Obamas partner with Airbnb CEO for $100M scholarship fund

The Obama Foundation announced Monday that former President Obama and former first lady Michelle Obama will partner with Airbnb CEO Brian Chesky to create a $100 million scholarship fund.

The Voyager Scholarship, The Obama–Chesky Scholarship for Public Service, will fund about 100 students’ college tuitions who are committed to a life of public service.

“We need a generation of leaders who are willing to cooperate and build bridges, but it’s hard to build a bridge if you haven’t seen the other side of the river,” said Airbnb co-founder Chesky. “The Voyager Scholarship will broaden their horizons and give these young leaders tools and experiences that will shape their careers. There are young people across the country who have a passion for public service, but can’t pursue it because of their student loan debt. We want to help reduce that burden.”

Former President Obama added: “If we want this next generation of leaders to be able to do what they need to do, they have to meet each other. They have to know each other. They have to understand each other’s communities, You’re going to find young people from every corner of this country who are going to be future change makers. There are leaders everywhere. We just have to find them.”

Michelle Obama discussed her personal interest in promoting education, especially in disadvantaged communities.

“Education is personal for me,” she said. “I’ve met so many young people who are interested in public service, but they’re wondering how they’re going to pay for school or whether they’ll get to see the world beyond their own community. We could not be more grateful to team up with Brian to help out these young people on their journey to create change.”

The scholarship will pay for students’ junior and senior years of college, providing them with up to $25,000 of financial aid for each of the two years.

Scholarship winners will also receive a stipend and free Airbnb housing for a summer work and travel experience as well as an additional $2,000 every year for 10 years after their graduation from college.