Brown University receives $100 million gift

Brown University recently received a gift of $100 million to be used to restructure their financial aid system. Prior to this gift, Brown used a student's ability to afford school as a criterion for admission. With this gift, Brown can join the ranks of other Ivy League schools such as Harvard and Yale by adopting a "need-blind" admissions process. This means that Brown will not look at a student's financial position when determining whether or not the student qualifies for acceptance. Only after the student has been accepted will his or her financial need be assessed.

The gift was given by Sydney Frank, a man who attended Brown for one year in the class of 1942. He supposedly left school because he could not afford the tuition. He said that he hoped his gift could help others who were financially strapped to finish college.

Frank recently gave $20 million for a new campus building that will carry his name. He made his money by importing distilled spirits, and is credited with the marketing success of Jagermeister Liqueur.