Rich List developer Paul Little and his wife Jane Hansen will donate $30 million for a new University of Melbourne scholarship program to house and support financially disadvantaged students over the life of their undergraduate degrees.

The university will also stump up $70 million to develop Little Hall, a student residence with capacity for 669 students, of whom up to 60 will receive the Hansen Scholarship – worth about $24,000 per student per year at current costs – to cover their accommodation and support living expenses.