The grant from Bezos was submitted through Dreamer Scholarship Fund TheDream.US.
Bezos, whose father came to the USA from Cuba, said the donation will help fund the college tuition of a thousand young immigrants who are now pursing higher education.
"Without this gift, most wouldn't go to college", said Donald Graham, co-founder of TheDream.US and chairman of Graham Holdings, Inc. "My dad became an outstanding citizen, and he continues to give back to the country that he feels blessed him in so many ways", Bezos said.
The money will fund the education of 1,000 Dreamers who have graduated from high school and are part of the Deferred Action for Childhood Arrivals program, which began under President Barack Obama and granted permission to legally work in the US.
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The Dream.US provides $33,000 per student in scholarship aid to help pay the cost of tuition, fees and books over four years. Almost 3,000 students are now part of TheDream.US program.
The announcement comes at a time of uncertainty for DACA recipients, who are not eligible for federal financial aid, most state aid, and who often express uncertainty about their ability to afford college.
The organization now works with more than 70 low-priced colleges across 15 states. As the son of an immigrant himself, Bezos says he's honored he's able to help. "We expect a 75% graduation rate".
The deadlines to apply for the two types of scholarships offered by TheDream.US are January 23 and March 1. 94% return to their college after the first year; the national average is 72%.
"We know that these young people are incredible achievers already and want to be here so badly and contribute to this country and make our country greater", Munoz said. The donation, the group said Friday, will extend scholarships to an additional 1,000 students. The Bill and Melinda Gates Foundation, Pershing Square Foundation and Chan Zuckerberg Initiative are also among the other major contributors to the program.