families in the memory of Classical graduates or loved ones and organizational scholarships established by a business, organization or an individual class reunion committee.There are several requirements that a student must have in order to receive a scholarship. They must be accepted into a four-year accredited college, demonstrate good school citizenship and community or school service.?I probably wouldn?t have met the requirements when I was a student here,” joked Stafford, who graduated from Classical in 1961.The event is their main fund-raising event and features local comedian Don White. “I have known Don for awhile now and it is finally coming into fruition,” said Assistant Vice President Paul Stonkus, class of 1976.There will be a silent and live auction with prizes like Red Sox and Celtics tickets, a Dustin Pedroia-signed baseball and much more.?It is going to be a ball,” said White. ” No matter what, you are going to have a good time.”White decided to get involved because this cause was close to his heart being a Lynn native and a Classical graduate?I am in the center of five generations growing up in Lynn. Maybe one day one of my grandchildren will get one of these scholarships.”St. Michael?s Hall holds up to 500 people and the Alumni and Friends of Lynn Classical High School hopes to see that many faces in the Hall on the night of the fundraiser.With the recent decline in the economy, the Alumni and Friends of Lynn Classical High School has been hit hard.?We will be happy with whatever the positive returns to event will be,” said Stafford.The event will be taking place Saturday, May 21 at St. Michael?s Hall on 25 Elmwood St. in Lynn from 6-10 p.m. Tickets are $20 in advance and $25 at the door.