Loyola University announces $100 million donation to fund scholarships for students of color

CHICAGO (CBS)-- Loyola University has received a record $100 million donation to fund scholarships for students of color and other underrepresented students.

The donation from philanthropists John and Kathy Schreiber is the largest individual gift in the University's history. 

The gift aims to support "services for aspiring Black, Latino, first generation, and other ethnically and racially diverse students who are historically underrepresented in higher education."

The university said the $100 million donation will fully cover tuition, room, board and support services to remove obstacles that often keep a four-year degree out of reach for such students.

The program will launch in the fall semester of the upcoming school year at Loyola.