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Princeton University will name a residential college after a Black woman for the first time in the institution’s history, according to a statement from the school.

Hobson College, named for Mellody Hobson, will be built on the site of what was Wilson College. Princeton’s residential colleges provide housing and dining to students.Hobson, co-CEO of Ariel Investments and one of Time Magazine’s “100 Most Influential People” in 2015, graduated from Princeton in 1991.

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