LeBron James just showed one of the biggest and warmest acts of generosity in the word of charitable celebrities and it is something you won’t find very often these days.
The launch of the I Promise School in his hometown in Akron, Ohio has received lots a praise and positive feedback regarding the project.
The school is aimed at providing education to children in difficult life situations and challenging backgrounds. This is, however, going to cost the basketball superstar millions of dollars.
Not only did James fund all the infrastructure himself; his pledge in 2015 to give scholarships to up to 2,300 kids through the LeBron James Family Foundation could also turn out to be quite a huge commitment.
A new report estimates that the numbers could end up being more than $105 million in scholarships.
LeBron James’ Pledge Three Years Ago
In 2015, he announced an initiative to give as many as 2,300 of his students who graduate with a 3.0 GPA, full scholarships to the University of Akron.
The numbers above come as a result of the current tuition and fees at the University of Akron which is just a few hundred short of $12,000. For LeBron James, this is the reason behind such a massive commitment.
“It’s the reason I do what I do. These students have big dreams, and I’m happy to do everything I can to help them get there. They’re going to have to earn it, but I’m excited to see what these kids can accomplish knowing that college is in their futures.”
The jitters before the first day of school are real right now!!! Tomorrow is going to be one of the greatest moments (if not the greatest) of my life when we open the #IPROMISE School. This skinny kid from Akron who missed 83 days of school in the 4th grade had big dreams… https://t.co/PwmRaHRfng
— LeBron James (@KingJames) July 29, 2018
The school will open with 240 at-risk third and fourth-grade students. But James isn’t stopping there as there are plans to expand and accommodate more students in the next few years.
According to a spokesman for the foundation, it would be difficult to calculate or estimate the total costs of the commitment now; while giving the reason that the tuition and fees are not stable and they increase from time to time.
He also added that it is possible that the number of kids that would eventually qualify for the scholarship may not be up to 2,300.
.@kingjames CONGRATULATIONS my brother!!! You are a man of your word! Proud of you for chasing your dreams and in turn, giving the opportunity to hundreds of kids to realize theirs. ✊?#BiggerThanBasketball pic.twitter.com/WlhrUwyMli
— Chris Paul (@CP3) July 30, 2018
What does this mean for LeBron James?
As at the time this article was published, the tuition and other fees for Akron University students is $11,466. Since it typically takes four years to complete a degree; if we multiply that number by four, we have close to $46,000.
Now, $46,000 for each student who will be 2,300 in number, gives us a whopping $105 million cost for the LeBron James Foundation.
But even with these huge estimated numbers, it is very obvious that James has committed to this with all his heart. He has called it the most important achievement in his career.
How much is LeBron worth right now?
So where does this number stack up in comparison to LeBron James’ overall net worth? At the time of writing this article, LeBron is worth over $440 million dollars.
Still, this will certainly put a very large dent in his bank account.