The Freedom Scholarship in South Dakota has received an additional $50 million from First PREMIER Bank and PREMIER Bankcard, the Sioux Falls Argus Leader reports.

Launched in 2021 with support totaling $50 million from the PREMIER companies and T. Denny Sanford as well as $50 million from the state, the public-private fund has reached $225 million in funding and awarded scholarships ranging from $1,500 to $5,000 to nearly 1,300 students to date. An initial allocation of $5.1 million was set to be distributed to eligible South Dakota institutions beginning this year.

The funds are managed by the South Dakota Community Foundation and the Freedom Scholarship board of directors.

“[The scholarship program] truly made a difference in the lives of many, and I could not be prouder of the organizations that stepped up and made this program happen,” said First PREMIER Bank CEO Dana Dykhouse in a news release.

(Photo credit: Getty Images/Skynesher)