Last week, Los Angeles-area developer and Pepperdine Law School alumnus Rick J. Caruso and his wife, Tina, made the largest financial contribution Pepperdine University has ever received—$50 million to the Pepperdine Law School, now to be named the Caruso School of Law. The money is intended to invest in students, faculty and resources needed such as scholarships and a Caruso Loan Forgiveness Fund.
In recognition of the donation, Pepperdine School of Law will be renamed The Rick J. Caruso School of Law
“My sincere hope is that this gift will be one of the first steps towards reducing the barrier to entry for these students and will inspire the next generation of public servants,” Caruso said in a press release from Pepperdine University.
The Carusos have also pledged to help raise an additional $50 million over the next decade for an endowment to keep financial aid sustainable for students.
Founded in 1969, Pepperdine School of Law was ranked No. 51 in the 2019 US News and World Report national ranking of law schools. Dean at Pepperdine School of Law, Paul L. Caron, said in the press release the generosity and commitment of this donation reflects Caruso’s support to give back to organizations.
Caron said with this gift, the law school is hopeful it can reduce the average amount of debt its students accumulate.
“It’s a wonderful way to begin the next chapter with a whole new name and these added resources for our students,” Caron said in a statement to The Malibu Times, adding, “When students graduate with extraordinary high cost of debt, it really strains their career choices, so we’re ecstatic.”
“Since 1981, the Caruso family has made extraordinary contributions to Pepperdine’s rise, especially at the School of Law, through their dedicated stewardship,” Pepperdine President Jim Gash said in the press release.
In 1991, Caruso and his wife founded the Caruso Family Foundation to support organizations that improve healthcare and education.
The Carusos have made other significant donations to academic institutions and schools including St. Lawrence of Brindisi School and Verbum Dei High School in of Watts, as well as the Brentwood School and Loyola High School.
“As a city, we need to come together to support underprivileged kids by giving them an education so they can succeed and give back to their own communities,” Caruso added. “That’s what it means to be a community.”
The overall $100 million commitment was pledged with a goal of expanding educational access and strengthen academic programs.
