Alec Baldwin has launced a $1 million scholarship fund at his alma mater.

The actor — who won an Primetime Emmy for his role on the NBC series 30 Rock earlier this year — is creating the Alec Baldwin Scholarship fund to benefit low income students who want to attend New York University’s prestigious Tisch School of the Arts.

“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. Recipients, dubbed Alec Baldwin Drama Scholars,
must have good academic standing and demonstrate the need for financial assistance.

While he’s keen to foster young thespians’ interests in the arts, Alec recently said he plans to quit acting in 2012 as he no longer has the passion for it.

“I don’t have any interest in acting anymore. I’m not young, but I have time to do something else.”