Stanford University has just received a large increase to their financial aid program. According to multiple reports, Nike co-founder Philip Knight has made a $400 million donation to the school to help fund a new scholarship program.
The donation is one of the largest donations ever given to a university from an individual. The school announced in a statement that it is the largest increase in financial aid in the school’s history.
The donation will be used to fund the Rhodes and Shwarzman Scholarships. It is supported by $750 million, most of which are thanks to Knight’s donation.
“The Knight-Hennessy Scholars Program brings the very best students from around the world to study at Stanford in any discipline they’re interested in, and helps prepare them to be world leaders,” Stanford President John Hennessy says. “It will be the largest graduate scholarship program focused on all disciplines at any university in the world.”
Knight talked about his donation and said that it was really an easy decision for him. He wanted to help give back to the university after all they do with his company.
“This is using education to benefit mankind and I think it really could be transformative,” Knight told The New York Times. “I jumped on it right away.”
The Stanford athletic department has had a deal with Nike for the last decade, so it isn’t a huge surprise that they would be so willing to give back to the school.
*Featured Photo (above) credit to USA TODAY Sports