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ORLANDO (CBSMiami/AP) — To honor the memory of the 49 people who died in the Pulse nightclub massacre in Orlando, a Florida businessman is raising scholarship money for gay students.

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Barry Miller said that The 49 Fund will award 10 scholarships annually, each worth $4,900. Students would have to self-identify as “out,” have a GPA of 3.0 and attend an institution of higher learning full-time.

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Survivors of the Pulse nightclub attack or deceased victims’ relatives would receive special consideration, said Miller, who is working on the project with the GLBT Community Center of Central Florida and the Central Florida Foundation.

Gunman Omar Mateen pledged allegiance to the Islamic State in the attack last June 12. It was the deadliest mass shooting in recent U.S. history.

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