Actor and founder of the 'Hole in the Wall Camps' program Paul Newman speaks at the 'Singers and Songs Celebrate Tony Bennett's 80th concert' at the Kodak theatre in Hollywood, California, in this November 9, 2006 file photo.[AP]

Actor Paul Newman is giving $10 million to Kenyon College, the Ohio school from which he graduated, to establish its single largest scholarship fund.

The Gambier, Ohio-based school said in a statement on Friday the gift by Newman and the Newman's Own Foundation was part of the college's $230 million fund-raising campaign, along with $35 million from two other donors.

"This fund ... is meant to be more than just a gift to a college," Newman, 82, said in a statement. "I believe strongly that we should be doing whatever we can to make all higher education opportunities available to deserving students."

Newman, a 1949 graduate of Kenyon, and his wife, actress Joanne Woodward, were the honorary chairs of Kenyon's most recent fund-raising campaign from 1998 to 2001, the college said.

Last month, Newman, who won an Oscar for "The Color of Money," and earned nine other Academy Award nominations for films such as "The Hustler," "Hud" and "Cool Hand Luke," said he was retiring from acting. He is also the founder of a food company, Newman's Own, to fund charities.

At Kenyon, Newman studied English, theater and economics and started a popular laundry service to earn extra money, the college said.

"I owe Kenyon a great deal," he said. "I even started my first business there, and I depended on that extra $60 a week. I personally feel great affection and a debt of gratitude for Kenyon."

The fund-raising campaign includes $70 million for scholarships, $33 million of which already have been committed, said the liberal arts college, which was founded in 1824. The Newman-supported scholarship fund will generate at least $450,000 each year for minority and other underrepresented groups.