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Dec 06, 2016 10:34 AM EST

Roosevelt University has received its largest ever donation. The gift will be used for student scholarships.

The Chicago Sun Times reported that Roosevelt University made the announcement on Monday. The school has received a $25 million donation from its long-time supporter. This is the largest donation in the institution's 71-year history.

The gift was from the estate of Rosaline Cohn of Chicago. She died in 2010 at the age of 97. Her daughter, Marcia Cohn, died last year.

"This magnificent gift will be used to support student scholarships, in accordance with Mrs. Rosaline Cohn's wishes," university president Ali Malekzadeh said in a statement. "Mrs. Cohn believed in the transformative nature of higher education. She was a long-time friend and supporter of Roosevelt University, and for several decades has helped Roosevelt students through the Jacob and Rosaline Cohn Scholarship Fund."

It was noted that Roosevelt University will be able to use $1.2 million every year for scholarships. Mrs. Cohn's late husband, Jacob, was one of the school's first contributors.

In 1915, the 19-year-old immigrant sold and delivered fresh coffee to restaurants by horse and buggy. His business grew and, by the late 1930s, it became known as the Continental Coffee Company.

Jacob's sons expanded to grocery products and frozen foods. Their firm was renamed CFS Continental.

According to the Chicago Tribune, the family was one of the university's first donors. Roosevelt University is expected to receive one-third of the money later this month. Scholarships are said to be available next fall.

"It is a very significant impact for our students," Malekzadeh added. "You always want to keep the tuition as low as possible and the university as affordable as possible. What this will do is allow us to not increase our tuition as much because there's scholarship money available. My guess is hundreds of students will benefit from the Cohn family's generosity."

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