FILE – A Carnegie Mellon University sign is displayed outside Baker Hall on the university’s campus in Pittsburgh, June 7, 2019. Carnegie Mellon University and the Norman and Ruth Rales Foundation, named for a home-building supplies entrepreneur and his wife who built their fortune despite early struggles, hope a $150 million initiative will support a new generation of students trying to achieve that American dream. (AP Photo/Gene J. Puskar, File)

Carnegie Mellon University and the Norman and Ruth Rales Foundation announced Wednesday a $116 million gift to endow scholarships for graduate students studying STEM from groups underrepresented in the fields, including racial minorities, women and first-generation college students. The foundation is named for a home-building supplies entrepreneur and his wife who made a fortune from difficult beginnings. Some 86 students in Master’s and doctoral programs will receive scholarships, stipends and other support at the Pittsburgh-based school starting in 2024. The program is open to U.S. citizens and residents, but not international students. CMU will also invest $34 million in the program.