Howard University has announced a $20 million gift from Carrie Walton Penner and Greg Penner, co-owners of the Denver Broncos and co-founders of the Penner Family Foundation, in support of its GRACE (Graduation Retention Access to Continued Excellence) Grant Endowed Fund.

The GRACE initiative aims to eliminate college costs and keep first-year students enrolled through graduation. The fund provides a total match to first-time undergraduate students who receive the maximum Pell Grant from the federal government, with additional funds available to students who have no expected family contribution.

“Education is about helping students reach their full potential,” said Carrie Walton Penner. “The GRACE Grant program empowers students during a crucial moment in their academic lives through to college graduation.”

“We admire Howard University’s mission to produce leaders for America and the global community,” said Greg Penner, “and are thrilled to support their work to make sure finances do not cut promising college careers short.”

(Photo credit: Getty Images/Kelvin Sterling Scott)