As Higher Ed Takes Hits, MacKenzie Scott Charges In

At a moment when Washington is squeezing higher ed, MacKenzie Scott is writing some very big checks. The billionaire philanthropist and ex-wife of Jeff Bezos has quietly become one of the most significant private backers of colleges and universities, especially those serving students who are often left out of elite fundraising cycles, reports Fast Company. Through her Yield Giving initiative, Scott handed out $7.16 billion in grants last year—almost 2.6 times what it awarded the year prior. At least $700 million went to historically Black colleges and universities, $214 million to institutions that primarily serve Latino students, and more than $70 million to tribal colleges. Fortune notes that despite Scott's immense giving, she's secretive about it, and thus didn't make the Chronicle of Philanthropy's list of the top 50 philanthropists.

Scott recently gave $42 million to Elizabeth City State University in North Carolina, and the school's chancellor tells WTKR that the gift has set ECSU up to grow its "mission bar none" of expanding quality degree programs. Scott's donations come with an unusual feature for gifts of this size: no strings attached. That trust is what stands out to Howard University interim president Wayne Frederick, who says Scott is telling schools, in essence, "you make the decision about what's the best way to use this money." In a time when many billionaires are focused on influence and access, he adds, her approach is rooted in something simpler: "supporting humanity."