DETROIT (WWJ) – Detroit Medical Center CEO Mike Duggan is donating his stock options from the DMC to a scholarship fund to benefit the families of hospital employees.

The Michael and Lori Duggan Scholarship Fund is in the process of awarding $60,000  in grants to college-bound children and grandchildren of DMC employees.

READ MORE: Science of Weather: Sea Life Michigan Turtles

Sixty students will each receive a $1,000 scholarship for the upcoming school year.

Some students have already been selected, including some who have overcome challenges, and some who have done outstanding work in their academics and in their communities.

Christina Espinosa, 17, is starting at Wayne State University in the fall, she said the scholarship was a great surprise and will really help this year. “I plan on using it for tuition and books for sure,” she said. “Those are going to be really expensive; for one class the book costs $300.”

READ MORE: Motown Museum Set To Reopen This Weekend With Expansion Project Near Completion

Daniel Finn, 19, is the son of a DMC employee,  he’s also attending WSU. “College is so expensive these days, so every little bit counts,” he said. “I wanted to take classes this past summer but couldn’t because I didn’t have any money. That thousand dollars will go directly toward my tuition.”

Eligible applicants had to be age 25 or under, have a GPA of 2.5 or above, be enrolled full-time in an accredited two or four year college or university for the 2012-2013 school year, be a dependent child of a DMC employee who has been at DMC for at least one year as of the application deadline.

The application period for this year’s scholarships at DMC ended June 29, 2012.

MORE NEWS: Senate GOP Facing Criticism Following Insulin Cap Vote

All students can reapply to the program each year they meet eligibility requirements and each year that funds are available.