Michael Kors has some serious love for his alma mater FIT...even though he dropped out.
Kors left FIT in the '70s without a degree, but he's gifting the college $1 million to establish a lifetime endowment scholarship.
According to the press release we received, the Michael Kors Endowed Scholarship will be awarded to one FIT student who shows "exceptional talent" but is limited by financial constraints. The scholarship will cover tuition, housing and books, and will include a mentorship program, a potential internship at Michael Kors, and, we assume, the chance to rub shoulders with the very influential designer himself.
The lucky student will be named this summer and will begin at the school in the fall 2013 semester.
“He is creating an incomparable opportunity for the talented students who come to the college—as he did—to fulfil their dreams," Dr. Joyce F. Brown, president of FIT said. "We are deeply grateful.”
Kors, for his part, is equally excited.
“I attended FIT in the late ‘70s, and the school provided a totally comprehensive curriculum for fashion design that is unparalleled,” Kors said in the press release. “Since my days there it has evolved and become even stronger. It makes me so excited to see the potential talent that has been helped by this school, and I look forward to seeing that continue.”
It's nice to know that Kors, who recently made billions thanks to his company's record-breaking IPO, is certainly putting his money to good use.