Billionaire Michael Moritz, chairman of Silicon Valley venture capital firm Sequoia Capital, and his wife have committed $50 million to support low-income students at the University of Chicago and Chicago?s public schools, the university announced today.

The gift, which challenges other donors to contribute a matching amount, will support the university?s Odyssey Scholarship Program, which eliminates loans and work requirements during the academic year for low-income students. The couple?s donation will help expand the program to support study abroad, academic mentoring and internships.

The gift will also increase the number of students accepted to the Collegiate Scholars Program, an initiative that prepares high-achieving Chicago Public School students from disadvantaged backgrounds for top colleges.

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