National University to become Sanford National University San Diego-based National University will be renamed after South Dakota billionaire philanthropist T. Denny Sanford

SIOUX FALLS, S.D. -- South Dakota billionaire philanthropist T. Denny Sanford will have San Diego-based National University renamed in his honor.

Sanford and the university announced Tuesday the school will be renamed Sanford National University. A formal launch is planned for July.

Forbes reports Sanford has pledged $350 million to National University. The private, nonprofit school plans to dedicate the money to lowering the cost of college education for working adults, among other goals.

Started in 1971, National University offers both online and campus-based programs for adult learners and has about 28,000 students.

Sanford previously donated $150 million to National University System to expand programs that include helping children learn skills in cooperation, communication and tolerance and helping teachers inspire students.

In 2015, National University's school of education was renamed Sanford College of Education.