There is a Santa Clause

Sidney Frank made millions marketing Jagermeister and other alcohol brands. Three years after his death, he's a big hit with students at the Ivy League college he briefly attended.

Sidney Frank, shown accepting an honorary degree in 2005, gave $100 million to Brown University.

On Sunday, 49 students from low-income families became the first Sidney E. Frank Scholars to graduate from Brown, owing virtually nothing except gratitude to the late liquor magnate.

"The world of difference that he made for each and every one of us is unbelievable, incredible," one of the Frank Scholars, 22-year-old Shane Reil, said Sunday.

Frank -- who left Brown after one year in the late 1930s because he couldn't afford to stay -- gave the school a $100 million endowment in 2004. He stipulated that the fund's income go exclusively to covering all tuition and expenses for the neediest of Brown's admitted applicants. Hear graduates say how their dreams came true »

For this year's graduates, tuition and expenses came to a four-year total of about $180,000 each. The median annual income of the recipients' families was $18,984.

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