The UCLA Affordability Initiative was unveiled thanks to the donation from Bruin and real estate investor Peter Merlone.
LOS ANGELES — Fueled by a $15 million donation, UCLA announced an effort Wednesday to raise funds for student scholarships as part of a larger goal of creating debt-free education by 2030 by removing the need for student loans.
“UCLA was founded on the notion that access to a top-tier education should be available to talented individuals of all backgrounds and financial means,” UCLA Chancellor Gene Block said in a statement. “Peter Merlone’s gift, and the UCLA Affordability Initiative as a whole, will help us preserve our ability to attract stellar students from across the state — and set them up for success after graduation.
With Merlone’s donation, UCLA will grant four-year scholarships of about $20,000 — at $5,000 per year — to as many as 35 California resident students beginning next year. University officials said the money could dramatically reduce or eliminate the need for student loans.
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