MIT Gets $24 Million Donation to Add Undergraduates
The Massachusetts Institute of Technology will increase undergraduate enrollment almost 250 students to about 4,500 overall, thanks to a $24 million gift from an alumnus.
Fariborz Maseeh, founder and managing partner of the Picoco LLC investment management company in Newport Beach, California, and the Massiah Foundation made the donation, according to a statement from MIT, based in Cambridge, Massachusetts. Maseeh is founder and president of the foundation.
The college, whose alumni and faculty have won 73 Nobel prizes, will increase enrollment over three years, starting with about 80 more students in the 2011 incoming class. Maseeh, who got his doctoral degree from MIT in civil engineering in 1990, said the gift will enable more bright students to be educated at the university.
The donation will allow MIT to “open our doors to more superb students -- increasing our capacity to tackle the world’s most urgent problems,” President Susan Hockfield said in the statement.
MIT will rename a dormitory, now undergoing renovations, Fariborz Maseeh Hall. The building was formerly known both as W1 and Ashdown House.
To contact the reporter on this story: John Lauerman in Boston at jlauerman@bloomberg.net.
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