Current students attending the Fenn College of Engineering have taken the name as part of their identity. It links them to the thousands of alumni before them, including those from the original Fenn College. It is a name well known in the engineering community.
Current students will not see many benefits from the new donation, and have no connection to the Washkewicz College of Engineering. To have "Fenn College of Engineering" on their graduation diploma would represent the true school they actually attended and display a part of their identity.