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The Obamas have teamed up with the CEO of Airbnb to launch a $100 million scholarship, Bloomberg reports.

Barack and Michelle Obama have partnered with Airbnb CEO Brian Chesky to launch The Voyager Scholarship. Focused on offering support to college students looking to start a career in public service, the fund will provide financial aid to students as well as stipends for travel and networking opportunities. Chesky donated $100 million to the Obama Foundation to kick off the scholarship.

The scholarship will support 100 students in their first year, available to college students entering their junior year of college at an accredited four-year college or university in the United States. Students must be US citizens, permanent residents, or DACA recipients and demonstrate a financial need.

Scholarship recipients will receive $50,000 in financial aid for their junior and senior year of college along with a Summer Voyage work-travel experience that includes a $10,000 stipend and free Airbnb housing. Upon graduating, Airbnb will provide students with an additional $2,000 travel credit every year for 10 years, with participants gathering every fall for an annual summit to meet with President Obama, Chesky, and their peer Voyagers.

So many people have a passion for public service, but they dont go into public service because they cant afford to. They have too much financial burden looming over themWe need a generation of leaders who are willing to cooperate and build bridges, but its hard to build a bridge if you haven't seen the other side of the river, said Chesky.

The CEO, worth $9.45 billion, is part of 40 of Americas wealthiest people who signed the Giving Pledge by Warren Buffet and Bill and Melinda Gates, committed to giving away most of their fortune to tackle societal issues. The goal of the Obama-Chesky Scholarship for Public Service is to help alleviate the burden of college debt so that people will be able to serve their community and expand their perspective on the world.

Applications for the Voyager Scholarship are currently open. The deadline for submissions is June 14 with students expected to be notified in September. To learn more about the scholarship, click here.

Photo Courtesy of Jim Young/AFP/Getty Images

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The Obamas Have Teamed Up With Airbnb CEO To Launch $100M College Scholarship - Because of Them We Can