The University of Chicago has received an anonymous $100-million donation from an alumnus. In an announcement of the gift on Wednesday, the university said the money would be used for scholarships, jump-starting a $400-million fund-raising campaign for student aid.
The institution is following other leading public and private colleges, such as Princeton University and the University of Virginia, in replacing loans with grants for lower-income students.
The gift — the largest in the University of Chicago’s history — will help eliminate loans entirely for students from families with annual incomes of less than $60,000. It will also help cut in half the amount of loans taken out by students whose families earn between $60,000 and $75,000 annually.