California: Nike Inc founder and chairman Philip H Knight has pledged USD 400 million to Stanford University to recruit graduate students.
It is one of the largest philanthropic gifts to a university.
The donation has helped the Stanford University launch the largest fully endowed scholarship program in the world.
The program is named for alumnus Philip H Knight, philanthropist, American businessman and co-founder of Nike Inc, and Stanford's outgoing 10th president John L Hennessy.
The program builds on Stanford's pre-eminent position in higher education, with seven globally-ranked multidisciplinary graduate schools that foster service, collaboration, innovation, and entrepreneurship.
Ambitious in scope and scale, Knight-Hennessy Scholars will annually admit 100 high-achieving students with demonstrated leadership and civic commitment, who are nominated by their undergraduate universities. The goal is to select students from a wide range of backgrounds and nationalities. Upon admittance to Stanford's graduate programs, scholars will receive funding for three years to pursue masters or doctorate level degrees, or professional programs along with education in leadership, innovation and other curricula designed to develop scholars' capacity to lead ambitious change in a complex world.
With a USD 750 million endowment, the Knight-Hennessy Scholars will be the largest fully-endowed scholarship program in the world. More than 80 percent of the endowment will directly support the scholars, fully funding their graduate education and living expenses. The program represents the largest single increase in student financial aid in Stanford's history. The scale of funding for the Knight-Hennessy Scholars will ensure continuity for generations to come.
The Stanford University, located between San Francisco and San Jose in the heart of California's Silicon Valley, is one of the world's leading teaching and research universities.