Dean, who dropped out of high school in Plainview in 1946 to work and help his mother, will help finance a scholarship in his late mother's memory.
"I've been so blessed, and it makes me proud do give back, especially to my hometown," the 79-year-old Dean said.
Known primarily for his breakfast sausage, Dean also made a name in country music and starred in "The Jimmy Dean Show" from 1963 to 1966 on ABC as well as acting in TV and movies. He made the donation along with his wife, Donna Meade.
Wayland Baptist has about 1,000 students and is located about 290 miles west of Dallas.