Alec Baldwin is making a $1 million donation to his old school. The '30 Rock' star is creating the Alec Baldwin Scholarship fund to benefit low income students who want to attend the prestigious New York University's Tisch School of the Arts.

He said: "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 scholarships will be given in September 2010, with the beneficiaries named Alec Baldwin Drama Scholars. Eligible candidates must have good academic standing and demonstrate the need for financial assistance.

Alec recently said he plans to quit acting in 2012 once his contract for hit TV show '30 Rock' expires as he no longer has the passion for it. The 51-year-old actor said: "I don't have any interest in acting anymore. I'm not young, but I have time to do something else."