The Australian National University (ANU) has received the largest educational philanthropic gift in the nation’s history after alumnus Graham Tuckwell pledged $50 million for the university.

The donation, pledged by Mr Tuckwell and his wife Louise, will be used to fund the new Tuckwell Scholarship program.

Beginning in 2014, the program will award 25 Tuckwell Scholarships each year to the value of $20,000 per year for up to five years for expenses such as accommodation and living costs.

“The Tuckwell Scholarship program is aimed at providing Scholars with a collegial and well-rounded campus experience,” Mr Tuckwell said.

“The gift was given with the intention of enabling highly talented and motivated students to fulfil their potential and reinvest their knowledge, skills and experience in ways that positively benefit others.

“While at university, clearly there’s a certain amount of high-quality academic work that’s got to be done, but equally you’ve got to enjoy yourself and develop as a citizen. That’s what we would like to see these Tuckwell Scholars do.”

The Tuckwell Scholars will be selected from a cohort of school-leavers whose ATAR is 95 or above and who display a rounded set of attributes.

Applications for the Tuckwell Scholarship open to students from around Australia on Monday 4 March 2013 and close Tuesday 2 April 2013.