The Star Wars director's funds will be used to establish The George Lucas Foundation Endowed Student Support Fund for Diversity to bolster the recruitment of black and Hispanic students in hopes of boosting diversity in Hollywood.

The donation, which is the largest in the history of the school, will be available to graduate and undergraduate students, who will be known as George Lucas Scholars or Mellody Hobson Scholars, according to

"It is (my wife) Mellody's and my privilege to provide this assistance to qualified students who want to contribute their unique experience and talent to telling their stories," Lucas says.