The Thiel Fellowship (originally named 20 under 20, since it was restricted to at most 20 people under the age of 20) is a fellowship created by Peter Thiel through the Thiel Foundation. The fellowship is intended for students under the age of 22 (increased as of 2015 from the original age limit of 20) and grants them a total of $100,000 over two years, as well as guidance and other resources, to drop out of school and pursue other work, which could involve scientific research, creating a startup, or working on a social movement. Prospective fellows can apply on a rolling basis throughout the year, but the list of fellows is announced once a year, in June. With an acceptance rate below 1%, the fellowship is considered more competitive than the nation's top colleges.