A Duke University graduate and investment manager and his wife are giving his alma mater $50 million to help undergraduates attend the elite school.
Duke said Monday that university trustee Bruce Karsh and his wife Martha want $30 million for be used to help U.S. students and $20 million for international students. Duke's undergraduate tuition is nearly $41,000 a year.
The donation designates that $5 million will be used to help graduates of a national network of college-preparatory public schools working in poor communities. The money will be set aside to help graduates of the Knowledge Is Power Program, or KIPP school, who are accepted to Duke.
Bruce Karsh is president of Oaktree Capital Management, an investment company he co-founded in Los Angeles in 1995.