The Bill and Melinda Gates Foundation announced its inaugural class of 4,100 scholars Thursday, the New York Times reported June 9.
The foundation has pledged to spend $1 billion on higher education for 20,000 low-income minority students over the next twenty years, or $50 million in scholarships a year. The students who just received scholarships are the first to benefit from this pledge.
The scholarships will be administered by the United Negro College Fund, the Hispanic Scholarship Fund and the American Indian College Fund.
The awards, which will be renewed annually based on performance, will pay the difference between the financial aid students receive from their colleges and the total cost of their tuition, housing and books.
The money enables scholars to trade work for extracurricular activities and to graduate from college without student loan debt.
The 62,000 applicants were judged on their grades, leadership skills, community involvement and financial need.
For full text, go to the New York Times.