Duke gets more Gates millions for scholarships

The Bill & Melinda Gates Foundation has dropped another sizable donation on Duke University. This time, it is $10 million for scholarships.

The money -- $9 million for financially needy undergraduates and $1 million for graduate students in the Fuqua School of Business -- will be invested in an endowment to pay for scholarships.

Melinda French Gates is a Duke alumna and former trustee, and the Gates Foundation has been a big supporter of the university.

Earlier this month, the Gates Foundation and the Charlotte-based Duke Endowment contributed $15 million each to support DukeEngage, a new program that promotes civic engagement and public service. In 1998, the Gates family gave Duke $20 million to establish a scholarship program that has supported 154 students so far.

The latest gift, announced Tuesday by Duke President Richard Brodhead, will help the university shore up a fund for financial aid.

In 2005, the university began an effort to raise $300 million in endowed financial aid to ease pressure on the university's operating budget and guarantee its ability to award scholarships in future years. Including the Gates gift, the university has received more than $216 million toward the goal.

"Fundamentally, students who earn admission to Duke should be able to pursue their education regardless of financial barriers," Melinda Gates said in a news release. "We are proud to support this initiative and Duke's commitment to enroll more students from a wide range of backgrounds."

Duke spent $47 million on financial aid grants for needy undergraduate students in 2005-06. About 40 percent of Duke undergraduates receive need-based aid from the university, which admits students without considering their ability to pay.

The $300 million fundraising initiative is not expected to expand financial aid significantly but will help protect Duke's operating budget as tuition and financial aid costs rise.