Walter Schmitt may not have gone to college, but he never doubted the value of knowledge.

The son of German immigrants, Schmitt followed in his father’s footsteps by becoming a blacksmith, devoting much of his life to working in the family shop in the southeastern Nebraska town of Gresham.

His parents taught him early to save and spend wisely. And he did, putting his earnings into CDs, savings bonds and a diverse range of stocks.

Schmitt never married and had no children. He kept the 120 acres of farmland he inherited from his parents even though he wasn’t interested in farming.

And he lived frugally, wearing the same flannel shirts and ballcap year after year and indulging only in occasional cups of coffee with friends or lunches at Arby’s.

It’s that lifestyle that positioned Schmitt, who died last January at 94, to leave $3.5 million to the University of Nebraska Foundation for scholarships for NU students.

Schmitt’s estate gift is one of the largest the NU Foundation has ever received for scholarships. Foundation President Clarey Castner said the gift will help NU fulfill one if its highest priorities: providing need- and merit-based financial aid for students.

“We are in awe of Walter Schmitt’s generosity, directed to young people he has never met and a school he never attended,” Castner said.

Schmitt’s gift will be permanently endowed, meaning the $3.5 million will be invested and the net income — estimated to be about $170,000 a year — will be available for annual scholarships.

Awards from the Schmitt Scholarship Fund will be available to students beginning this fall, the foundation said. Schmitt did not specify any criteria for the scholarship, only that students be enrolled at one of NU’s four campuses.

In a statement, NU President J.B. Milliken expressed gratitude for Schmitt’s gift and said it’s clear Schmitt recognized the importance of a college education.

“Walter Schmitt’s generous gift will make a significant difference in our ability to offer affordable access to a high-quality education,” Milliken said.

Schmitt was well-known around Gresham — a village of just more than 250 people in York County — for his generosity, said Cindi Heiden, a longtime friend and representative for Schmitt’s estate.

A man of strong faith, he gave often to his church, Heiden said. Schmitt also could be counted on to contribute to just about every town benefit.

“He didn’t have a whole lot of wants,” she said. “He just took care of his needs.”

Schmitt loved to read, Heiden said, especially about finances and history. He would devour issues of Reader’s Digest and Smithsonian magazines, then cut out articles he liked and slip them into textbooks for future reference.

He spent hours reading at the York County Historical Society and was a contributor to the Wessels Living History Farm, a York-based project that details the history of American agriculture.

Last summer, the Utica nursing home where he spent the last few years of his life took a field trip to the Strategic Air and Space Museum in Ashland, Heiden said.

The trip lasted less than a day, but when the group returned, Schmitt told Heiden: “Gosh, I could have spent 2½ days there.”

“He just loved it,” she said. “He was so happy to go.”

That love of learning is reflected in his gift to NU, Heiden said.

“Nebraska was good to him,” she said. “He felt he could share it in that way.

“He was a dear, dear man. I just wish that more people would have had the opportunity to know him.”

Reach Melissa Lee at 473-2682 or mlee@journalstar.com.