The Simons Foundation and Simons Foundation International—established by Giving Pledgers James and Marilyn Simons—have announced a seven-year, $500 million commitment to Stony Brook University, part of the State University of New York system.

The largest gift in the university’s history—described by the foundation as the largest unrestricted higher education gift in U.S. history—will be directed to the school’s endowment. The gift also is expected to unlock an additional $250 million in public funds for the school through a matching program that became law as part of the New York State budget in April. The donation and matching funds will nearly triple the university’s current endowment of $370 million.

James Simons, a former chair of the school’s math department and founder of Renaissance Technologies, a quant hedge fund, and his wife, Marilyn (BA ’74, PhD ’84), awarded $150 million to the university in 2011, until now the school’s largest gift. The couple’s support for the school totals more than $1.2 billion, including a $100 million commitment announced in April to support the development of a new campus on New York’s Governors Island.

More than 50 percent of Stony Brook students have their tuition fully covered by financial aid and state grants, the New York Times reported. “What our students struggle with are all the other costs related to going to college, whether that is trying to afford room and board, or if they are commuters, it can be commuting costs, it can be textbook costs….Investing in our students is one of the ways that we might expend this money in the future,” Stony Brook president Maurie McInnis told the Times.

“As a Stony Brook graduate, I know firsthand the role that a quality education plays in the trajectory of one’s life,” said Marilyn Simons in a statement. “Jim and I want to ensure that Stony Brook continues to serve its students with the highest level of educational excellence and with world-class resources. The foundation’s gift will also help give those from underserved communities the opportunity to reach their full potential. We look forward to seeing this institution continue to thrive.”

(Photo credit: Wikimedia/Kenneth C. Zirkel)