The University of Pennsylvania has announced a $10 million gift from alumni Mindy and Jon Gray ('92) to help provide financial aid to low-income and/or first-generation college students from New York City.
The gift will create an endowment to fund full-ride scholarships for ten students annually who qualify for the highest level of financial aid and other benefits available through the Penn First Plus program. In addition, 10 percent of the gift will be used to ensure that those students have access to special opportunities — including summer grants awarded through an Opportunities Fund that provide recipients with the financial flexibility to pursue summer internships, join a research team, engage in service learning, travel abroad, or take summer courses.
The Grays' previous support for Penn include a $25 million commitment in 2012 to establish the Basser Center for BRCA at Penn Medicine's Abramson Cancer Center; an additional gift of $21 million in 2017 to create an endowment for the center; and gifts in support of undergraduate financial aid, Kelly Writers House, and various renovation projects.
"Mindy and I feel blessed to enable more students from New York City to receive the incredible opportunity that a Penn education provides," said Jon Gray, president and COO of private equity firm Blackstone Group.
"As a member of the first generation in my family to attend college," said Mindy Gray, "I never take for granted how Penn opened the doors of higher learning for me. These are smart, hard-working students who deserve the same."