On Monday, March 28th, New York University’s Leonard N. Stern School of Business announced the inception of The Marie-Josée and Henry R. Kravis Family Scholarship. The scholarship was made possible through a hefty donation of $1.8 million from The Marie-Josée and Henry R. Kravis Foundation.
In a statement released by the university, Andrew Hamilton, President of New York University, said, “Addressing college costs and affordability are among my foremost priorities. Next year, we will enact NYU’s smallest increase in undergraduate cost-of-attendance in more than 20 years. But even important steps such as that must be accompanied by improvements in scholarship aid. And so we are grateful to Marie-Josée and Henry Kravis for their generous gift, which will permit students filled with talent and ambition but lacking financial resources to obtain the NYU education of which they dream.”
The scholarship will support NYU’s Momentum Campaign. The Momentum Campaign is the university’s efforts to raise money to meet the overall financial needs of its students. Under the campaign, NYU hopes to raise $1 billion exclusively dedicated to generating scholarships. The school noted, “Given our selectivity, getting into NYU is difficult. But for too many of our most deserving applicants and students, another hurdle looms: being able to afford to come here. For each student with need—and almost half of our undergraduates are eligible for scholarship aid—we do our best to build an award that adds our own grants to private and government resources. And while NYU does provide an extraordinary amount of assistance, we are not able to meet the overall financial needs of our students. Annually the gap is on the order of $200–250 million.”
With help, and generosity, from The Marie-Josée and Henry R. Kravis Foundation, NYU has surpassed the half way mark, raising more than $500 million. As for the Leonard N. Stern School of Business, it has raised more than $100 million in scholarship as part of the Momentum Campaign.