Netflix establishes $5.4 million Chadwick Boseman scholarship at Howard University

(CNN) Netflix and Howard University have established a $5.4 million scholarship in honor of Chadwick Boseman, called The Chadwick A. Boseman Memorial Scholarship.

The full scholarship will cover four years of tuition at Howard's College of Fine Arts, which was renamed after Boseman earlier this year. Boseman attended the school studying directing and earned a bachelor of fine arts degree in 2000.

This semester, one scholarship will be awarded to each class year. After that, one incoming freshman will receive the scholarship annually. Students in the dramatic arts will be considered first.

"It is with immense pleasure and deep gratitude that we announce the creation of an endowed scholarship in honor of alumnus Chadwick Boseman, whose life and contributions to the arts continue to inspire," said Dr. Wayne A. I. Frederick, president of Howard University. "This scholarship embodies Chadwick's love for Howard, his passion for storytelling, and his willingness to support future generations of Howard students. I am thankful for the continuous support and partnership of Chadwick's wife, Mrs. Simone Ledward-Boseman, and to Netflix for this important gift."

Netflix co-CEO and chief content officer Ted Sarandos said in a statement: "While [Boseman] was taken from us too soon, his spirit is with us always in his work and the good that he has inspired. He always spoke of his time at Howard and the positive way it shaped his life and career. Now, we will have the opportunity to give many future superheroes a chance to experience the same. We are grateful to Simone and Chadwick's whole family and our partners at Howard University for making this possible."