ARA Asset Management and Lim Hoon Foundation jointly pledged an additional $1 million to SMU's bond free ARA-LHF scholarship at a ceremony yesterday. This brings the scholarship endowment fund to $4 million and up to 12 undergraduates will be able to receive the scholarships, up from the previous eight. The value of each scholarship will also increase from $7,500 to $10,000 yearly for four years of study. The scholarship aims to help students whose family income disqualify them from financial assistance schemes but are still struggling financially. They are awarded to undergraduates who are Singaporeans or Singapore permanent residents and enrolled in SMU’s Lee Kong Chian School of Business, School of Accountancy or School of Economics.