The Bill and Melinda Gates Foundation announced a landmark $500 million scholarship initiative today aimed at supporting first-generation college students through completion of their undergraduate degrees.

The Gates First-Gen Scholars Program will provide up to $25,000 per year for tuition, books, and living expenses, along with dedicated mentorship and career counseling services. The program targets students from families earning below 200 percent of the federal poverty line.

Applications open June 1 for the 2027-2028 academic year, with an initial cohort of 5,000 scholars selected from community colleges and four-year institutions nationwide.