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Jul 15, 2014 03:07 AM EDT

Bruce and Patricia Bartlett, Bridgewater State University alumni, have made the largest single gift in the history of the institution.

The $3 million donation will be used to fund two student scholarships - one in Bruce's name and the other in Patricia's. The "Bruce" scholarship will support financially-deprived students, while the "Patricia" scholarship will be merit-based. Annually, around 30 scholarships worth $5,000 each will be available to Bridgewater students.

"The transformative power of the Bartletts' generosity to Bridgewater State University knows no bounds," said President Dana Mohler-Faria, in the news release. "This gift, in particular, stands to positively impact future generations of Bridgewater students by making their goal of higher educational attainment a reality."

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The couple met during their student days at Bridgewater and later married. Bruce (68) graduated in 1968 and Patricia (67) in 1967 with a health and physical education major. Bruce, a former mathematics teacher and CPA, established numerous companies in the utilities, government, construction and steel manufacturing sectors; while Patricia is a certified elementary education lecturer.

"Pat and I really enjoyed our college experience at Bridgewater and we believe the education we received was extremely beneficial in helping us to have successful careers. We are so delighted to contribute in our own way to help out deserving students at Bridgewater State University," Bruce said in a statement.

The summer's gift follows a $2-million donation by the couple in 2012 to the Bridgewater State University Foundation.

In honor of the gift, the University's science and math college was renamed to the Bartlett College of Science & Mathematics. The department is housed in a new $98.7 million building reopened in fall 2012.

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