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Sean “Diddy” Combs is spending some benjamins for a good cause; the music mogul has just pledged $1 million dollars to his alma mater Howard University for the newly established Sean Combs Scholarship Fund. The fund will provide undergraduate business majors with scholarships and internships beginning in the fall 2017 semester.

The monetary gift was announced by Howard University President, Dr. Wayne A. I. Frederick and was made from the Verizon Center stage during Combs’ Bad Boy Family Reunion Tour celebrating 20 years of Bad Boy Entertainment. Combs, as you know,  is the the chairman, CEO, and founder of Combs Enterprises, attended Howard but dropped out in in 1990 after two years as a business major and became an intern at New York’s Uptown Records.  Combs received the highest University honors in the form of the Alumni Award for Distinguished Post Graduate Achievement in the fields of Entertainment and Business in 1999 and the Doctor of Humane Letters, honoris causa, in 2014.

“I was blessed to received a great education from Howard University–one of the best schools in the world–and it helped to fuel my success in business and life.  This scholarship will make it possible for the next generation of leaders to pursue their dreams and achieve greatness,” said Combs in a press release. “When I delivered the commencement address at Howard, I asked the students ‘Do you know how powerful you are?’ I know that Howard students are intelligent, talented, passionate, and their hard work will shape the future.”

This large donation will surely help the HBCU, which has been trying to emerge from recent financial trouble for the last few years.

Said President Frederick of the Combs gift, “The scholarship fund that  Mr. Combs has established at Howard will help  provide  life-altering opportunities for our students, particularly at a time when many come to Howard struggling to meet ever-increasing financial needs. The University is grateful for Mr. Combs’  ongoing efforts to open doors for talented, hard-working individuals and improve their chances of navigating the way to personal and professional fulfillment.”

Howard will begin awarding scholarships in fall 2017 to undergraduate Business majors. The candidates must meet the criteria of a 3.0 GPA and demonstrate financial need with the creation of The Sean Combs Scholarship Fund. Recipients will also participate in a summer internship at Bad Boy Entertainment or Revolt Media & TV as well as assigned a Combs Enterprises executive as a mentor.

On another move in education, Combs officially launched Capital Preparatory Harlem School, a free, public charter school in Harlem, NY.

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