In 1866, Mac LeBuhn’s great-great-great-great uncle bought a perpetual scholarship to Northwestern for a hundred dollars. The perpetual scholarship meant that he and all of his descendants, who were accepted into Northwestern, could attend without paying a cent in tuition – worth over $134k over four years. The only thing they had to pay for was room and board, or approximately $10k.
Before you jump the gun and say that $100 was worth a lot back in 1866, if you were to adjust it to dollars today it would be approximately $1200… still a great great bargain! It was pretty forward looking on the part of his great-great-great-great uncle considering the price of tuition was a mere $45 back then… but since about ten people have taken advantage of the perpetual tuition. Smart guy!
Source: Sun Times  (I read this on someone’s blog but I forgot who, sorry!)