Loyola University to receive $100 million 'transformational' gift from philanthropist couple

John and Kathy Schreiber Photo credit Loyola University Chicago

(WBBM NEWSRADIO) — A philanthropist couple will donate $100 million to Loyola University Chicago to provide scholarships and support services to minority students and other underrepresented people.

It is largest gift to Loyola in the university’s history and comes courtesy of John Schreiber, a 1968 alum and trustee, and his wife, Kathy.

The donation will help generate a $500 million restricted endowment devoted to putting Black, Latino, first generation and other ethnically and racially diverse students through college, officials said. When fully funded, the program would pay the expenses of hundreds of students a year at Loyola, covering tuition, room, board, and wraparound support services.

“Students with talent, grit, and promising leadership potential are, far too often, left out of life-changing scholarship opportunities and services due to circumstances beyond their control,” Dr. Jo Ann Rooney, president of Loyola University Chicago, said in a prepared statement. “We are deeply grateful to John and Kathy Schreiber for this transformational investment in the future of promising students.”

“I’ve long been inspired by the pursuit of excellence grounded in a Jesuit, Catholic mission that I’ve seen at Loyola,” John Schreiber said. “Kathy and I felt called to help level the playing field for students who face far higher barriers to opportunities.”

The program will launch in the fall semester of Loyola’s 2022-2023 academic year.

Loyola University Chicago has nearly 17,500 students.