NYU Stern Receives $10 Million for Scholarships
Last week, New York University’s Stern School of Business announced that it has received a $10 million gift from William R. Berkley to establish an MBA scholarship program. The program is intended to fund students who want to move directly from their undergraduate studies to business school. Scholars will be selected based on previous academic achievements and future business potential.
William R. Berkley received his Bachelor of Science from NYU in 1966, and immediately pursued an MBA from Harvard Business School. He is now the founder and CEO of a property and casualty insurance holding company, and serves as Chairman on the NYU Stern Board of Overseers. He has previously endowed several Stern professorships.
Berkley wanted to provide money so that students would have the chance to go straight to business school, as he did. In a statement, Berkley explained his gift: “I had the rare opportunity to pursue my passion at a young age, and we want to bring to Stern the brightest students in the world who are ready to do the same.”
The scholarship will cover Stern’s $61,274 annual tuition and $18,000 annual housing cost for two years, and the amount of the scholarship will rise as Stern’s cost increases to continue to cover the full cost of attendance. The scholarship will also provide a $10,000 annual stipend for supplies and textbooks. Up to ten students will receive the scholarship every year.
This scholarship gift is part of NYU’s “Momentum Campaign”, a recent initiative that aims to provide $1 billion in scholarships for the school over six years. Over the past two years, the campaign has raised $222 million.
