Binghamton University—part of the State University of New York system—has announced a gift of $37.5 million to fund scholarships for incoming undergraduate and graduate students.

The gift from an anonymous donor family will provide $25 million for undergraduate and $12.5 million for graduate student scholarships. The university will begin distributing the undergraduate scholarships in the fall of 2023, with 25 incoming students receiving awards each year until the program reaches its goal of funding 100 scholarships annually. Each year, 20 incoming first-year students will receive a scholarship of $10,000 per year for up to four years and five incoming first-year students will receive a scholarship up to the cost of in-state-resident tuition (about $30,000) per year for up to four years. In addition, the gift will endow a separate scholarship program for students pursuing a Master of Fine Arts to cover tuition for 15 incoming graduate students per year for up to two years until the program reaches its goal of funding 30 scholarships annually.

The programs are part of Binghamton’s larger effort to attract prized students through robust scholarship and financial aid programs that broaden access and foster diversity, while maintaining academic excellence and strengthening what the school describes as its “hard-won position as a great public university.” According to the university, two-thirds of Binghamton students cannot enroll without financial assistance, and many who are accepted for admission opt to matriculate at other top-tier private and public universities where they have access to greater financial aid and scholarship opportunities.

“Investing in these scholarships equates to investing in students,” said Binghamton University president Harvey Stenger. “Continuing our tradition of attracting the best students will keep our academic reputation strong and further enhance the value of a Binghamton degree.”

(Photo credit: Wikidata/Evangelos Dousmanis)