Buffett's Tidal Wave Of Cash

The decision by Warren Buffett, the world's second richest man, to start giving away his money now – during his lifetime – is already sending ripples of hope to some who are likely to benefit.

The self-made multi-billionaire's philanthropic plans are the largest in the history of corporate giving, including $1.5 billion a year going to the foundation of Bill and Melinda Gates Foundation.

CBS News National Correspondent Byron Pitts reports one such organization is the Institute for Student Achievement, whose mission is converting the huge classrooms of America's super-sized urban high schools into much smaller personalized schools.

"Organizations like ours," says Gerry House of the Institute for Student Achievement," are able to help more students – underperforming students, low-performing students – graduate from high school prepared for success in post-secondary education for careers for success in life."

ISA has received nearly $14 million from the Gates Foundation and has used it to create schools in four states: Georgia, Virginia, New Jersey and New York.

For teens, says House, it's a chance at a better education and a better life, with donations paving the way for field trips, college tours and professional development programs.

"With this money that this gentleman is going to donate," says Saran Beaumont, a single parent in New York City, "I am proud that my son is in this program because it's going to help him a lot better."

Dwayne Elliott, a student at an ISA-created school, says the personalized but rigorous academic program is working for him.

"It's better for me for learn than in a big school," he explains, " 'cause in a big school, I'll get lost."

An environment he won't be in – at least not now - thanks to a new wave of philanthropy.