MacKenzie Scott: Creating Opportunities in Education

MacKenzie Scott, one of the richest women in the world and an influential philanthropist, has become known for her "unconditional massive donations." However, while she was a student at Princeton University, she learned the meaning of being on the receiving end of generosity.

Facing the possibility of dropping out of school, Scott was crying because she couldn't find $1,000 when her friend Jeannie Tarkenton found her and got her father to loan Scott the money. Tarkenton said, "I would give my left kidney for MacKenzie. This is something you do for friends."

Today, according to Forbes, Scott's net worth is approximately $34 billion. In October, Scott evaluated Tarkenton's generosity as an example of her personal kindness, by donating more than $19 billion by giving away a large portion of the wealth she built with Amazon stocks. With Tarkenton founding a company called Funding U that offers last-resort, merit-based loans without co-signers to low-income students, Scott recognized the opportunity to help.

Twenty-five years ago, Tarkenton noticed that rising college costs were putting many students in difficult situations. It was not unexpected for Scott to be interested in her former friend's mission to support disadvantaged students in education. She often focuses on topics in her discussions of generosity or the database on the website Yield Giving.

Scott's support for Funding U has become a new example of how her donations can have a broader impact. Last year, Scott stated that she would invest in "mission-aligned ventures" and seek "for-profit solutions" led by "resource-constrained groups" for their problems. However, public confirmations on this matter are limited.

Tarkenton describes the project supported by Scott as more of a commercial venture than philanthropy and emphasizes that Scott expects to see a return on her investments, similar to the loan she repaid to her years ago at Princeton. Tarkenton notes that she is looking for "innovative ways to create educational opportunity" and stresses that Scott’s approach should be adopted by more philanthropists.

Funding U has an algorithm that uses information such as student grade point averages and internship experiences to determine applicants' likelihood of completing their college education. Tarkenton argued that this formula is more fair and predictable according to existing criteria. Scott provides the "young debt" source used by Funding U and says this model is particularly built on generosity and gratitude.

In the end, Scott’s efforts to create opportunities in education illuminate not only her own past but also a remarkable model of social responsibility. This cycle of kindness intertwines with the efforts to ensure equity in education.