DAVIDSON (AP) — A businessman and former Davidson College trustee has given the school a $25 million gift.
Davidson College President Carol Quillen announced the donation during commencement ceremonies Sunday. She says the money will support The Davidson Trust.
The goal of the trust is to replace student loans, so the nearly 2,000 students at the college can use grants and money made by working to pay for school and graduate debt free.
The gift was given by Ted Baker, a former Marine who sold his quarry business to Vulcan Materials in 2007. Baker served on the Davidson College Board of Trustees from 1989 to 2005.
This year’s graduating class was the first to fully benefit from The Davison Trust, which was established in 2007.