Chicago Billionaire Donates $150 Million To Harvard's Financial Aid Program

Billionaire hedge fund manager Kenneth Griffin has donated his alma mater Harvard $150 million, the largest in the history of the prestigious college, to support its financial aid program, Press Trust of India reported.

The $150 million gift is principally focused on supporting Harvard's financial aid program, which Griffin described as "an investment in the next generation of leaders as we continue to break down barriers to an outstanding education."

According to PTI, Griffin, founder and chief executive officer of Chicago-based investment giant Citadel, earned a bachelor's degree in Economics in 1989 from Harvard and founded his firm a year later.

The Harvard College Office of Financial Aid will be renamed the Griffin Financial Aid Office and the head of that office will be known as the Griffin Director of Financial Aid in honor and recognition of Griffin's gift.

"It is extremely important that students of all backgrounds have the opportunity to challenge themselves, learn to solve complex problems, and ultimately better our world," said Griffin, who started his career as an investor from his Harvard dorm room.

"My goal with this gift is to help ensure that Harvard's need-blind admission policy continues, and that our nation's best and brightest have continued access to this outstanding institution," he said.

As many as 800 undergraduates every year will be impacted with the gift, establishing a cohort of 200 Griffin scholarship recipients.

To inspire other alumni and friends to contribute to Harvard College's financial aid program, the gift will provide matching funds through the new Griffin Leadership Challenge Fund for Financial Aid for 600 new scholarships as an inspiration, PTI reported.

Griffin, who will celebrate his 25th Harvard College class reunion in May, has long been a leader in financial aid initiatives at Harvard. In 1999, in his 10th reunion year, Griffin established a scholarship named in honor of his grandfather.

He also served on the Faculty of Arts and Sciences (FAS) Financial Aid Task Force, which approved a new financial aid case statement for the college and focused on raising support from alumni, according to PTI.

Griffin's "extraordinary philanthropy" would create a more vibrant educational environment for all Harvard students, Drew Faust, Harvard University president, said.

"The donation includes $10 million to establish the new Griffin Professorship of Business Administration at Harvard Business School (HBS) that will support an outstanding faculty member and who generates the field-based intellectual capital that advances the practice of management," PTI reported.

Expressing his appreciation for the donation, HBS Dean Nit in Nutria said, "Our faculty is at the core of our mission of educating leaders who make a difference in the world. Ken's gift will help us achieve that."

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