The money will allow 7 South Dakota schools to give out $1.3 million a year through the Horatio Alger Association.
Denny Sanford awarded the non-profit the largest gift in its 71-year-history.
Sanford spoke to KELOLAND News today on the phone from California.
"I've meet a couple of the recipients in South Dakota who are absolutely amazing stories. What they went through is incredible and they are stars in their own right. Not only grade wise, but community wise and sports activities and the like," said Sanford.
SDSU is one of the lucky universities receiving a $250,000 donation from T. Denny Sanford.
"It's just a great gift to the entire state. It includes 7 universities in South Dakota. So this is an enormous, positive impact on our state," said SDSU President Barry Dunn.
The scholarship will require students to write an essay about hardships they've been through.
"Its about character. So it'll be good for our students. There's certainly lots of young people from minority communities in Sioux Falls or in Huron for example that could really could use this scholarship very well," said Dunn.
Even though student body president, Taylin Albrecht is on her way out she says the scholarships will give the rest of the student body a chance to succeed.
"We recognize the kind of impact that, that financial burden can have on the success of our students here and sometimes that will even deter students from even coming to college in general," said Albrecht.
A big boost that could end up impacting the entire state.
"I hope students will recognize the significance of this gift and that they'll take that and use it toward their success here and then eventually pay it forward to students here at South Dakota State, students in South Dakota and then into their future communities," said Albrecht
The Haratio Alger-Denny Sanford scholarship will benefit students during the 2019-2020 academic year.
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