Philanthropist and entertainment executive David Geffen recently announced a $100 million scholarship fund for the School of Medicine at the University of California at Los Angeles  that will cover the education expenses of the best students.

"The cost of a world-class medical education should not deter our future innovators, doctors and scientists from the path they hope to pursue," said Geffen. "We need the students at this world-class institution to be driven by determination and the desire to do their best work and not by the fear of crushing debt."

New generations of UCLA medical students often face a $300,000 bill for their education between books, supplies room and board and tuition. This might be contributing to a growing portion of college attendants who graduate with debt. The Association of American Medical Colleges (AAMC) estimates 86 percent of medical students had debt in 2012.

Geffen hopes this initial move will inspire others to make similar contributions that make it easier for students to access education and pursue their passions without being worried about going into debt.

Individuals, foundations and organizations that provide annual funding might benefit from nonprofit accounting software, which can help board members audit funds and make sure the correct amounts are being distributed to various programs each year.