St. Edward's University has received a $20 million donation, which is the largest single donation in university history.
The gift, given by Bill and Pat Munday, will be used to fund the Munday Scholarship. The scholarship funds 25 percent of a student's tuition and is expected to annually benefit 125 to 150 students.
This means that for the 2013 Fall semester tuition price of $16,660, a student would receive an estimated $4,165 of aid.
As of press time, there are 51 current students benefitting from the Munday scholarship. Michael Larkin, vice president of University Advancement, said the scholarship is provided on basis of financial need.
With this gift, the Mundays have now given a total $36 million. Previous donations include $13 million in 2011 for the Munday library, scheduled to open in Fall 2013, and $385,000 to help raise funds for the John Brooks Williams Natural Sciences Building - North.
“As donors and friends, this gift is an expression of our steadfast commitment to education for all and not just the privileged few," Pat Munday, a member of the Board of Trustees, said in a statement. “We believe that St. Edward's students, transformed by their educational experience, are better able to fulfill their potential, meet future life challenges and become socially responsible individuals with the intelligence and character needed to make a difference in the world."