According to Sports Illustrated, Rose says there will be one grand prize winner that can win up to $200,000. Two other winners will be able to win up to $20,000 each.

Rose tweeted about his programs launch and said, “I’m excited to share the launch of The Rose Scholars program, a scholarship program which seeks to give high school students the opportunity they need to make their dreams a reality. ”

On his website, he released a statement and went into further detail about why he wanted to launch the fund.

He said:

“I know we can all identify a moment where our lives changed (when) a new path opened up to us that was not previously available,” Rose said in the statement. “This new path allowed us to make different decisions and start to imagine new possibilities. This is exactly what the Rose Scholars program is meant to achieve in each and every one of you that applies.”

“I feel that I have a personal responsibility to help you be better, achieve more and dream bigger. So, thank you.”

The program is open to high school sophomore’s, juniors and seniors.

It’s great to see Derrick Rose giving back in such a major way.

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