HYDE PARK — The University of Chicago announced Wednesday that it would increase its support of low-income students by $100 million.
The university said it would increase its funding for its Odyssey Scholarship Program, which helps students replace loans with grants, and its Collegiate Scholars Program, a three-year college prep program for Chicago Public Schools students.
Half of the increase comes from a $50 million gift from writer Harriet Heyman and her husband, investor Sir Michael Moritz. Heyman is a novelist and former editor at the New York Times; the Welsh-born Mortiz is a venture capitalist with Sequoia Capital worth an estimated $2.6 billion.
“Coming of age during the Depression, my parents didn’t go to college. It meant a lot to them that I was able to get a good education,” said Heyman, who grew up in South Shore and graduated from the U of C in 1972. “At that time, public schools provided a great foundation. And my parents, like many middle-class families then, could afford to send me to college. That is hardly the case for students from low-income families."
Heyman said she and her husband "want to do what we can to reduce economic barriers for outstanding students equipped with grit and tenacity, which will serve them well in a demanding milieu like UChicago.”
Heyman and Moritz have challenged the university to raise an additional $50 million from alumni and donors to meet its promise of $100 million.
The donation supports a commitment made by the university in 2012 to dramatically increase its financial support of low-income students.
The couple are vigorous philanthropists, giving primarily to educational institutions. Mortiz, a former business journalist, has given $116 million to his alma mater, Oxford University.
For more neighborhood news, listen to DNAinfo Radio here:
