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ET has learned that Alec Baldwin will contribute $1 million to NYU's Tisch School of the Arts. Read on for more.

The star, who is an alumnus of the school, will create the Alec Baldwin Scholarship fund to benefit low income students who want to attend the prestigious theater training school.

"The support I got from Tisch made it possible for me to become an actor and to have a career in this business," Alec said of his contribution. "It's important to give back to those institutions that give us such opportunities, and I encourage anyone to look into supporting their alma mater."

Those who receive the scholarships, beginning in September 2010, will be named Alec Baldwin Drama Scholars. The ideal candidates will have good academic standing and demonstrate financial need.

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