LeBron took a huge step in opening his “I Promise” school in his hometown of Akron, Ohio and it looks like 2011 NBA MVP Derrick Rose is performing his own act of philanthropy.

D-Rose announced that he is launching “The Rose Scholars” a scholarship program that according to the Chicago Tribune is expected to grant up to $400,000 in tuition funds to college students.

“Through The Rose Scholars program, I hope to provide students a path to college that was not previously available to them,” Rose said in a statement according to the Chicago Tribune. “Investing in school-age youth has long been a passion of mine, and I am proud to continue to help children pursue higher education as a means to better themselves and their communities.”

According to the Rose Scholars website, “the program is open to high school sophomore, junior and senior students who are civically minded and have an instinct to lead.” The former Memphis Tiger plans to award the grand prize winning student up to $200,000 that will be paid in installments for each semester ($25,000 per semester for 4 years).

Applications for the scholarship will be accepted from August 1 through September 30.

You can find more information on how to apply and the guidelines on rosescholars.com