The New York University Stern School of Business has announced a $25 million commitment from alumnus Kenneth G. Langone (MBA ’60) and his wife, Elaine, in support of student scholarships.

Made in the form of a testamentary gift, which is legally revocable, the gift will fund scholarships for the school’s Langone Part-Time MBA Program, with a focus on military veterans and active-duty military personnel. A Stern executive board member, Langone is a co-founder of Home Depot and founder and CEO of Invemed Associates. The part-time MBA was named in his honor in 1999 following a $10 million donation.

“Growing up in a working-class family, I was not only willing to work, but willing to work really hard. I quickly learned the value of a dollar and it changed the course of my life,” said Langone. “Now Elaine and I are in a position to pay it forward, to help other bootstrapping young professionals who want to make their mark on the world.”

“Ken and his wife Elaine are believers in the American dream and are deeply dedicated philanthropists, as reflected in their naming of NYU Langone Health and their significant support of a variety of philanthropic causes,” said NYU Stern dean Raghu Sundaram. “This is just one more example of their extraordinary generosity. The Langone Part-Time MBA Program has long been a pillar and flagship offering of Stern, and we are enormously grateful to the Langone family for their longstanding commitment to supporting our working professional students and helping Stern sustain this program as one of the nation’s very best.”

(Photo credit: Getty Images/ProStock Studio)