Monmouth University in West Long Branch, New Jersey, has announced a $21 million gift from an anonymous donor. 

The largest gift in the university’s history will establish a scholarship program to assist undergraduate students with financial need. The gift includes $1 million to be used immediately for current students in need of financial support and $20 million to be invested in a perpetual endowment. Undergraduates that meet specific academic and financial criteria will be eligible for the scholarship.

“This transformational gift is a true game-changer for our students,” said Monmouth University president Patrick F. Leahy. “Promoting and supporting social mobility is one of the most important things we can do in higher education, and this commitment is squarely aligned with Monmouth University’s ambition to integrate academic excellence and educational access like no other university in our category. We are extremely grateful that our generous benefactor shares this commitment.” 

(Photo credit: Getty Images/Joyce Diva)