Alec Baldwin will be making a $1 million donation to his old school.

Baldwin who is the star of the Emmy winning TV series ‘30 Rock‘, is creating the Alec Baldwin Scholarship fund to help low income students who have the desire to join the prestigious New York University’s Tisch School of the Arts.

He recently said that “The support I got from Tisch made it possible for me to become an actor and to have a career in this business. It’s important to give back to those institutions that give us such opportunities, and I encourage anyone to look into supporting their alma mater.”

The first round of scholarships will be handed out in September 2010, of which the beneficiaries will be named Alec Baldwin Drama Scholars. Eligible candidates must have good academic background and must be able to show that they need the financial assistance.

Baldwin recently said he is planning to quit acting in 2012 as he no longer has the passion for it. He will quit, once his contract for ‘30 Rock’ invalidates.

Baldwin who is 51-years old said: “I don’t have any interest in acting anymore. I’m not young, but I have time to do something else.”