The Singapore University of Technology and Design (SUTD) will be offering students from low-income families a tuition grant and bursary, so that they will not be deterred from attaining higher education.
The grant and bursary will be awarded from the academic year starting May next year.
Charity Quantedge Foundation has contributed $3 million to seed fund the grant, the university said yesterday.
The Quantedge Foundation-SUTD Education Opportunity Grant guarantees that every incoming undergraduate in need of financial help will not have to pay tuition fees, after taking into account subsidies and other forms of financial assistance from the Government.
Board member of Quantedge Foundation Suhaimi Zainul-Abidin said: "Every student from an economically disadvantaged background who qualifies, by merit, to attend university, but has to give that up due to uncertainty in securing sufficient financial aid, adds to social stratification in our society."
SUTD said there is no limit to the number of students who can benefit from the grant.
The grant is primarily for students who come from families with a monthly per capita household income of $690 and below.
They would be residing in a four-room Housing Board flat or smaller, and would not have immediate family members who own private property.
The university yesterday held a gala dinner at the Shangri-La Hotel to thank donors and raise more funds. Deputy Prime Minister Heng Swee Keat attended the event.
At the dinner, Mr Von Lee, chairman and founder of construction firm Expand Construction, contributed $1 million towards the Von Lee Yong Miang-SUTD Bursary Award.
"We hope the bursary - our contribution back to the society - will empower needy students to continue to build their dreams," said Mr Lee.
The university also announced a new SUTD Global Excellence Scholarship for those interested in pursuing postgraduate studies. It covers the full undergraduate tuition fees, among other costs. There is also an optional $15,000 grant to cover tuition fees for selected postgraduate degree programmes.
Students should apply for the scholarships and financial aid when they apply for admission to SUTD next year.
At the event, it was announced that Mr Sam Goi, executive chairman of food manufacturer Tee Yih Jia Group, will be taking over from Emeritus Senior Minister Goh Chok Tong, who was present at the dinner, as SUTD's patron for advancement.
