Facebook CEO and founder, Mark Zuckerberg and wife, Priscilla Chan announced on Thursday that they are pledging $120 million to help improve the education in the Bay Area, San Jose Mercury News reported.

The "Startup: Education" fund, which aims to provide better resources for more innovative teaching methods, will be released on a staggered basis over the next five years. The program will concentrate on providing additional charter and district schools in the Bay Area, as well as conducting continuous dialogue with educators and local leaders on the issues that need to be addressed in the city's current education system.

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The first $5 million of the fund will be used to provide support to schools in the Ravenswood School District, Redwood City School District and other schools in underserved areas in San Francisco.

The couple knows that their efforts are only "a drop in the bucket" compared to the struggles American schools are facing today. But the couple is positive that their investments will be the start of a series of changes that will benefit the community.

About 4 years ago, they donated $100 million for the development and enhancement of schools in Newark, New Jersey. The program is still ongoing but Zuckerberg says they've seen positive results. Schools run by reputable organizations have already been set up in Newark. He adds that graduate rates in the area have grown 10%.

The couple are also working with EducationSuperHighway, an organization that aims to provide schools with high-speed internet to aid in digital learning.

In an exclusive interview with AP, Chan, a pediatrician who works mostly with underserved children, said, "(We) have this amazing opportunity; it's really important to me that we use this opportunity to continue to give back and create even more change to affect other people's lives."

According to NBC, the couple donated $1.1 billion to non-profit Silicon Valley foundation on December 2013. It was the biggest charitable gift on record for 2013.

TagsPriscilla Chan, Startup: Education, Silicon Valley foundation, Philanthropy, philanthropist, Charity, donation, charitable millionaires, social media site, education system, american education, education in san francisco, charitable organizations, charitable billionaires, celebrity couples, famous couples, charitable couples, Tech News, Society news, Mark Zuckerberg