A $300 million scholarship program has just been established by Stephen A. Schwarzman, who made his fortune with the private equity firm, the Blackstone Group. Backed by an array of western companies with interests in China, the Schwarzman Scholars program will pay all expenses for 200 students from around the world each year to study at Tsinghua University in Beijing, the New York Times reported on April 21. Among the advisory board are Condoleeza Rice, Colin Powell, Henry Kissinger, Robert Rubin, Henry Paulsen, Yo-Yo Ma, Nikolas Sarkozy, Brian Mulroney, and Tony Blair.
With commercial and political tension always at the bubble between China and the west, the Schwarzman program posits to “…deal with this problem in a generational manner… I feel grateful to be able to have the resources to help change future leaders to impact their countries’ and China’s destinies,” said Mr. Schwarzman.
The program plans to take in 10,000 students over then next 50 years in order to build a bridge between China and the west. 45% will come the US, 20 % from China, and 35% from the rest of the world save Africa, which may be added at a later time.
When the Shwarzman Scholars begins in 2016, it will already match the 111-year old Rhodes in the number students and the size of the endowment. Currently, the Rhodes endowment is at about $203 million and it awards grants to 83 students annually, who typically study at Oxford for at least two years.
Sarah C. Reese, Informed Educational Solutions
- Schwarzman Endows Rhodes-Like Scholarships in China – Businessweek (businessweek.com)
- Blackstone Chief Endows Rhodes-Like Scholarships in China (bloomberg.com)
- US tycoon unveils China scholar fund (bbc.co.uk)
- How A Good Educational Consultant Can Save You Money (www.myiesolutions.com)