Microsoft CEO Bill Gates and his wife Melinda have announced plans to donate $1 billion to fund college scholarships for minorities. Dubbed the Gates Millennium Scholarships, the new fund will help pay for room, board, and tuition for at least 1000 students every year for the next 20 years.

Gates, who was criticized up until a few months ago for his lack of giving, has exploded onto the philanthropist scene this year with massive gifts and donations. In addition to this gift, which is one of the largest single charitable contributions of all time, Gates has made donations of $100 million, $200 million, and $50 million to various charities recently. Gates' father recently corroborated reports that he planned to give away the majority of his $100 billion fortune before he died