EL PASO, Texas -- Western Refining president and CEO Paul Foster is donating $50 million to Texas Tech University to help El Paso's new medical school get off the ground.

"This is El Paso's medical school, and to me, it's a singular event that puts El Paso in bigger, bolder type when people read about El Paso, Texas," Foster said.

It's the largest private contribution ever received by Texas Tech. Recognizing his generosity, the school was renamed in his honor, The Paul L. Foster School of Medicine. The self-made businessman was humble in his remarks during Friday's press conference. However, administrators had a hard time putting the gift's meaning into words.

"We're going to be studying diabetes, we're going to be studying breast cancer, we're going to be studying a lot of things, but this allows us to move forward faster, and I just cannot tell you what an impact this is going to have on this community," said Kent Hance, chancellor of Texas Tech University.

Thousands more doctors will be needed across El Paso over the next decade, and this new endowment could go a long way to helping meet those future needs.

"I'll apply to the med school in 2009. So, I'll be the second generation. Well, if I get in; I hope I get in," said Paulina Astiazaran, a UTEP sophomore.

An aspiring doctor, Astiazaran hopes to attend classes at the new school.

"Before this, I mean, you were studying at UTEP for pre-med and you had no other choice but to leave to go to med school somewhere else," said Astiazaran.

While officials hope the school generates worldwide recognition, they hope it makes its biggest impact close to home.

"It's definitely a big factor for me to in staying here 'cause, I mean, there's a need for what I want to do so why go elsewhere if they already need me here?" said Astiazaran.

Today's gift will go toward helping the school recruit faculty, pay salaries, and purchase equipment for research. Classes at the school are set to begin in August 2009.