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Northwestern University announced a new $50 million gift for scholarships from San Francisco money management firm founder Jeff Ubben and his wife Laurie. It’s the largest gift Northwestern has ever received for financial aid and it’s expected to allow the school to provide more financial aid to undergraduate and graduate school students. Northwestern specifically plans to use the funds to boost aid to applicants from low- and middle-income families, as well as those who are the first in their families to attend college.

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