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EVANSTON (AP) — A Northwestern University trustee and his wife are giving the Chicago area institution a large donation for the specific purpose of student financial aid.

Jeff and Laurie Ubben bequeathed $50 million to Northwestern to fund scholarships that will be available to undergraduate, graduate and professional students.

Jeff Ubben said in a statement he and his wife can't think of anything worthier than to make a Northwestern degree accessible to as many as possible.

Northwestern no longer offer loans in its financial aid packages. University officials say more than 60% of undergraduates and nearly half of graduate and professional students received some form of financial aid last year.

In thanking the Ubbens for their donation, Northwestern President Morton Schapiro said their generosity will "enable countless deserving students to benefit from a Northwestern education."

The Associated Press