Officials are launching a new dollar-for-dollar matching scholarship initiative that will increase funds for need-based scholarships, they announced in a release Tuesday.

The “Third Century Scholarship Endowment Match: Unlocking Access to Undergraduate Education” program is a dollar-for-dollar match with a $12 million commitment from the University, funded by the recent sale of University real estate. Officials said the scholarship initiative is the most significant fundraising match in GW’s history and will “dramatically” accelerate investments in endowed scholarships.

“Scholarships enable our students to realize their full potential, both in and out of the classroom, and endowed funding enables the University to support our students in perpetuity,” interim University President Mark Wrighton said in the release. “This undergraduate, need-based scholarship match is a critical piece of our commitment to increasing access and retention to the George Washington University for talented students, regardless of financial means. I am excited by what this effort can achieve for GW students now and for years to come.”

Officials said “generous donors” are matching a $12 million commitment for need-based scholarships, allowing a total of $24 million in financial aid money. Officials said affordability and financial aid factor into more than 40 percent of GW applicants’ college decisions.

The University’s contributions to undergraduate aid have increased more than 61 percent since 2011 by $2 million per year, and GW contributes about $230 million annually to financial aid, according to the release.

“Ensuring equal opportunity for the next generation of leaders is essential to GW’s mission,” Vice Provost for Student Affairs and Dean of Students Colette Coleman said in the release. “Even after exhausting loans, grants and their own earnings, many undergraduate students still face a substantial financial gap. But together we can close it.”