Bob and Pat Schieffer have created a new scholarship that will pay for just about everything.

The iconic CBS news anchor and his wife have established the Gladys Payne Schieffer Scholarship, which will cover full tuition, room and board, books, fees and other expenses for up to four students each year. Students who receive the scholarship, the Schieffer Scholars, will also get funds to study abroad or pursue internships and research.

The first Schieffer Scholars will be selected for the 2016-2017 school year.

“We have long enjoyed our relationship with TCU and will continue to support the development and growth of the university,” said Pat Schieffer, a member of the TCU Board of Trustees, in a TCU press release. “We hope that these scholarships have a lasting impact on the lives of the young people who benefit from them.”

The value of the Gladys Payne Schieffer Scholarship, named in honor of Bob Schieffer’s mother, far exceeds that of the Chancellor’s Scholarship, formerly the most prestigious academic scholarship available at TCU.

The total cost of attendance for the 2016-2017 is projected to be more than $55,000. That would make the Schieffer scholarship worth more than $210,000 over four years. Chancellor’s Scholars receive full tuition for four years, currently valued around $162,000.

The Schieffer Scholars are also selected based on financial need, unlike the merit-based Chancellor’s Scholarship. Schieffer Scholars will also be chosen based on high scholastic achievement, service and leadership qualities, according to an email from TCU spokeswoman Holly Ellman.

Chancellor Victor Boschini will select the recipients of the scholarship, Ellman wrote.

The new scholarship is another step in the Schieffer family’s increased involvement at TCU. The College of Communication was renamed in Bob Schieffer’s honor in 2013. Schieffer had also previously hosted an annual symposium featuring big-name journalists from across the country.