Private equity firm managing partner Frank Baker and his wife, interior designer Laura Day Baker, plan to pay off tuition balances for Spelman College students who were experiencing financial difficulties.

The couple is providing a $1 million gift toward the establishment of a scholarship for graduates of Spelman College, located in Atlanta.

Baker, founder of Siris, a private equity firm that invests in technology companies, was inspired by his friend Robert Smith, the businessman who promised to pay off student loans for Morehouse College’s class of 2019.

“We are extremely grateful to Frank and Laura, who have given our talented graduates a gift that will serve them well as they launch their professional careers and transition into graduate school experiences.”

The Bakers provided $250,000 toward helping 50 young women finish their degrees this spring, and plan to donate at least $1 million in total to help seniors at Spelman over the next three years who face similar situations.