Colby College in Waterville, Maine, has announced a $50 million gift from alumnus Peter Lunder (BA ’56, DFA ’98) and his wife, Paula (DFA ’98), through the Lunder Foundation, in support of the school’s financial aid programs.

The gift from Peter Lunder, a life overseer reporting to the board of trustees, and Paula Lunder, twice a member of Colby’s board, will support ongoing efforts to enroll and graduate talented students from diverse backgrounds, including the Fair Shot Fund, in which families with incomes up to $150,000 contribute no more than $15,000 annually; and its “$0 contribution” program, in which tuition and fees are waived for students from families with incomes less than $75,000—a policy described as among the most generous in the country. Over the past decade, Colby has more than doubled its financial aid budget to help broaden the demographic and socioeconomic makeup of its student body. In that time, the school has increased the number of first-generation college students by 38 percent.

“A major priority for the college has been to open the doors of Colby to talented students from around the world and to ensure it is affordable for all of them,” said Colby College president David A. Greene. “This gift…will forever change Colby and improve the lives of untold numbers of students who will benefit from an education that will allow them to shape the world for the better.”

“We feel that it is vitally important to provide the means for qualified students to have access to the life-changing educational opportunity offered by outstanding institutions of higher learning,” said Peter and Paula Lunder. “We are particularly pleased to support greater access to the Colby experience for deserving students.”

(Photo credit: Wikimedia/Colby Mariam)