South Dakota State will receive $2.5 million in scholarships from the Horatio Alger Association Endowment, following a $30 million donation from philanthropist T. Denny Sanford.
Starting in the 2019 academic year, SDSU will receive $250,000 a year for the next 10 years in scholarships for Horatio Alger Scholars. SDSU is one of seven South Dakota schools to receive a portion of the endowment.
“We are immensely grateful to Denny for his commitment to our mission and his willingness to step forward with such a magnificent gift,” said Matthew Rose, president of the Horatio Alger Association. “It is an act of generosity that won’t soon be forgotten.”
Sanford’s $30 million is the largest single gift the nonprofit has received in 71 years.
“This is a historic gift to the association and one that will benefit deserving young men and women across this nation for the next decade,” Rose said in a press release.
Students can earn the scholarship two ways: there is an application process, or if they are contacted by admissions as meeting the criteria of a Horatio Alger Scholar. Since the scholarship program was established in 1984, the Horatio Alger Association has provided more than $125 million to students in need.
Sanford received an award from the association in 2016 for his philanthropy.
“The Association incorporates leaders from the business, entertainment and political communities,” Sanford said. “Through the Association, I am honored to be connected with some of the most important and impressive persons in the United States.”