The foundation directed $5 million in a grant toward the effort and has received commitments totaling $12 million from alumni, trustees and other supporters. The foundation is seeking additional money toward the G. P. “Bud” Peterson and Valerie H. Peterson Scholarship Endowment Fund.

“The Petersons have championed a generation of hardworking, gifted students by driving initiatives that expand access to an affordable education for all students who earn admission to Georgia Tech,” John F. Brock III, chair of the Georgia Tech Foundation, said in a news release. “They have a strong commitment to putting a Georgia Tech education within reach of qualified students with financial need. This endowment fund will help generations of students realize their aspirations and build a brighter future for themselves and our world.”