ROCHESTER, Minn.–Oakland University Credit Union has announced it will donate $1 million over five years to Oakland University’s study abroad and other international programs.
Oakland University CU is a sub-brand of the $3.7-billion Michigan State University FCU in East Lansing, Mich.
April Clobes, the credit union's president and CEO, announced the gift at the school's board of trustees meeting Monday, according to a news release.
"This gift is designed to make study abroad opportunities more accessible and affordable to more Oakland University students who seek this experience," said CEO April Clobes in a released statement.
According to the university, the contribution will "dramatically" increase the amount of financial aid available to these students, with most of the funds going toward an endowed fund.
According to a press release, approximately $6,000 will be used to benefit students studying abroad in the first year, with that number rising to $44,325 by year six in the form of scholarships.
Approximately 200 Oakland University students study outside the U.S. per year, in programs ranging from exchanges to teacher-led trips.