LeBron James has teamed with the University of Akron to provide scholarships to inner-city children through his foundation.

James and Akron president Scott Scarborough made the announcement Thursday at the Cedar Point amusement park, where the LeBron James Family Foundation hosted a "reunion" for thousands of mostly poor children, their parents and friends from Akron.

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"We're giving you guys free scholarships," James said on stage, via Cleveland.com. "Do you guys know how much money (that's worth)? This means so much to me, so much to these kids." 

The scholarships, which will be paid by the university, will be worth about $9,500 per year to cover

tuition and Akron's general services fee. They will be available to Akron public school students who are under James' mentorship and who meet certain academic and service criteria.

"No one liked having to reset their finances the way we've had to," Scarborough told the Northeast Ohio Media Group, referring to the university's recent budget cuts. "It's very nice to be able to redirect attention from that to something as positive as this new partnership with LeBron James Family Foundation. LeBron's a hometown hero, he represents excellence, we're proud to have him associated with university.

"What LeBron's doing is going to have a large impact on these kids' lives. It's an easy decision for us, to take this opportunity to work with a hometown hero."