(Source: University of Chicago)

An anonymous donor (imagine that) has given the University of Chicago $100 million to underwrite scholarships for low-income students.

Coverage from the Chronicle of Higher Education:

In an announcement of the gift on Wednesday, the university said the money would be used for scholarships, jump-starting a $400-million fund-raising campaign for student aid.

The institution is following other leading public and private colleges, such as Princeton University and the University of Virginia, in replacing loans with grants for lower-income students.

The gift -- the largest in the University of Chicago's history -- will help eliminate loans entirely for students from families with annual incomes of less than $60,000. It will also help cut in half the amount of loans taken out by students whose families earn between $60,000 and $75,000 annually.

And from the university's public announcement:

"This gift ensures that the most talented students, no matter their economic circumstances, will have the opportunity to benefit from the uniquely powerful and rigorous Chicago education," said University of Chicago President Robert J. Zimmer. "Providing access to the College for these students comports with our highest values, is central to our mission, and has the potential to greatly enrich the life opportunities for our students and their families for generations to come. We are deeply grateful for this extraordinary gift and the inspiration it provides for others to support students and the University."

The $100 million gift, which is entirely expendable over 15 years, will establish Odyssey Scholarships, a program that will allow the University to reduce student loans among undergraduate students whose families demonstrate low or moderate income and high financial need. For those students whose annual family income is less than $60,000, the loans could be replaced entirely by grants, and for families whose income is between $60,000 and $75,000, the loans could be cut in half.

"I am giving this gift to the University of Chicago because I believe it had a profound effect on my life and in particular on allowing me to survive untold failures and persevere in mad adventures that have rewarded me with the financial resources to make this gift," said the donor in a written statement. "I give this gift in the hopes that future generations of students will not be prevented from attending the College because of financial incapacity and may graduate without the siren of debt distracting them from fulfilling unremunerative dreams."

Congrats to Chicago for landing this gift. Well-intentioned money, indeed.