The Stern Undergraduate College at New York University has announced that it will use a generous donation of $1.8 million from the Marie-Josée and Henry R. Kravis Foundation to create a new scholarship. The funds will support high-achieving, low-income students entering Stern for the fall 2016 semester. Students given the scholarship will be known as the Marie-Josée and Henry R. Kravis scholars.
The Kravis Foundation also supports NYU’s “Momentum Campaign,” which hopes to raise $1 billion in funding over the next six years for scholarships. With the addition of the Kravis’ donation, the school has now raised over $100 million to put toward scholarships, and it has reached the halfway point in its overall goal with $500 million raised.
“Talent doesn’t correlate with zip code. This scholarship will help more talented men and women who lack resources pursue higher education,” said Henry Kravis, co-founder and co-CEO of global investment firm KKR.
Andrew Hamilton, NYU’s president, agrees. “Addressing college costs and affordability are among my foremost priorities,” he said. “Next year, we will enact NYU’s smallest increase in undergraduate cost-of-attendance in more than 20 years. But even important steps such as that must be accompanied by improvements in scholarship aid.”
“And so we are grateful to Marie-Josée and Henry Kravis for their generous gift, which will permit students filled with talent and ambition but lacking financial resources to obtain the NYU education of which they dream,” Hamilton said.
This is not the first donation the Kravis Foundation has made to education. Last spring, the foundation pledged $100 million to Rockefeller University to create a new laboratory as a campus extension. That laboratory will be a two-floor centerpiece of the new Stavros Niarchos Foundation—David Rockefeller River Campus, consuming three city blocks on the shore. The new lab will provide plenty of space for the school’s science and research projects.
The Kravis Foundation’s gifts ensure that new generations of intelligent, committed students will have the educational resources they need for years to come.