DURHAM, N.C.
The Duke Endowment of Charlotte has committed $75 million to be paid over three years for student financial aid at Duke University.
The gift, announced this week, is the largest made by the endowment in its 81-year history and the largest the university has received. The grant will be used to solicit matching funds.
“I’m elated and at the same time profoundly humbled by this gift,” President Richard Brodhead said. “I can’t imagine a more deeply fulfilling moment in my career as leader of this university.”
One of Brodhead’s top priorities since he became Duke president in July 2004 has been strengthening the university’s financial aid endowment.
The Duke Endowment started as a charitable trust by industrialist James Buchanan Duke in 1924. It has grown to nearly $2.5 billion.
Brodhead said the gift is important to Duke’s long-term ability to provide strong financial aid programs.
Attending Duke as an undergraduate costs about $40,000 a year. About 40 percent of the university’s undergraduates qualify for need-based aid. Duke this year budgeted about $55 million for undergraduate financial aid, nearly 8 percent more than last year, the university said.
— Associated Press
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