Derrick Rose announced Tuesday via social media The Rose Scholars Scholarship Competition, which aims to help high school students access money to pay for college.

According to the Chicago Tribune, the program will provide more than $400,000 in tuition money. One grand prize winner will receive up to $200,000. The money will only be for college-related expenses such as housing, textbooks, and food. The Chicago native and current NBA Minnesota Timberwolves player stated on Facebook that he has been working on the program for a while.

According to the Rose Scholars’ website, students in their sophomore, junior, or senior years can apply. They must be legal residents of the U.S., including Puerto Rico. The students have to be civic minded and show the instinct to lead. The rules state students have to have a 3.0 or higher GPA with a 1230 or higher SAT score and/or 21 or higher ACT score. They also have to submit an essay based on the competition theme. The application deadline is Sept. 30.

Through a letter posted on The Rose Scholars’ website, Rose wrote the award would reflect his desire to promote individuals that have qualities of perseverance, determination, and self-empowerment. The letter also states his sense of personal responsibility to help elevate those individuals to achieve more and dream bigger. For more information about the competition, interested applicants can email [email protected].

Rose said on Twitter, “I’m excited to share the launch of The Rose Scholars program, a scholarship program which seeks to give high school students the opportunity they need to make their dreams a reality.”