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05/11/2010 05:12 am ET Updated May 25, 2011

Obama Donates Nobel Prize Money To Scholarship Funds

President Barack Obama announced today that he will donate the entirety of his $1.4 million Nobel Peace Prize money to charity. The majority of the money will go to education-related causes. Among them are the College Summit, the United Negro College Fund, the Posse Foundation and the Hispanic Scholarship Fund.

"These organizations do extraordinary work in the United States and abroad helping students, veterans and countless others in need," Obama said. "I'm proud to support their work."