Michael Kors is giving back to his alma mater in a big way! The designer has given $1 million to the Fashion Institute of Technology (FIT) in the form of a lifetime endowment scholarship. The Michael Kors Endowment Scholarship will benefit one exceptionally talented fashion design student that is limited by financial constraints to help cover the costs of tuition, housing, and books and features a mentorship program where the student can intern at Michael Kors. The first recipient of the scholarship will be announced next summer for the Fall 2013 semester. Kors was grateful for his education at FIT and its curriculum that has evolved over the years to great a massive amount of talent. “Over the years, the amount of young talent that has come through my doors has been incredible, “ he said. “Fostering young designers has always been so important to me, and with this scholarship, I know we will be helping to develop incredible talent for years to come.” College students, prepare your applications now!