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Poor Rochester kid, now a NYC real estate mogul, offers scholarships to others
Poor Rochester kid, now a NYC real estate mogul, offers scholarships to others
Listen to this articleRochester-area high school students who are the first in their families to seek a college education will be eligible in 2022 to apply for a full-ride scholarship to the University of Virginia established by a wealthy New York real estate developer who grew up poor in Rochester.
UVA recently announced a $100 million gift from David and Jane Walentas. David Walentas grew up on Herald Street, off Hudson Avenue on the city’s north side, and graduated from Benjamin Franklin High School. He was the first in his family to attend college, graduating from UVA in 1961 and from its business school in 1964.
“Growing up I didn’t know anyone who had been to college, but I knew that it was a way out of poverty and a path to opportunity,” Walentas said. “Thanks to a scholarship, I was the first in my family to attend college, and my time at UVA completely changed my life. There are so many talented young people in this country — in places like New York City and Rochester, where I grew up — who can help make our society a better place if given the opportunity. I can’t wait to see how these first-generation college students change the world.”
Besides Rochester, scholarships will be made available to first-generation college students from New York City, where Walentas made his fortune, and the commonwealth of Virginia. UVA aims to enroll 60 undergraduate Walentas scholars. A spokesperson for the university said Rochester-area high schools will be invited to nominate students for the UVA scholarship.
“This gift will have a profound and lasting impact on first-generation college students. We look forward to establishing the preeminent scholarship program in the nation for first-generation students and bringing an exceptional group of smart, resilient and industrious Walentas Scholars to the University of Virginia,” said Jimmy Wright, president of the UVA’s Jefferson Scholars Foundation.
Half of the Walentas gift will be directed to the first-generation scholarships and matched by $20 million from a fund for that purpose. Another $25 million will be directed to fellowships and professorships in UVA’s Darden School of Business. The final $25 million will be dedicated to scholarships for first generation graduate students seeking MBA degrees.
The Walentas gift is the cornerstone donation in a $5 billion “Honor the Future” fundraising campaign UVA has launched in conjunction with the 200th anniversary of its charter.
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