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updated: 8/21/2013 7:06 AM

Northwestern has new scholarships for Chicago students

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Associated Press

A Northwestern University trustee and his wife have endowed a scholarship program for low-income Chicago Public Schools students to attend the college in Evanston.

The gift comes from Michael Sacks, CEO of Grosvenor Capital Management and a Northwestern trustee, and Cari Sacks, a civic and community leader.

The couple gave the university $5 million. Of that total, $3.6 million will go toward the Michael and Cari Sacks Scholarship Fund for Chicago Public School students.

The scholarships will help eliminate loans in financial aid packages for academically talented students, meaning the students will be able to graduate without debt.

Sacks is CEO of one of the world's largest hedge fund investment firms. He received a joint law degree and MBA from Northwestern in 1988. He's been a university trustee since 2007.

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