Harvard University had a lasting impact on Kenneth Griffin, and now he’s looking to do the same for the university. After graduating, he rose quickly in the financial world. He is now in charge of running a hedge fund called Citadel LLC. The fund is enormous, with about $20 billion to work with. Ken Griffin himself has brought in around $5.5 billion, making him one of the 100 wealthiest people in the United States of America. Citadel LLC is found in Chicago, where Griffin spends much of his time, but he also travels a fair amount, including visits back to Harvard.
Clearly, Griffin knows that his education helped to get him http://www.wsj.com/articles/citadels-ken-griffin-leaves-2008-tumble-far-behind-1438655887 where he is in life today . Other things played a role, of course, but the value of education can’t be overstated. Would he be one of the richest Americans without it? Would he be trusted to run Citadel, or would he even be able to do it? He’s grateful for the way that Harvard made his life possible, and that is what has spurred him to give something back. He would be thrilled to see other people get some of the same advantages that he has gotten over the years.
To do it, Griffin set his eyes on scholarships. If you ask anyone who has thought about going to Harvard, they’ll tell you that one of the biggest things that keeps them from doing it is the cost of the school. They just don’t have to money to pay for something like that, and they don’t want to take out an insane amount of loans. These are often very smart, capable people who would be able to make it at the school, but they are also smart enough to know when the financial situation just does not make sense.
That’s where Griffin comes into the picture. He took $150 million and gave it to Harvard; as a result, the school renamed the financial aid office, making it a way to honor him. The money is not all for the school directly, but is supposed to be scholarship money. Students who can make it at Harvard but who don’t have the money to get in may be able to use some of Griffin’s money to pay tuition. In this way, they’ll be able to get the education that they’ve always dreamed of for free, or at least at a reduced and affordable cost.
Griffin just wants to make sure that the next generation of students has all of the same chances and opportunities that he had. He wants to know that they can get a great education, which can open doors for them. He does not want them to miss out just because they are not lucky enough to have wealthy relatives who can cover the costs. The scholarship program is his way of opening up Harvard to many more students. They’ll still have to work hard, but their dreams will be possible if they decide to apply themselves to their education.