Two University of Iowa alumni have given the school $5 million to support academics and football, the university announced on Wednesday.

Curt and Carol Lane are natives of Atlantic, Iowa, currently living in Omaha. Their gift will be separated into three categories.

The Lanes will donate $1 million to permanently endow the pre-existing Curt and Carol Lane Faculty Fellowship Fund in the Tippie College of Business.

"Our fellowship … supports a professor teaching a class that gives students a chance to actually experience the work of managing investments," Curt Lane said in a release. "That’s what students crave, and it’s the kind of experience that can give UI graduates an edge in the job market."

Another $2 million will endow a scholarship fund for undergraduate finance majors, especially for military veterans who engaged in combat; Curt Lane is a Vietnam War veteran.

The remaining $2 million of the gift will create the Curt and Carol Lane Football Scholarship Fund; it is intended to create football scholarships for the Hawkeyes.

— by Seth Roberts